The Income Tax (Amendment) Act 2017
The following are some highlights of the recent update under the Income Tax (Amendment) Act 2017 that published in the Government Gazette (electronic edition) on 26 October 2017. Personal taxation All individual tax residents will receive a personal income tax rebate...
Revenue – The 5-Step Model of New Revenue Standard (Part 4)
Step 3 Determine transaction price 7.1 The transaction price is the amount of consideration to which an entity expects to receive in exchange for transferring promised goods or services to a customer. It excludes amounts collected on behalf of third parties (e.g....
The Income Tax (Amendment) Act 2017
The Income Tax (Amendment) Bill 2017 (the Bill) was first introduced in Parliament on 11 September 2017. It was read for the second time and passed in Parliament on 2 October 2017, and Gazetted (electronic edition) on 26 October 2017. The Income Tax (Amendment) Act...
GST: Clarification on “Directly in Connection With” and “Directly Benefit” (Third edition)
The third edition of the IRAS e-Tax Guide on GST: Clarification on "Directly in Connection With" and "Directly Benefit" (Third edition) was published on 26 October 2017. It provides guidance on the interpretation and application of the two expressions, “Directly in...
ASC Responded to IASB on Request of Information
The Accounting Standards Council (ASC) has submitted comment letters to the International Accounting Standards Board (IASB) on Request for Information: Post-implementation Review: IFRS 13 Fair Value Measurement. The Post-implementation review is to evaluate the...
ASC Responded to the IASB on ED/2017/4
The Accounting Standards Council (ASC) has submitted a comment letter dated 19 October 2017 to the International Accounting Standards Board (IASB) on ED/2017/4 Property, Plant and Equipment — Proceeds before Intended Use (Proposed amendments to IAS 16). The ASC has...
Singapore’s Tax Incentives meet International Standards on Countering Base Erosion and Profit Shifting (BEPS) Activities
The Forum on Harmful Tax Practices (FHTP) has on 16 October 2017 released a progress report on its assessment that Singapore’s tax incentives satisfy the international standards on countering harmful tax practices under the OECD/G20 BEPS project. In June 2016,...
Guidelines on Interpretation and Application of Singapore’s Double Tax Agreements (DTAs)
IRAS has published an e-Tax Guide — Avoidance of Double Taxation Agreements (DTAs) on 11 October 2017, a guidance on the interpretation and application of Singapore’s DTAs. As Singapore is not a member of OECD, although the OECD Model Tax Convention and the UN Model...
IASB has issued Amendments to IFRS 9 and IAS 28
The International Accounting Standards Board (IASB) has issued an amendments to IFRS 9 Financial Instruments and to IAS 28 Investments in Associates and Joint Ventures to aid implementation on 12 October 2017. The amendments to the IFRS 9 Financial instruments, allow...
Narrow-scope amendments to IFRS 9 and IAS 28
The International Accounting Standards Board (IASB) has issued narrow-scope amendments Prepayment Features with Negative Compensation (Amendments to IFRS 9) and to Long-term Interests in Associates and Joint Ventures (Amendments to IAS 28) to aid implementation. The...