Common Reporting Standard (CRS)
On or about 22 April 2019, the Inland Revenue Authority of Singapore (IRAS) has commenced Common Reporting Standard (CRS) Return submission. All Reporting Singaporean Financial Institutions (SGFIs) must submit their Common Reporting Standard (CRS) returns, including...
Foreign Account Tax Compliance Act
On or about 15 April 2019, the Inland Revenue Authority of Singapore (IRAS) has updated its website that the Foreign Account Tax Compliance Act (FATCA) Paper Nil Return for Reporting Year 2018 can now be downloaded from the IRAS's website. FATCA is a US law which...
IRAS e-Tax Guide: Carry-Back Relief System
On or about 9 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of e-Tax Guide: Carry-Back Relief System. It replaces the third edition which was published on 2 April 2018. This e-Tax Guide aimed to provide details on the...
GST e-Tax Guide: Advance Ruling System
On or about 5 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the fourth edition of GST e-Tax Guide: Advance Ruling System. It replaces the third edition which was published on 11 October 2018. This e-Tax Guide explains the GST advance...
Withholding Tax
The following are updates to withholding tax: Interest and similar payments subject to withholding tax under s 45A The new s 12(6AA) provides that the reference to “interest” in s 12(6), in the case of an arrangement that is a finance lease of any machinery or plant...
IRAS e-Tax Guide: Corporate Income Tax – Objection and Appeal Process
On or about 4 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the second edition of e-Tax Guide: Corporate Income Tax – Objection and Appeal Process. It replaces the first edition which was published on 28 February 2013. This e-Tax Guide...
GST e-Tax Guide: Concession for REITS and Qualifying Registered Business Trusts Listed in Singapore
On or about 1 April 2019, the Inland Revenue Authority of Singapore (IRAS) has published the Fourth edition of GST e-Tax Guide: Concession for REITS and Qualifying Registered Business Trusts Listed in Singapore. It replaces the third edition which was published on 10...
The MLI entered into force for Singapore
On or about 1 April 2019, amendments were made by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting ("Multilateral Instrument" or "MLI") to Singapore's DTAs. Some of DTAs concluded by Singapore were...
Conceptual Framework for Financial Reporting
On or about 14 January 2019, the Accounting Standards Council issued a revised Conceptual Framework for Financial Reporting which is based on the revised Conceptual Framework issued by the International Accounting Standards Board (IASB) in 29 March 2018. For companies...
Changes to the Employment Act with effect from 1 April 2019
Core provisions will be extended to cover all managers and executives The monthly basic salary threshold of $4,500 for managers and executives will be removed. All employees, whether managers and executives, workmen and non-workmen, will be covered by the core...