Revision to e-Tax Guide on Country-by-Country (CbC) Reporting
On 7 August 2018, the Inland Revenue Authority of Singapore (IRAS) has revised the Third Edition of the e-Tax Guide on Country-by-Country (CbC) Reporting. It replaces the first edition that was published on 10 October 2016. IRAS has amended question 11 of the FAQs...
MOF tabled the Stamp Duties (Amendment) Bill 2018
On 6 August 2018, the Ministry of Finance (MOF) has tabled the Stamp Duties (Amendment) Bill 2018 with key amendments providing for stamp duty to be levied on electronic records that enable a transfer of interest in properties and shares. Currently, stamp duty is...
Tax Agreements with Latvia and Nigeria to Enter into Force
On 3 August 2018, the second Protocol amending the Agreement for the Avoidance of Double Taxation (the Protocol) between Singapore and the Republic of Latvia, entered into force on 3 August 2018. The Protocol was previously signed on 20 April 2017. The Protocol...
IFRS Webcast: Classification of compound instruments and redemption obligation arrangements – FICE Discussion Paper
On 31 July 2018, the International Financial Reporting Standards (IFRS) has released both webcast and slides on FICE Discussion Paper to: Classification of compound instruments and redemption obligation arrangements; and Classification of derivatives on own equity A...
ASC issues Amendments to SFRS(I) 1-19 and Amendments to FRS 19: Plan Amendment, Curtailment or Settlement
On 1 August 2018, the Accounting Standard Council (ASC) has issued the Amendments to SFRS(I) 1-19 and Amendments to FRS 19: Plan Amendment, Curtailment or Settlement. Paragraphs 101A, 122A, 123A and 179 are added and paragraphs 57, 99, 120, 123, 125, 126 and 156 are...
ASC issues SFRS(I) Practice Statement and FRS Practice Statement: Making Materiality Judgements
On 1 August 2018, the Accounting Standard Council (ASC) has issued the SFRS(I) Practice Statement and FRS Practice Statement: Making Materiality Judgements. This Practice Statement should be read in the context of its objective, the Preface to Singapore Financial...
Filing Country-by-Country Reporting (CbCR) for FY 2017
Country-by-Country Reporting (CbCR) is a form of reporting by multinational enterprises (MNEs) initiated by the Organisation for Economic Co-operation and Development (OECD) in the Base Erosion and Profit Shifting (BEPS) Action 13 Report. Some jurisdictions would be...
ASC has submitted comment letter on ED/2018/1 on Accounting Policy Changes
On 27 July 2018, the Accounting Standard Council (ASC) has submitted comment letter on ED/2018/1 the Exposure Draft on Accounting Policy Changes (Proposed amendments to IAS 8) issued by the International Accounting Standards Board in March 2018. More details can be...
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...