Singapore Budget 2020
The Ministry of Finance (MOF) said that the Deputy Prime Minister and Finance Minister Heng Swee Keat would deliver Singapore’s 2020 Budget Statement in Parliament on 18 February 2020 at 3 pm. The MOF together with government feedback portal Reach and the People’s...
Bulk Extension for Filing of Individual Income Tax Returns for YA 2020
On or about 7 February 2020, the Inland Revenue Authority of Singapore (IRAS) updates information on “bulk extension for filing of individual income tax returns for YA 2020”. The IRAS will allow one common bulk extension on 30 June 2020 for all tax agents to file...
A Leg-Up for Businesses – Budget 2020
On or about 7 February 2020, the Second Minister for Finance and Education Indranee Rajah said in a radio interview that Budget 2020 will be “comprehensive”, with “assurance and support” to those families and households affected by the novel coronavirus outbreak. Ms...
GST hike in Singapore
The Government had announced during Budget 2018 that it plans to raise the GST from 7% to 9%, sometime between 2021 and 2025, while Singapore faced growing expenditures in healthcare, security and other forms of social spending. This is expected to raise additional...
Exchange of Information (EOI) Arrangement with the United States of America
On or about 6 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published on its website that the Exchange of Information (EOI) Arrangement signed between Singapore and the United States of America on 13 November 2018, will enter into force on 5...
Top concerns for Budget 2020
The findings from REACH (the government feedback unit) and the People’s Association (PA) on 5 February 2020 revealed that worries over climate change and the looming goods and services tax (GST) hike were also among the key concerns for the public with regards to...
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...