IASB proposes amendments to IFRS Standards to improve accounting policy disclosures
On or about 1 August 2019, the International Accounting Standards Board (IASB) has proposed amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements to assist companies in providing accounting policy...
Amendments to Luxembourg DTA
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...
Buying Property for their Children by Singapore Wealthy Families
Property agents notice the uptick by Singapore wealthy families buying apartments for their children who are old enough to own property in order to work around cooling measures. Some rich families are also setting up trust accounts in their children below 21 in their...
IRAS revised e-Tax Guide GST: Assisted Self-Help Kit (ASK) Annual Review Guide
On or about 29 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published the eighth edition of the e-Tax guide, GST: Assisted Self-Help Kit (ASK)Annual Review Guide. It replaces the seventh edition published on 3 January 2019. This e-Tax Guide explains...
Common Reporting Standard
On or about 29 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published a new Common Reporting Standard (CRS) compliance section on their website stating that Financial Institutions (FIs) must comply with the CRS Regulations in Singapore. Reporting...
Filing Estimated Chargeable Income and Paying Estimated Taxes
As announced in Budget 2016, companies are required to e-File their Corporate Income Tax returns (including Estimated Chargeable Income (ECI), Form C and Form C-S) in a phased approach from Year of Assessments (YAs) 2018 to 2020. From YA 2020 onward, all companies are...
IRAS issues e-Tax Guide on How do I prepare my GST return?
On or about 26 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fifth edition of the e-Tax guide, “How do I prepare my GST return”. It replaces the fourth edition published on 14 December 2018. This e-Tax Guide explains how to prepare the...
IRAS issues e-Tax Guide on Common Reporting Standard
On or about 23 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide on the Common Reporting Standard (CRS). The CRS is an internationally agreed standard for the automatic exchange of financial account information between...
ASC invites comments on Exposure Draft ED/2019/5 Amendments to IAS 12
On or about 22 July 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2019/5 Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Proposed amendments to IAS 12) by 11 October 2019. The compiled comments...
IASB proposes amendments to accounting for deferred tax
On or about 17 July 2019, the International Accounting Standards Board (IASB) has published the proposed changes to the IFRS Standard for income tax, IAS 12 for public comment. The amendments clarify how companies account for deferred tax on leases and decommissioning...