Service through electronic service – Amendments to Section 8 and Section 76 of the Singapore Income Tax Act
Section 72 of the Singapore Income Tax states that assessments to income tax are made by the Comptroller of Income Tax. An assessment is normally made on the basis of the information provided by a taxpayer or its agent in the relevant return of income. If the...
Lease Accounting – FRS 17 Versus FRS 116
Lessee Accounting Treatment under FRS 17 The FRS 17 Leases must be complied with in accounting for leases. This standard includes the accounting requirement for operating and finance leases and other related agreements such as property leases and sale and leaseback...
Notification – Notice of Assessment in digital format
In the past, a hardcopy notice of assessment must be given by the Comptroller of Income tax to the person who is liable to pay the tax. That person is to pay the amount assessed, unless he/she formally objects to the assessment. On 1 January 2011, in view of the wider...
Transfer pricing administration and reporting
On 3 November 2016, the Inland Revenue Authority of Singapore (IRAS) has introduced the requirement for certain corporate taxpayers to file a Form for Reporting Related Party Transactions (RPT). The RPT data will help the IRAS in: assessing companies’ transfer pricing...
Draft e-Tax Guides on GST: Taxing imported services by way of reverse charge and GST: Taxing imported services by way of an overseas vendor registration regime
On 31 May 2018, the Inland Revenue of Singapore (IRAS) has published a 'Summary of Responses – Public Consultation on Draft e-Tax Guides on GST: Taxing imported services by way of reverse charge and GST: Taxing imported services by way of an overseas vendor...
Enhanced Auditor Reporting – Implementation of New and Revised Standards
The Institute of Singapore Chartered Accountants (ISCA) has issued the new and revised auditor reporting standards in July 2015 that are effective for audits of financial statements for periods ended on or after 15 December 2016. In view of feedback received on...
Goods and Services Tax Act (Amendment of Fourth Schedule) Order 2018 (S 312/2018)
On 22 May 2018, the Goods and Services Tax Act (Amendment of Fourth Schedule) Order 2018 (S 312/2018) was published in the Government Gazette (electronic edition) and came in operation from 23 May 2018. It amends paragraphs 1(d) to (f) of Pt. II of the Fourth Schedule...
Webcast: Accounting Policy Changes (Proposed amendments to IAS 8) on 30 May 2018
The International Auditing and Assurance Standard Board (IAASB) has issued a webcast, by Mary Tokar, a member of the Board and staff member Jawaid Dossani, to provide an overview of the Exposure Draft Accounting Policy Changes (Proposed amendments to IAS 8) and its...
Sue Lloyd: Discussion on IFRS 9 and equity investments on 24 April 2018
Sue Lloyd, the Vice-Chair of the International Accounting Standards Board (IASB), discusses IFRS 9 and explains the IASB’s thinking behind the requirements for equity instruments in the Standard. The full article can be viewed from the International Financial...
Proposed changes to the definition of “computer” by the Cybersecurity Act 2018
The Ministry of Communications and Information (MCI) and the Cyber Security Agency of Singapore (CSA) commenced work on the Act in late 2015.The Cybersecurity Bill was first introduced in Parliament and published in the Government Gazette (electronic edition) on 8...