New Boxes in GST return
On or about 7 January 2020, the Inland Revenue Authority of Singapore (IRAS) has introduced for GST returns ending on or after 1 January 2020 to include two new boxes (Box 14 and Box 15), arise from the implementation of Reverse Charge (RC) and Overseas Vendor...
Amendments to SFRS(I) and FRS Standards
On or about 4 December 2019, the Accounting Standards Council (ASC), Singapore, has issued amendments to the FRSs on financial instruments in respect of hedge accounting requirements. The amendments, Amendments to SFRS(I) and FRS Standards: Interest Rate Benchmark...
ISCA Issues Ethics Pronouncement 100 Implementation Guidance 3
On or about 2 January 2020, the Institute of Singapore Chartered Accountants (ISCA) has issued Ethics Pronouncement 100 Implementation Guidance 3 (EP 100 IG 3) to address the concerns that professional accountants may face when adopting the NOCLAR Pronouncements...
HDB Households to receive GST Voucher Rebate
Around 930,000 Singaporean households living in Housing Board flats will receive a GST (goods and services tax) Voucher to offset part of their utility bills this month. On or about 2 January 2020, the Ministry of Finance (MOF) stated that the households will receive...
Indicative Margins for Related Party Loans
On or about 2 January 2020, the Inland Revenue Authority of Singapore (IRAS) has updated content on transfer pricing. The IRAS has updated the indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million during the period from 1...
GST:ASK Annual Review Guide
On or about 2 January 2020, the Inland Revenue Authority of Singapore (IRAS) has published the tenth edition of the Assisted Self-Help Kit (ASK) Annual Review Guide. The revised guide incorporates the following amendments: consequential changes for the implementation...
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...