Claiming GST on Expenses for Qualifying Funds
Qualifying funds may incur GST when the fund procures fund management service and other services from GST-registered businesses. All qualifying funds that are managed by a prescribed fund manager in Singapore are allowed to claim GST incurred on expenses at an annual...
Updated Withholding Tax forms and templates on the S45 Offline Date Entry
On 31 August 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the following withholding tax forms and templates on the S45 Offline Data Entry (ODE) for payers who want to prepare multiple records offline and then submit in bulk, together with User...
The Cybersecurity Act 2018
On 31 August 2018, the Cybersecurity Act 2018 has came into operation of Parts 1 to 4, 6 and the First Schedule. This Act was passed by Parliament on 5 February 2018 and assented to by the President on 2 March 2018. It establishes a framework for the protection of...
ACRA’s AUDIT PRACTICE BULLETIN NO 1 OF 2018
On 28 August 2018, the Accounting and Corporate Regulatory Authority (ACRA) has issued its First Audit Practice Bulletin (APB) for 2018 that highlights the legislative requirements and provides guidance for auditors on the audit procedures and report on the revised...
BML v CIT [2018] SGCA 53 – Court of Appeal affirmed CIT’s decision to deny interest deduction arising from bond issue following a capital reduction
On 29 August 2018, the Court of Appeal (delivered by Tay Yong Kwang JA) has affirmed the Comptroller's decision to deny interest deduction to taxpayer paid on a bond issued to its shareholders in the course of a capital reduction. The deduction was originally...
Singapore and Gabon Sign Agreement for Avoidance of Double Taxation
On 28 August 2018, a comprehensive Agreement for the Avoidance of Double Taxation (DTA) was signed between the Singapore and Gabonese Republic. The DTA stipulates the taxing rights of both jurisdictions on all forms of income flows arising from cross-border business...
ISCA seeks for comments on New Appendix 1J in AGS 1 Sample Auditor’s Report
On 24 August 2018, the Institute of Singapore Chartered Accountants (ISCA) has issued a proposed audit guidance statement, new Appendix 1J in ED AGS 1, a sample independent auditor’s report (based on group audit) to guide the auditors in issuance of auditor's reports...
GST e-Tax Guide on Partial Exemption and Input Tax Recovery
On 23 August 2018, the Inland Revenue Authority of Singapore (IRAS) has revised the Fourth Edition of the GST: Partial Exemption and Input Tax Recovery. It replaces the third edition that was published on 8 August 2016. The e-Tax Guide explains the partial exemption...
GST e-Tax Guide on Attribution of Input Tax
On 23 August 2018, the Inland Revenue Authority of Singapore (IRAS) has revised the Fourth Edition of the GST Guide on Attribution of Input Tax. It replaces the third edition that was published on 30 October 2015. The e-Tax Guide explains how a partially exempt...
CorpPass – Singapore Corporate Access
On 20 August 2018, the Inland Revenue Authority of Singapore (IRAS) has reminded Singapore businesses that from 1 September 2018, CorpPass, a corporate digital identity for Singapore businesses, will be the only login method for any online corporate transactions with...