ASC’s comments on ED/2019/3 Reference to the Conceptual Framework (Proposed amendments to IFRS 3)
On or about 18 September 2019, the Singapore Accounting Standards Council (ASC) has submitted its comment letter to the International Accounting standard Board (IASB) on ED/2019/3 Reference to the Conceptual Framework (Proposed Amendments to IFRS 3). The ASC is...
GST policy changes that will take effect in 2020
The Singapore Budget 2018 and 2019 included several GST policy changes such as lowered GST relief and duty-free alcohol limit for travellers which took effect immediately while others were kick in 2020 and later. In Budget 2018, the following were the changes: GST...
ASC invites comments on Exposure Draft ED/2019/7 General Presentation and Disclosures
On or about 18 December 2019. the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2019/7 General Presentation and Disclosures by 20 April 2020. The compiled comments would then be summarised and forwarded to the IASB. On or about 17 December...
ED on General Presentation and Disclosures (Primary Financial Statements)
On or about 17 December 2019, the International Accounting Standards Board (IASB) has proposed improvements to the way information is communicated in the financial statements, with a focus on financial performance. Responding to investor demand, the proposals would...
Entry Into Force of Updated Tax Agreement with the Republic of Korea
On or about 17 December 2019, the updated Avoidance of Double Taxation Agreement (DTA) between Singapore and the Republic of Korea, signed on 13 May 2019, will came into effect on 31 December 2019. The updated DTA is expected to: enhance the cross-border trade and...
Tax Agreement with Tunisia Enters into Force
On or about 17 December 2019, Singapore and the Republic of Tunisia has signed the Avoidance of Double Taxation Agreement (DTA). The DTA between Singapore and Tunisia is expected to: clarify the taxing rights of both countries on all forms of income flows arising from...
Business and IPC Partnership Scheme (BIPS)
On or about 13 December 2019, the Inland Revenue Authority of Singapore (IRAS) has updated on its website regarding Business and IPC Partnership Scheme (BIPS), a scheme to encourage corporate volunteerism, under which businesses may claim 250% tax deduction on...
e-Tax Guide on Pioneer Incentive: Tax Treatment of Gains and Losses from a Separate Trade revised
On or about 12 December 2019, the Inland Revenue Board of Singapore (IRAS) has released the third edition of the e-Tax Guide on Pioneer Incentive: Tax Treatment of Gains and Losses from a Separate Trade. It replaces the second edition published on 29 August 2017. The...
The Seventh Tranche of Wage Credit Scheme Payouts in March 2020
Employers who are eligible for the Scheme can look forward to the seventh tranche of Wage Credit Scheme (WCS) payouts in March 2020 — a scheme which seeks to support businesses embarking on transformation efforts and encourage sharing of productivity gains with...
Some businesses, charities see minimal impact from new imported services GST in 2020
In less than a month the Goods and Services Tax (GST) will be levied on imported services, experts have said that these would impact business-to-business (B2B) services from abroad such as banks, insurers and charities. However, the industries have responded that they...