GST: Guide on Approved Import GST Suspension Scheme amended
On or about 11 August 2017, the Inland Revenue Authority of Singapore (IRAS) has amended the first edition of the e-Tax Guide GST: Guide on Approved Import GST Suspension Scheme. This first edition was published on 1 June 2016. This e-Tax Guide explains the mechanism...
Recent GST Case: GBQ v Comptroller of Goods and Services Tax
GSTBR Appeal No 2 of 2016, decided on 7 June 2017. Introduction: The case was an application to the Goods and Services Tax Board of Review (“GSTBR”) to determine whether the GSTBR was satisfied that Appellant would otherwise suffer hardship such that the Appellant...
Recent Tax Cases: BML v Comptroller of Income Tax
Singapore High Court, SGHC 118, decided on 5 June 2017. Introduction: This is an appeal under section 81(2) of the Income Tax Act against the Income Tax Board of Review’s decision regarding the interpretation of section 14(1)(a) of the Income Tax Act on the...
Revenue – The new Revenue Standard (Part 1)
Overview 1.1 Revenue recognition has been a contentious area for financial reporting. 1.2 In the previous revenue standards, there are significant diversity in revenue recognition due to limited guidance: (a) Timing of revenue recognition – whether a company...
IFRS provides illustrative tagging for IFRS 17
The International Financial Reporting Standards (IFRS) has published illustrative tagging for the proposed IFRS Taxonomy Update IFRS Taxonomy 2017 — IFRS 17 Insurance Contracts. The illustrative tagging shows how selected information from the Illustrative Examples...
IASB proposes Amendments to IAS 16
The International Accounting Standard Board (IASB) has proposed narrow-scope amendments to be made to IAS 16 Property, Plant and Equipment to reduce the diversity in application of the Standard. IAS 16 establishes principles for recognising and measuring items of...
e-Tax Guide GST Guide for the Aerospace Industry revised
On or about 19 June 2017, the Inland Revenue Authority of Singapore (IRAS) has released the fourth edition of the e-Tax Guide GST Guide for the Aerospace Industry. It replaces the third edition published on 1 June 2016. The revised e-Tax Guide incorporates the...
The summary of tentative decisions on the Conceptual Framework for Financial Reporting
The International Financial Reporting Standards (IFRS) has made available the summary of tentative decisions in the Conceptual Framework for Financial Reporting. In March 2017, the International Accounting Standards Board (IASB) completed deliberations of the Exposure...
IASB has issued an Interpretation on IAS 12 Income Tax
The International Accounting Standards Board (IASB) has issued IFRIC 23 Uncertainty over Income Tax Treatments to specify how to reflect uncertainty in accounting for income taxes. It may be unclear how tax law applies to a particular transaction or circumstance, or...
ASC Responded on IFRS 9 Exposure Draft
The Singapore Accounting Standards Council (ASC) has submitted a comment letter to the International Accounting Standards Board (IASB) on ED/2017/3 Prepayment Features with Negative Compensation (Proposed amendments to IFRS 9) which was issued in April 2017. In their...