E-Tax Guides update to incorporate REIT amendments
On or about 19 June 2019, the following e-Tax Guides have been updated: Income Tax: Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds (Third Edition) Income Tax: Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trusts...
MOF Invites Feedback On Proposed Changes To The Income Tax Act
On or about 19 June 2019, the Ministry of Finance (MOF) is inviting interested parties to provide feedback on the draft Income Tax (Amendment) Bill 2019 from 19 June to 10 July 2019. The proposed amendments to the Income Tax Act (“ITA”) include 7 changes announced in...
ASC’s comments on ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39)
On or about 18 June 2019, the Singapore Accounting Standards Council (ASC) has submitted its comment to the International Accounting Standards Board (IASB) on ED2019/1 Interest Rate Benchmark Reform (Proposed amendments to IFRS 9 and IAS 39). The ASC has raised...
GST Advance Ruling Application: Mode of submission amended
On or about 11 June 2019, the Inland Revenue Authority of Singapore (IRAS) has released the fifth edition of the e-Tax Guide, GST: Advance Ruling System. It replaces the fourth edition published on 5 April 2019. In this fifth edition, para 4.2.7 on mode of submission...
Amendments to Finland and Guernsey DTAs
On or about 1 June 2019, the amendments made by the MLI to Singapore's Avoidance of Double Taxation Agreements (DTAs) with Finland and Guernsey was entered into force. These amendments are via the following orders: Income Tax (Singapore — Finland) (Avoidance of Double...
e-Tax Guide GST: Advance Ruling System revised
On or about 11 June 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fifth edition of GST e-Tax Guide: Advance Ruling System. It replaces the fourth edition which was published on 5 April 2019. This e-Tax Guide explains the GST advance ruling...
Changes in GST Return Design
On or about 6 June 2019, the Inland Revenue Authority of Singapore (IRAS) has made changes in GST return design by requiring taxpayers to first provide the details of the contact person and declarant and then proceed to enter their figures in the GST return. There are...
IASB proposes to update Conceptual Framework reference in IFRS 3
On or about 31 May 2019, the International Accounting standards Board (IASB) has published proposed narrow-scope amendments to IFRS 3 Business Combinations. These amendments will update a reference to the Conceptual Framework for Financial Reporting without changing...
Tax Agreement with the Hellenic Republic (Greece)
On or about 30 May 2019, Singapore signed a comprehensive Agreement for the Avoidance of Double Taxation (DTA) with the Hellenic Republic (“Greece”) for the elimination of double taxation and the prevention of fiscal evasion with respect to taxes on income and on...
IASB May 2019 podcast
On or about 28 May 2019, the International Accounting Standards Board (IASB) provide a summary of discussions held at the May Board meeting as well as of other developments. The main topics discussed were: Amendments to the IFRS Foundation’s Due Process...