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...
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...