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...
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...