ASC submits comments to IASB on ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2)
On or about 28 November 2019, the Accounting Standards Council (ASC) has submitted its comment on ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2) to IASB. ASC is in supportive of the IASB’s decisions to apply...
e-Tax Guide GST: Guide on Hand-Carried Exports Scheme, updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the third edition of the GST e-Tax Guide on “Hand-Carried Exports Scheme (HCES)”. It replaces the second edition published on 1 November 2018. This e-Tax Guide has the following...
e-Tax Guide GST: Guide On Exports updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the sixth edition of the GST e-Tax Guide on “On Exports” on 27 November 2019. It replaces the fifth edition published on 1 November 2018. This e-Tax Guide has the following...
Withholding Tax, content updated
On or about 27 November 2019, the Inland Revenue Authority of Singapore (IRAS) has updated information on Filing and Paying Withholding Tax. Under the current tax law, a person who makes payment(s) of a specified nature to a non-resident company or individual is...
Tax implications with Mauritius changes
In October 2019, Mauritius has ratified the multilateral instrument (MLI) pursuant to the base erosion and profit shifting (BEPS) project. The MLI is the agreement that allows jurisdictions to amend their tax treaties to include tax treaty-related BEPS...
e-Tax Guide GST: Guide for E-Commerce
On or about 21 November 2019, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide GST: Guide for E-Commerce. This e-Tax Guide explains the GST principles relevant to the e-commerce industry and provides assistance in understanding how Goods...
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...