IRAS update e-Tax Guide on Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trusts
On or about 21 October 2019, the Inland Revenue Board of Singapore (IRAS) has published the fifth edition of the e-Tax Guide on Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trusts. It replaces the fourth edition published on 11 July 2019. The...
ASC submits comments to IASB on 2019 SME Implementation Group Draft Q&A Section 35 Transition to the IFRS for SMEs Standard, Issue 1
On or about 14 October 2019, the Accounting Standards Council (ASC) has submitted its comment to the SME Implementation Group (SMEIG) on Draft Q&A Section 35, Issue 1 on Application of the undue cost or effort exemption for investment property on transition to the...
Advisory on Scam & Fraudulent Activities (Oct)
On or about 7 October 2019, the Inland Revenue Authority of Singapore (IRAS) has updated its content on advisory scams as the Corporate Tax filing due date is nearing. Companies are advised to be vigilant and not fall into the trap of scam emails during this Corporate...
Amendments to the Income Tax Act
Amendments to the Income Tax Act have been effected by the Supreme Court of Judicature (Amendment) Act 2019. The Supreme Court of Judicature (Amendment) Act 2019 was published in the Government Gazette (electronic edition) on 12 December 2019. It will come into...
ASC submits comments to IASB on ED/2019/5 Amendments to IFRS 17
On or about 2 October 2019, the Accounting Standards Council (ASC)_ has submitted its comment on ED/2019/5 Amendments to IFRS 17 to the IASB. The ASC are generally supportive of the proposed amendments, subject to their comments as stated in the comment letter. The...
IRAS GST e-Tax Guide: Exhibition, Convention and Ancillary Services
On or about 30 Sep 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of the GST e-Tax Guide on Exhibition, Convention and Ancillary Services. It replaces the first edition published on 03 Dec 2018. This e-Tax Guide explains the...
Amendments to Belgium and India 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...
GST: Renewal of Assisted Compliance Assurance Programme (ACAP) Status revised
On or about 29 October 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of the e-Tax Guide GST: Renewal of Assisted Compliance Assurance Programme (ACAP) Status. It replaces the first edition published on 1 July 2016. In second...
IASB amends IFRS Standards in response to the IBOR reform
On or about 26 September 2019, the International Accounting Standards Board (IASB) has amended some of its requirements for hedge accounting. The amendments are designed to support the provision of useful financial information by companies during the period of...
e-Tax Guide on GST: Assisted Self-Help Kit (ASK)Annual Review Guide revised
On or about 24 September 2019, the Inland Revenue Authority of Singapore (IRAS) has published the ninth edition of the e-Tax Guide on GST: Assisted Self-Help Kit (ASK)Annual Review Guide. The revised e-Tax Guide incorporates the following amendments: inserted a...