U.K. Targets Tech Giants with a Digital Services Tax in 2020
From April 2020, the Britain will introduce a new 2% digital services tax aimed at tech giants, as announced by the British finance minster, Chancellor of the Exchequer Philip Hammond, during his Autumn 2018 budget presentation in London on 29 October 2018. The new...
Additional Countries Added to exchange of CbC Reporting List
Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information) (Amendment No. 2) Order 2018 On 30 October 2018, the above Order is amended by inserting, immediately after the...
GST e-Filing Process
On 26 October 2018, the Inland Revenue Authority of Singapore (IRAS) has updated its content on its website to remind businesses of the change in process for GST e-Filing. GST-registered businesses are required to e-File their returns through myTax Portal and make...
Recent update on the exchange of CbC report
Introduction Singapore implement Country-by-Country Reporting (CbCR) under the Base Erosion and Profit Shifting (BEPS) Project for Singapore Multinational Enterprises (MNEs) groups from financial year (FY) beginning on or after 1 January 2017 that meet certain...
Singapore rated highest overall compliant with International Standards on Exchange of Information
On 25 October 2018, the Inland Revenue Authority of Singapore (IRAS) has published that Singapore received the highest overall compliant rating a jurisdiction can receive that affirms its regime for exchange of information on request (EOIR). The rating was awarded by...
Amendments to IFRS 3 to improve the definition of a business
On 22 October 2018, the International Accounting Standards Board (IASB) has issued narrow-scope amendments to IFRS 3 Business Combinations to improve the definition of a business.The amendments assist entities to determine whether a transaction should be accounted for...
Transmitting GST Return and Listings using Accounting Software
On 17 October 2018, the Inland Revenue Authority of Singapore (IRAS) has simplify the GST filing process to reduce risk of making errors by allowing taxpayers now to submit their GST returns and transaction listings directly from accounting software to IRAS via...
CPA Congress 2018
E H Luar & Co together with other member firms in the Singapore Accountancy Alliance (SAA) took part in CPA Congress 2018 at Marina Bay Sands Convention Centre on 11 October 2018. The congress focused on how accounting and finance professionals can lift their...
Summary of Responses to Public Consultation – Adoption of FRS 116 / SFRS(I) 16
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) has published the Summary of Responses on income tax implications arising from the adoption of FRS 116 - Leases. The 3 key comments accepted by IRAS are: 1. To provide guidance on the determination of...
Adoption of FRS 116 / SFRS(I) 16 – Leases and income tax implications
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax guide that provides guidance on tax treatments for entities adopting Financial Reporting Standard 116 (FRS 116) Leases or Singapore Financial Reporting Standard (International) 16...