Income Tax Act — Income Tax (Deduction for Expenditure of Qualifying Individual under Section 14ZD) Rules 2019 updated
On or about 2 December 2019, the Income Tax Act — Income Tax (Deduction for Expenditure of Qualifying Individual under Section 14ZD) Rules 2019 was updated on the Government Gazette. The rules are the Income Tax (Deduction for Expenditure of Qualifying Individual...
Amendments to Canada and Ukraine DTAs
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...
Variable Capital Company framework for Singapore’s fund management industry
On or about 1 October 2018, the Parliament of Singapore passed into law a new type of corporate structure, the Variable Capital Company (“VCC”) that put Singapore in the same league as other global fund hubs like Cayman Islands, Dublin and Luxembourg. The VCC...
Advisory on Scam & Fraudulent Activities (Nov)
On or about 28 November 2019, 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 urged to lodge a complaint to the police on receiving mails with the subject heading...
ASC submits comments to IASB on ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2)
On or about 28 November 2019, the Accounting Standards Council (ASC) has submitted its comment on ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2) to IASB. ASC is in supportive of the IASB’s decisions to apply...
e-Tax Guide GST: Guide on Hand-Carried Exports Scheme, updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the third edition of the GST e-Tax Guide on “Hand-Carried Exports Scheme (HCES)”. It replaces the second edition published on 1 November 2018. This e-Tax Guide has the following...
e-Tax Guide GST: Guide On Exports updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the sixth edition of the GST e-Tax Guide on “On Exports” on 27 November 2019. It replaces the fifth edition published on 1 November 2018. This e-Tax Guide has the following...
Withholding Tax, content updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated information on Filing and Paying Withholding Tax. Under the current tax law, a person who makes payment(s) of a specified nature to a non-resident company or individual is...
Tax implications with Mauritius changes
In October 2019, Mauritius has ratified the multilateral instrument (MLI) pursuant to the base erosion and profit shifting (BEPS) project. The MLI is the agreement that allows jurisdictions to amend their tax treaties to include tax treaty-related BEPS...
e-Tax Guide GST: Guide for E-Commerce
On or about 21 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide GST: Guide for E-Commerce. This e-Tax Guide explains the GST principles relevant to the e-commerce industry and provides assistance in understanding how Goods...