Transmitting GST Return and Listings using Accounting Software
On 17 October 2018, the Inland Revenue Authority of Singapore (IRAS) has simplify the GST filing process to reduce risk of making errors by allowing taxpayers now to submit their GST returns and transaction listings directly from accounting software to IRAS via...
CPA Congress 2018
E H Luar & Co together with other member firms in the Singapore Accountancy Alliance (SAA) took part in CPA Congress 2018 at Marina Bay Sands Convention Centre on 11 October 2018. The congress focused on how accounting and finance professionals can lift their...
Summary of Responses to Public Consultation – Adoption of FRS 116 / SFRS(I) 16
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) has published the Summary of Responses on income tax implications arising from the adoption of FRS 116 - Leases. The 3 key comments accepted by IRAS are: 1. To provide guidance on the determination of...
Adoption of FRS 116 / SFRS(I) 16 – Leases and income tax implications
On 8 October 2018, the Inland Revenue Authority of Singapore (IRAS) issued an e-Tax guide that provides guidance on tax treatments for entities adopting Financial Reporting Standard 116 (FRS 116) Leases or Singapore Financial Reporting Standard (International) 16...
Income derived by a Trustee of a Real Estate Investment Trust Exchange-Traded Fund (REIT ETF)
The Inland Revenue Authority of Singapore (IRAS) has accorded tax transparency treatment to the distributions received by the trustee of a real estate investment trust exchange-traded fund (REIT ETF) from REITs listed on the Singapore Exchange (S-REITs) that are made...
Responses to Public Consultation on the draft GST (Amendment) Bill 2018
On 27 September 2018, the Ministry of Finance has released a summary of responses to the public consultation on the draft Goods and Services Tax (Amendment) Bill 2018. 70 suggestions were received, of which 47 were accepted and revisions will be made to the draft...
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...