Revised Guidance on income tax treatment of S-REIT ETFs
On 9 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Second Edition of the e-Tax Guide, Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds. The amendment include to amend paragraph 5.2 of the main guide and paragraph...
Re-write of e-Tax Guide on Approved Contract Manufacturer and Trader (ACMT) Scheme
Contract manufacturers and traders under the ACMT scheme are relieved of the need to account for GST on value added activities supplied to non-GST registered overseas customers. On 16 July 2018, the Inland Revenue Authority of Singapore (IRAS) has re-write it e-Tax...
e-Tax Guide for tax framework for Corporate Amalgamations
On 4 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the Second Edition of IRAS e-Tax Guide: Tax Framework for Corporate Amalgamations. This e-Tax Guide was first published on 20 January 2010 to facilitate mergers and consolidations of...
CorpPass required for IRAS digital services from 1 September 2018
On 6 July 2018, the Inland Revenue Authority of Singapore (IRAS) has announced that from 1 September 2018, CorpPass will be the only login method for online corporate transactions with the Government. This replaces the previous EASY authorisation system. CorpPass is a...
Updates to Singapore Revenue Legislation
The following notification/ rules were published in the Government Gazette, electronic edition, on 5 July 2018 and came into operation on 6 July 2018: Stamp Duties Act (Amendment of First Schedule) (No. 2) Notification 2018 (S 452/2018) It amends the First Schedule to...
A Study of Financial Instruments – Part 1: Basic Measurement Rules
The Challenge When a company put its surplus cash reserves for investment in shares and bonds for returns, what will be the impact to the company’s financial performance when the market fell sharply soon after its investment? Can the company hold on its position not...
Stamp Duty: Additional Conveyance Duties on Property-Holding Entities
On 5 July 2018, the Inland Revenue Authority of Singapore (IRAS) has updated the third edition of e-Tax Guide on Additional Conveyance Duties on Property-Holding Entities. This e-Tax Guide replaces the second edition which was published on 19 February 2018 to reflect...
Conditions for claiming writing-down allowance on intellectual property rights
On 27 June 2018, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide - "Intellectual Property Rights Valuation Report for Purposes of Section 19B of the Income Tax Act" to provide guidance on when an independent valuation report on...
IFRS 9 Financial Instruments – a new webcast on 3 July 2018
The International Financial Reporting Standard (IFRS) has issued a new educational webcast on IFRS 9 Financial Instruments. In this webcast, Senior Technical Adviser Liz Figgie will discuss on how to apply IFRS 9 Financial Instruments to financial assets with...
Goods and Services Tax Act (Amendment of First Schedule) Order 2018 (S 415/2018)
On 22 June 2018, the Goods and Services Tax Act (Amendment of First Schedule) Order 2018 (S 415/2018) was published in the Government Gazette (electronic edition) and came into operation on 25 June 2018. Paragraphs 1(1), 1(2), 1(3), 4(1), 7 and 8(1)(a)(ii)(B) of the...