Purchasing Digital Services from Overseas Service Providers
From 1 January 2020, GST will apply to digital services purchased by consumers in Singapore from GST-registered overseas service providers. This was announced in Budget 2018 and it intends to achieve a level playing field in GST treatment for services either procured...
Construction Companies
On or about 2 January 2020, the Inland Revenue Authority of Singapore (IRAS) has updated information on taxation for construction companies and added a new section that sets out common scenarios of income and expense items, and the corresponding tax treatment to...
IRAS revised GST: Assisted Self-Help Kit (ASK)Annual Review Guide
On or about 2 January 2020, the Inland Revenue Authority of Singapore (IRAS) has published the tenth edition of the e-Tax guide, GST: Assisted Self-Help Kit (ASK) Annual Review Guide. It replaces the ninth edition published on 24 September 2019. This e-Tax Guide...
Budget 2020 to be delivered on 18 February 2020
The Singapore's Deputy Prime Minister and Finance Minister Heng Swee Keat is to deliver Singapore’s 2020 Budget Statement in the Parliament on 18 February 2020. The budget speech will be live on television and radio, including via live webcast on the Singapore Budget...
Amendments to Denmark DTA
Singapore has participated in the negotiation of the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI"). The MLI is intended to allow jurisdictions to swiftly amend their...
Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”)
On or about 31 December 2019, in line with Singapore's commitment to implement the minimum standard on preventing treaty abuse, Singapore has participated in the negotiation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion...
e-Tax Guide GST: Transfer of Business as a Going Concern and other Excluded Transactions revised
On or about 30 December 2019, the Inland Revenue Authority of Singapore (IRAS) has released the fifth edition of the e-Tax Guide GST: Transfer of Business as a Going Concern and other Excluded Transactions. It replaces the fourth edition published on 2 September 2019....
IRAS warns Public on Tax Refund Scam
On or about 30 December 2019, the Inland Revenue Authority of Singapore (IRAS) has advised taxpayers against a scam that is being circulated on WhatsApp. The message shows an e-mail titled “Inland Revenue Authority of Singapore-Refund-Online-Confirmation”. The e-mail...
e-Tax Guide, GST: Guide on Reimbursement and Disbursement of Expenses revised
On or about 30 December 2019, the Inland Revenue Board of Singapore (IRAS) has released the fourth edition of the e-Tax Guide, GST: Guide on Reimbursement and Disbursement of Expenses. It replaces the third edition published on 18 October 2019. The revised e-Tax Guide...
Invitation to comments on Exposure Draft ED/2019/7 by ASC
On or about 17 December 2019, the International Accounting Standards Board (IASB) has issued Exposure Draft ED/2019/7 General Presentation and Disclosures for public comments by 30 June 2020. Limited changes to the statement of cash flows and the statement of...