Registration requirements under the reverse charge scheme
From 1 January 2020, a non-GST registered business would be liable for GST registration by virtue of the reverse charge rules under the following circumstances: the value of imported services made by the business which fall within the scope of reverse charge exceeds...
S45 Withholding Tax Forms updated
On or about 4 December 2019, the Inland Revenue Authority of Singapore (IRAS) updated the following forms on its website: Claim for Relief from Singapore Income Tax Under Avoidance of Double Taxation Agreement 1d: Tax Treaty Calculator for Non-Resident Professionals...
ASC issues Amendments to SFRS(I) 9, SFRS(I) 1-39 and SFRS(I) 7: Interest Rate Benchmark Reform and Amendments to FRS 109, FRS 39 and FRS 107: Interest Rate Benchmark Reform
On or about 4 December 2019, the Accounting Standards Council (ASC) has issued Amendments to SFRS(I) 9, SFRS(I) 1-39 and SFRS(I) 7: Interest Rate Benchmark Reform and Amendments to FRS 109, FRS 39 and FRS 107: Interest Rate Benchmark Reform, effective for annual...
MOF seeks views and suggestions for Budget 2020
Ahead of the Budget 2020 scheduled for February next year, the government has invited the public to offer their views and suggestions. Booths and kiosks in more than 20 locations have been set up to for this purpose. The Ministry of Finance (MOF), government feedback...
Upcoming Budget will address Singapore’s future needs in light of the global situation
On or about 2 December 2019, the Second Minister for Finance Indranee Rajah in an interview with CNA938’s morning show Asia First talked about the upcoming budget addressing Singapore’s current needs, as well as position for the future. She commented on the impact on...
Income Tax Act — Income Tax (Deduction for Expenditure for Services or Secondment to Institutions of a Public Character) Rules 2019 updated
On or about 2 December 2019, the Income Tax Act — Income Tax (Deduction for Expenditure for Services or Secondment to Institutions of a Public Character) Rules 2019 was updated on the Government Gazette. The rules are the Income Tax (Deduction for Expenditure for...
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...