Revision to e-Tax Guide on GST fringe benefits
On 27 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Third Edition of the e-Tax Guide on GST: Fringe Benefits. The following were the amendments: Footnote 11 – to elaborate on the meaning of ‘any other cost’ in the explanation of business...
Payments That Are Subject to Withholding Tax
When the following specified nature of payments paid to non-resident companies by a person attracts withholding tax. The rate of withholding tax will depends on nature of these payments: Interest, commission, fee in connection with any loan or indebtedness; Royalty...
Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds
On 9 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Second Edition the e-Tax Guide to Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds to replace the first edition that was published on 12 April 2018. This e-Tax...
Update of e-Tax Guide on Claiming GST incurred before GST Registration or Incorporation
GST-registered businesses may claim GST incurred before registering for GST and also before incorporation provided certain conditions are met. On 18 July 2018, the Inland Revenue of Singapore (IRAS) have updated the Third Edition of the e-Tax Guide, GST:...
Update of e-Tax Guide for the Electronic Tourist Refund Scheme (eTRS)
GST-registered businesses may provide GST refunds to tourists as an independent retailer or by engaging the services of a Central Refund Agency. In either case, they need to do so under the electronic Tourist Refund Scheme (eTRS). On 17 July 2018, the Inland Revenue...
Update of GST e-Tax Guide for Visitors on Tourist Refund Scheme
Tourists buying goods from retailers who participate in the electronic Tourist Refund Scheme (eTRS) may claim a refund of the GST paid on purchases made in Singapore. On 17 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Seventh Edition of...
Update of GST e-Tax Guide for Retailers participating in Tourist Refund Scheme
On 17 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Eighth Edition of the e-Tax Guide - GST Guide for Retailers participating in the Tourist Refund Scheme and replaced the seventh edition published on 8 November 2017. The e-Tax guide...
Clarifications to the Tourist Refund Scheme
On 17 July 2018, the Inland Revenue Authority of Singapore (IRAS) has clarified that a refund of GST paid on goods through the tourist refund scheme can only be requested by someone who is the purchaser of the goods. Alipay has also been accepted as a new mode of...
Webcast: Overview of the Discussion Paper Financial Instruments with Characteristics of Equity
On 16 July 2018, the International Accounting Standards Board (IASB) has made available a first webcast in series for public at their website or access viz YouTube. The IASB's Technical Director Kumar Dasgupta provides an overview of the Discussion Paper Financial...
Legislative changes to AGMs and ARs timelines
On 17 July 2018, the Accounting and Corporate Regulatory Authority (ACRA) of Singapore has announced the date of the legislative changes to the Companies (Amendment) Act 2017 relating to Annual General Meeting (AGMs) and Annual Returns (ARs) timelines that will tale...