Advisory on Scam & Fraudulent Activities (Aug)
On or about 8 August 2019, the Inland Revenue Authority of Singapore (IRAS) has updated its content on advisory scams. Scam Email - 'Inland Revenue Authority of Singapore-Refund-Online-Confirmation' Members of the public are advised to ignore an image of a scam email...
Taxation of Income from Overseas Employment
On or about 6 August 2019, the Inland Revenue Authority of Singapore (IRAS) has assessed that the administrative concession which allows Singaporeans to opt to be assessed as non-residents for tax purposes is no longer relevant in furthering its objective of removing...
Determining Tax Residency of a Company
On or about 5 August 2019, the Inland Revenue Authority of Singapore (IRAS) has updated the content in its website on determining the tax residence of foreign-owned investment holding companies. A company is either a tax resident or a non-resident of Singapore. In...
ASC invites comments on Exposure Draft ED/2019/6 Amendments to IAS 1 and IFRS Practice Statement 2
On or about 2 August 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2019/6 Disclosure of Accounting Policies (Proposed amendments to IAS 1 and IFRS Practice Statement 2) by 18 October 2019. The compiled comments would then be...
Income Tax (Exemption of Workfare Bicentennial Bonus) Notification 2019
On or about 1 August 2019. the Government Gazette has published the Income Tax (Exemption of Workfare Bicentennial Bonus) Notification 2019. The Minister of Finance has made the following notification: Cash payment made by the Government to an individual under the...
ASC submits comments to IFRS on Due Process Handbook
On or about 1 August 2019, the Singapore Accounting Standards Council (ASC) has submitted its comment to the International Financial Reporting Standards (IFRS) Due Process Oversight Committee on Exposure Draft on Proposed amendments to the IFRS Foundation Due Process...
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...