Amendments to Denmark DTA
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...
Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”)
On or about 31 December 2019, in line with Singapore's commitment to implement the minimum standard on preventing treaty abuse, Singapore has participated in the negotiation of Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion...
e-Tax Guide GST: Transfer of Business as a Going Concern and other Excluded Transactions revised
On or about 30 December 2019, the Inland Revenue Authority of Singapore (IRAS) has released the fifth edition of the e-Tax Guide GST: Transfer of Business as a Going Concern and other Excluded Transactions. It replaces the fourth edition published on 2 September 2019....
IRAS warns Public on Tax Refund Scam
On or about 30 December 2019, the Inland Revenue Authority of Singapore (IRAS) has advised taxpayers against a scam that is being circulated on WhatsApp. The message shows an e-mail titled “Inland Revenue Authority of Singapore-Refund-Online-Confirmation”. The e-mail...
e-Tax Guide, GST: Guide on Reimbursement and Disbursement of Expenses revised
On or about 30 December 2019, the Inland Revenue Board of Singapore (IRAS) has released the fourth edition of the e-Tax Guide, GST: Guide on Reimbursement and Disbursement of Expenses. It replaces the third edition published on 18 October 2019. The revised e-Tax Guide...
Invitation to comments on Exposure Draft ED/2019/7 by ASC
On or about 17 December 2019, the International Accounting Standards Board (IASB) has issued Exposure Draft ED/2019/7 General Presentation and Disclosures for public comments by 30 June 2020. Limited changes to the statement of cash flows and the statement of...
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...