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...
Fairer Tax for Successful Businesses and Individuals
Robin Hood tax may be implemented to have higher taxes for successful businesses and individuals, however, it may not be a good idea in the case for Singapore. (Populist policies will lead to higher taxes: DBS Chief, Jan 10). Raising taxes will just move them to other...
Managing Individual client’s income tax matters via myTax Portal
On or about 2 January 2020, the Inland Revenue Authority of Singapore (IRAS) has launched a new initiative for tax agents be authorised by their individual clients to access their income tax matters via myTax Portal. Under the new initiative from 15 March 2019, a tax...
GST on Imported Services
On or about 8 January 2020, the Inland Revenue Authority of Singapore has updated its webpage regarding GST on imported services. GST is a tax on local consumption. Under the current GST rules, services (other than an exempt supply) supplied by a supplier who belongs...
Updates for Completing GST Return
On or about 7 January 2020, the Inland Revenue Authority of Singapore (IRAS) has updated its website with general tips and instructions on completing GST F5 Return. The instructions for filing GST F5 Returns are as follows: GST F5 Return has fifteen boxes the taxpayer...