New e-Tax Guide: Transfer Pricing Guidelines, Special Topic – Commodity Marketing and Trading Activities
On or about 24 May 2019, the Inland Revenue Authority of Singapore (IRAS) has released the new e-Tax guide, Transfer Pricing Guidelines, Special Topic – Commodity Marketing and Trading Activities (First Edition). This e-Tax guide analyses the economic value of...
Corporate Tax Forms
On or about 23 May 2019, the Inland Revenue Authority of Singapore (IRAS) has make available the following forms for companies and tax agents: Form C-SForm CProductivity and Innovation Credit (PIC) — Application for Approval of Equipment (From YA 2013). The IRAS has...
ASC invites comments on proposed amendments for Annual Improvement Process to IFRS Standards 2018-2020
On or about 22 May 2019, the Accounting Standards Council (ASC) invites comments on Exposure Draft ED/2019/2 Annual Improvements to IFRS Standards 2018–2020 by 12 July 2019. Comments to reach ASC by 12 July 2019. The compiled comments would then be summarised and...
Singapore and Korea Sign an Updated Avoidance of Double Taxation Agreement
On or about 13 May 2019, Singapore signed an updated Agreement for the Avoidance of Double Taxation (DTA) with the Republic of Korea The updated DTA enhances the cross-border trade and investment between both countries. Among other changes, it also lowers the...
Proposed amendments to IFRS 9 and IAS 39
On or about 3 May 2019, the Accounting Standard Council Singapore (ASC) invites comments on Exposure Draft ED/2019/1 Interest Rate Benchmark Reform (Proposed amendments to financial instruments standards, IFRS 9 and IAS 39). Comments are to be submitted by 24 May...
Proposed changes to IFRS Foundation handbook
On or about 3 May 2019, the Accounting Standard Council Singapore (ASC) invites comments on proposed changes to IFRS Foundation handbook. Comments are to be submitted by 28 June 2019. The International Accounting Standards Board (IASB) has published and invited...
Basic Corporate Tax Calculator (BTC) for YA 2019
On or about 2 May 2019, the Inland Revenue Authority of Singapore (IRAS) has made available the Basic Corporate Tax Calculators (BTC) for the companies/tax agents filing the following forms: Companies filing Form CCompanies filing Form C-S The BTC is designed for...
Amendments made by the MLI to Singapore’s DTA with Ireland
In line with Singapore's commitment to implement the minimum standard on preventing treaty abuse, On or about 21 December 2018, Singapore has deposited the Multilateral Instrument (MLI) signed on 7 June 2017. The MLI took effect from 1 April 2019. The MLI improves on...
Proposed Changes to EP 100 – Responding to NOCLAR
On or about 29 April 2019, the Institute of Singapore Chartered Accountants (ISCA) Ethics Committee (EC) is seeking views on an Exposure Draft containing the final pronouncement of Responding to Non-Compliance with Laws and Regulations (NOCLAR). Comments are to be...
GST e-Tax Guide: Transfer of Business as a Going Concern and other Excluded Transactions (Issue of Carbon Credits)
On or about 22 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the Third edition of GST: Transfer of Business as a Going Concern and other Excluded Transactions. It replaces the second edition which was published on 9 March 2018. The e-Tax...