International Accountants Day 2018
E H Luar & Co and other member firms of Singapore Accountancy Alliance at International Accountants Day Fiesta 2018, held at the Event Square @ Marina Bay Sands on 21 September 2018
Capital Allowances
On 19 September 2018, the Inland Revenue Authority of Singapore (IRAS) has updated content to provide clarity on when companies can claim capital allowances for assets purchased for use by subcontractors and other parties Assets Purchased for Use by Subcontractors and...
Application for income tax advance ruling
On 18 September 2018, the Inland Revenue Authority of Singapore 9IRAS) has updated a new 'Application Form for Income Tax Advance Ruling' and details of electronic payment for such process. From 1 Nov 2018, only electronic payment (Internet Banking Fund Transfer /...
CPF Cash Top-up Relief
The CPF Top-up relief is given to encourage Singaporeans and Permanent Residents to set aside money either to top up in their own CPF Special/Retirement Account or those of family members for basic retirement needs. On 14 September 2018, the Minister for Finance makes...
FRS 115: Principal vs Agent Considerations
FRS 115 includes application guidance for an entity to determine whether it is a principal or an agent i.e. based on whether it controls the specified goods or services before the transaction (principal) or not (agent). Key Learning Point When a third party is...
FRS 115 Impact on Construction Companies and Property Developers
The accounting for construction contracts were guided by FRS 11 Construction Contracts. After 1 January 2018, the FRS 11 became superseded by FRS 115. Under FRS 115, construction contract is treated exactly the same as any other contract with customers. The FRS 115...
Second Reading on the Stamp Duties (Amendment) Bill 2018
On 10 September 2018, the Stamp Duties (Amendment) Bill 2018 was read for the second time by the Second Minister for Finance, Mr. Lawrence Wong at the Parliament. The amendments proposed are as follows: To provide for stamp duty to be levied on electronic records that...
Summary of Responses to Public Consultation on the draft Income Tax (Amendment) Bill 2018
On 10 September 2018, the Ministry of Finance has published the summary of responses to public consultation on the draft Income Tax (Amendment) Bill 2018, The Bill was tabled for its first reading at Parliament on 9 October 2018. The details on draft Bill proposed are...
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...