e-Tax Guide GST: Taxing imported services by way of reverse charge revised
On or about 22 August 2019, the Inland Revenue Authority of Singapore (IRAS) has released the second edition of the e-Tax guide on GST: Taxing imported services by way of reverse charge. It replaces the first edition published on 4 February 2019. The e-Tax Guide...
Frequently Asked Questions – Reverse Charge
On or about 22 August 2019, the Inland Revenue Authority of Singapore (IRAS) has released the Frequently Asked Questions (FAQ) on reverse charge to reflect the latest operational guidelines. The FAQ is arranged into the following sections: Overview of reverse...
GST Registration for Overseas Entities
On or about 21 August 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the content of its website to explain the process of GST registration, of which the same rules apply for both local and overseas entities. An overseas entity is defined as one...
ASC submits comments to IASB on ED/2019/2 Annual Improvements to IFRS Standards 2018–2020
On or about 20 August 2019, the Accounting Standards Council (ASC) has submitted its comment on ED/2019/2 Annual Improvements to IFRS Standards 2018–2020 to the IASB. The ASC are generally supportive of the proposals set out in the ED, subject to their comments on...
Singapore and Ukraine Sign Protocol to Amend Agreement for Avoidance of Double Taxation
On or about 16 August 2019, Singapore signed a Protocol amending the Agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (“DTA”) with the Government of Ukraine. The Protocol amends the Exchange of...
e-Tax Guide GST: Customer Accounting for Prescribed Goods revised
On or about 16 August 2019, the Inland Revenue Authority of Singapore (IRAS) has published the third edition of the e-Tax Guide on GST: Customer Accounting for Prescribed Goods. It replaces the second edition published on 13 December 2018. The third edition of the...
Fee payable to Comptroller of Income Tax for the search of any document not microfilmed revised
On or about 15 August 2019, the Fees (Income Tax) (Amendment) Order 2019 was published in the Government Gazette (electronic edition). The changes came into operation on 15 August 2019. The fee payable to Comptroller of Income Tax for the search of any document not...
Fee payable to Comptroller of Goods and Services Tax for the search of any document revised
On or about 15 August 2019, the Fees (Goods and Services Tax) (Amendment) Order 2019 was published in the Government Gazette (electronic edition). The changes came into operation on 15 August 2019. The fee payable to Comptroller of Goods and Services Tax for the...
Revision of Adjudication and Valuation Fees for Instruments prescribed in the Stamp Duties Act
On or about 15 August 2019, the Stamp Duties Act (Amendment of Fourth and Fifth Schedules) Notification 2019 was published in the Government Gazette (electronic edition). The changes came into operation on 15 August 2019. The adjudication fees for instruments...
Summary of Responses to Public Consultation on the Draft Income Tax (Amendment) Bill 2019
On or about 15 August 2019, the Ministry of Finance (MOF) has released the summary of responses to the public consultation on the draft Income Tax (Amendment) Bill 2019. The key feedback received pertained to the following tax changes: to increase the prescribed...