Singapore and Indonesia Sign an Updated DTA
On or about 4 February 2020, an Agreement for the Elimination of Double Taxation with respect to Taxes on Income and the Prevention of Tax Evasion and Avoidance (DTA) was signed between Singapore and Indonesia. The present DTA between the two countries has been in...
IRAS updates information on Tax Filing for YA 2020
It was noted that the income tax filing for the Year of Assessment (YA) 2020 begins on 1 March 2020. The Inland Revenue Authority of Singapore (IRAS) has illustrated an “All You Need To Know” guideline clarifying various questions on tax returns. The IRAS details the...
Budget 2020 to contain Wuhan corona-virus support package
Deputy Prime Minister Heng Swee Keat said that the Singapore Government will be unveiling a slew of targeted measures to support businesses affected by the Wuhan corona-virus outbreak at the Budget 2020 on 18 February 2020. The support package comprises of measures to...
Budget expected to focus on virus relief measures
The emergence of Wuhan corona-virus has put a spin to the Budget 2020 with more focus now on how resources may be used instead for business support measures. Trade and Industry Minister Chan Chun Sing alluded to such a support package, citing examples of measures...
Government looking to help hospitality, tourism, retail and F&B sectors
Singapore’s National Development Minister Lawrence Wong said that the Government is studying how best to support the hospitality, tourism, retail, and food and beverage sectors that have been hit by the Wuhan virus outbreak. The Minister addressing the Real Estate...
IRAS updates the Contents of MLI at its website
On or about 31 January 2020, the Inland Revenue Authority of Singapore (IRAS) has updated its website contents on Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). Singapore has participated in the...
IRAS issue e-Tax Guide GST: Fringe Benefits (Fourth Edition)
On or about 29 January 2020, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of the e-Tax guide, GST: Fringe Benefits. It replaces the third edition published on 27 July 2018. This e-Tax guide explains the GST treatment for goods and...
IASB consults on approach to updating its IFRS for SMEs Standard
On or about 28 January 2020, the International Accounting Standards Board (IASB) has requested views on its approach to update the IFRS for SMEs Standard, the simplified accounting standard for small and medium-sized entities. The consultation is the first step in the...
Advisory on Scam & Fraudulent Activities (Dec)
On or about 20 January 2020, the Inland Revenue Authority of Singapore (IRAS) has updated its content on advisory scams as the Corporate Tax filing due date is nearing. Taxpayers are advised to ignore an image of a scam email titled 'Inland Revenue Authority of...
The new Variable Capital Company (“VCC”) framework
On or about 5 August 2019, the Variable Capital Companies (Miscellaneous Amendments) Bill was tabled in Parliament to introduce a tax framework for variable capital companies (VCCs) incorporated under the Variable Capital Companies Act 2018 (VCC Act). On or about 24...