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...
Introduction of the “small company’ criteria for audit exemption
The Companies (Amendment) Act 2014 was passed by the Singapore Parliament on 8 October 2014. The legislative amendments took place on 1 July 2015, 3 January 2016 and 20 April 2018 respectively. The Companies (Amendment) Act 2014 introduced the concept of “small...
IFRS for SMEs modules – Supporting materials
The International Financial Reporting Standards (IFRS) is developing stand-alone modules, one for each section of the 2015 version of the IFRS for SMEs Standard. It has released the first three of 35 stand-alone modules which provide support to anyone learning about,...
Guidance on income tax treatment of S-REIT ETFs and S-REITs
On 12 April 2018, the Inland Revenue Authority of Singapore (IRAS) has issued/updated the following e-Tax Guides: Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds; and Income Tax Treatment of Real Estate Investment Trusts and Approved...
Goods and Services Tax (General) (Amendment) Regulations 2018 (S 179/2018)
On 29 March 2018, the Goods and Services Tax (General) (Amendment) Regulations 2018 (S 179/2018) were published in the Government Gazette (electronic edition) and came into operation on 1 April 2018 as a result of the renaming of the International Enterprise Singapore...