Digital Payment Tokens
On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has released information on Digital Payment Tokens. A digital payment token refers to any cryptographically-secured digital representation of value that is used or intended to be used as a...
Responses to Consultation Papers on the Draft e-Tax Guide on Digital Payment Tokens
On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published a summary of the key suggestions received on the draft e-Tax Guide “GST: Digital Payment Tokens” and its responses to the suggestions. The IRAS has received 19 comments from...
IRAS e-Tax Guide GST: Digital Payment Tokens
On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the first edition of e-Tax Guide GST: Digital Payment Tokens. This first edition of e-Tax Guide sets out the GST treatment of transactions involving digital tokens or...
Applying for Income Tax Advance Ruling
On or about 19 November 2019, the Inland Revenue Authority of Singapore (IRAS) has also updated their bank account details for payments made from 18 November 2019 onward. The Application Form for Income Tax Advance Ruling has been revised, the form is to be used for...
Adopting Financial Reporting Standard (FRS) 39 and 109 and its Tax Implications, content updated
On or about 13 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the content on adopting financial reporting standard (FRS) 39 and 109 and its tax implications. Effective 1 January 2005, companies are required to comply with FRS 39 -...
The Advance Ruling System for GST
On or about 13 November 2019, the IRAS has provided a new version of the GST F19: Application of GST Advance Ruling form which is available at the IRAS website. Businesses may apply for an advance ruling to find out from IRAS how the GST Act applies to particular...
e-Tax Guide GST: Advance Ruling System revised
On or about 13 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fifth edition of GST e-Tax Guide: Advance Ruling System. It replaces the fifth edition which was published on 11 June 2019. This e-Tax Guide explains the GST advance...
e-Tax Guide GST: Web-Hosting Services and Server Co-location Services revised
On or about 11 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of e-Tax Guide GST: Web-Hosting Services and Server Co-location Services. It replaces the first edition published on 30 September 2013. This e-Tax Guide...
To announce in Budget 2020: Support package to ‘cushion impact’ of impending GST hike
On or about 10 November 2019, the Deputy Prime Minister Heng Swee Keat during a speech at a People’s Action Party (PAP) convention stated that he would announced at the Budget 2020 on support package to cushion the impact of the impending Goods and Services Tax (GST)...
Advisory on Scam & Fraudulent Activities (Nov)
On or about 7 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 who received email with subject heading 'Tax Invoice from Inland Revenue Authority of...