Agreement for Exchange of Information signed between Singapore and USA
On 13 November 2018, Singapore has signed a Tax Information Exchange Agreement (TIEA) and a reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) with the United States of America (USA). The TIEA will permit Singapore...
Income Tax (Amendment) Act 2018
On 12 November 2018, the Income Tax (Amendment) Act 2018 was gazetted and published in the electronic gazette. These legislative amendments is to effect changes announced in Budget 2018: changes arising from the periodic review of the income tax system and changes to...
Strategy Workshop 2018
To achieve alignment around a strategic vision for Singapore Accountancy Alliance (SAA), we conducted our Strategy Workshop for a second year, gathering partners from member firms and working together on a Saturday morning at Tanah Merah Country Club -...
No more certification on Indonesia’s Tax Reclaim Form (Form DGT 1/ DGT 2)
Applying for Certificate of Residence (COR)/ Tax Reclaim Form For the purpose of claiming tax benefits under the Avoidance of Double Taxation Agreements (DTAs), a Singapore tax resident company is required to obtain a Certificate of Residence (COR) in order to apply...
GST e-Tax Guide(s) on information involving Hand-Carried Exports Scheme (HCES)
On 1 November 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the following IRAS e-Tax Guide(s) on GST on information involving hand-carried goods under relating to the Hand-Carried Exports Scheme (HCES). The following summarises these updates and...
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...