Entry Into Force of Updated Tax Agreement with the Republic of Korea
On or about 17 December 2019, the updated Avoidance of Double Taxation Agreement (DTA) between Singapore and the Republic of Korea, signed on 13 May 2019, will came into effect on 31 December 2019. The updated DTA is expected to: enhance the cross-border trade and...
Tax Agreement with Tunisia Enters into Force
On or about 17 December 2019, Singapore and the Republic of Tunisia has signed the Avoidance of Double Taxation Agreement (DTA). The DTA between Singapore and Tunisia is expected to: clarify the taxing rights of both countries on all forms of income flows arising from...
Business and IPC Partnership Scheme (BIPS)
On or about 13 December 2019, the Inland Revenue Authority of Singapore (IRAS) has updated on its website regarding Business and IPC Partnership Scheme (BIPS), a scheme to encourage corporate volunteerism, under which businesses may claim 250% tax deduction on...
e-Tax Guide on Pioneer Incentive: Tax Treatment of Gains and Losses from a Separate Trade revised
On or about 12 December 2019, the Inland Revenue Board of Singapore (IRAS) has released the third edition of the e-Tax Guide on Pioneer Incentive: Tax Treatment of Gains and Losses from a Separate Trade. It replaces the second edition published on 29 August 2017. The...
The Seventh Tranche of Wage Credit Scheme Payouts in March 2020
Employers who are eligible for the Scheme can look forward to the seventh tranche of Wage Credit Scheme (WCS) payouts in March 2020 — a scheme which seeks to support businesses embarking on transformation efforts and encourage sharing of productivity gains with...
Some businesses, charities see minimal impact from new imported services GST in 2020
In less than a month the Goods and Services Tax (GST) will be levied on imported services, experts have said that these would impact business-to-business (B2B) services from abroad such as banks, insurers and charities. However, the industries have responded that they...
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 medium of exchange. The token have all of the following characteristics:it is expressed as a unit: it is expressed as a unit;it is...
Singapore and Germany Sign Protocol Amending the Agreement for Avoidance of Double Taxation
On or about 9 December 2019, Singapore and Germany signed a Protocol amending the 28 June 2004 Agreement for the Avoidance of Double Taxation with respect to Taxes on Income and on Capital (“Protocol”). The Protocol seeks to enhance the cross-border trade and...
Purchasing Digital Services from Overseas Service Providers
From 1 January 2020, a consumer in Singapore will need to pay GST on digital services purchased from GST-registered overseas service providers. Currently, only locally procured services are subject to GST, while services procured from overseas are not. The change is...
Over 100 overseas digital service providers register for GST ahead of 1January 2020 deadline
IRAS stated that more than 100 overseas digital service providers have registered for goods and services tax (GST), ahead of GST imported digital services kicking in on 1 January 2020. Digital services are those provided over the Internet or an electronic network such...