Monday, 19 February 2018
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singapore - Tax & Revenue

Shaking up Singapore's Transfer Pricing Regime

The latest Singapore Transfer Pricing Guidelines published by the Inland Revenue Authority of Singapore have introduced significant legislative amendments which signals that it is moving away from a guidance-based approach to a formal transfer pricing regime.
Date: 08 February 2018; Type: Tax News; Source: Singapore Law Watch

Income Tax (International Tax Compliance Agreements) (Country-By-Country Reporting) Regulations 2018

These Regulations are come into operation on 5 February 2018.
Date: 05 February 2018; Type: Federal Subsidiary Legislation; Citation: No. S 75; Source: Singapore Statutes Online

IRAS e-Tax Guide on Tax Deduction for Expenses incurred on Renovation or Refurbishment Works done to Business Premises

This e-Tax Guide explains the tax deduction granted under section 14Q of the Income Tax Act ("ITA”) for the capital expenses incurred by taxpayers for the renovation or refurbishment works done to their business premises.
Date: 25 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (Substituted Rate for Withholding of Tax for Aircraft Charter Payments) Rules 2018

These Rules are deemed to have come into operation on 29 December 2016.
Date: 22 January 2018; Type: Federal Subsidiary Legislation; Citation: No. S 46; Source: Singapore Statutes Online

Company Director convicted for Unlawful GST Collection

Jan 19 - Kumarselvam S/O Veejay Koumar (“Kumarselvam”), 31, who was a director of MV Global Trading Pte Ltd (“MV”), flouted the law when his company MV unlawfully charged Goods and Services Tax (GST) on a total of 102 sales invoices issued to MV’s customers.
Date: 19 January 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

Logistics Company Director sentenced to 40 Months’ Imprisonment and $8.7 Million Fine for dealing with Duty Unpaid Cigarettes

A logistics company director, Iskandar Bin Abu Bakar, 44, was sentenced by the State Courts on 15 January 2018 to 40 months’ imprisonment and a fine of $8.7 million, or in default 20 months’ imprisonment, for dealing with and storing of duty-unpaid cigarettes.
Date: 17 January 2018; Type: Legal News; Source: Customs Department

IRAS e-Tax Guide on Income Tax Treatment Arising from Adoption of FRS 115

This e-Tax guide provides guidance on the tax treatment for entities adopting FRS 115 and explains the tax treatment of transitional adjustments made from the adoption of the Standard.
Date: 12 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information) Order 2018

The Minister for Finance passed an Order declaring the Multilateral Competent Authority Agreement on Automatic Exchange of Financial Account Information as an International Tax Compliance Agreement between the Inland Revenue Authority of Singapore and the Competent Authority of each of the countries specified in the First and Second ...
Date: 12 January 2018; Type: Federal Subsidiary Legislation; Citation: No. S 29; Source: Singapore Statutes Online

GST: Self-Accounting of GST by Listed REITs and their SPVs for Property Purchases (Third Edition)

This guide explains the application and operational details of self-accounting of GST on property purchases by public-listed Real Estate Investment Trusts and their special purpose vehicles.
Date: 01 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Property Tax: Guide for Hotel Owners and Operators (Second Edition)

This e-Tax Guide explains how property tax is assessed for licensed hotels in Singapore from 1 Jan 2018 onwards, under the Property Tax (Valuation By Gross Receipts for Hotel Premises) (Amendment) Order 2017.
Date: 02 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Revised Tax Agreement with Sri Lanka Enters into force

The revised Avoidance of Double Taxation Agreement (DTA) between Singapore and the Government of the Democratic Socialist Republic of Sri Lanka entered into force on 31 December 2017.
Date: 02 January 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

GST: Guide for Property Developer (Second Edition)

This guide explains the GST treatment on the supplies made in relation to the sale of properties by you as a developer and the claiming of GST on the construction of properties.
Date: 01 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Real Estate Agency Industry (Second Edition)

This guide explains the application of GST on taxable supplies made by GST-registered estate agents and salespersons.
Date: 01 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide for Property Owners and Property Holding Companies (Third Edition)

This guide is issued to explain how GST affects a Property Owner or a Property Holding Company and the application of GST with regard to Property Transactions. This guide further clarifies the type of property that qualifies for GST exemption.
Date: 01 January 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (Singapore-Sri Lanka) (Avoidance of Double Taxation Agreement) Order 2017

Under this Order, the Minister for Finance declares that arrangements specified herein have been made with the Government of the Democratic Socialist Republic of Sri Lanka with a view to affording relief from double taxation and that it is expedient for such arrangements to have effect in relation to tax under the Act notwithstanding anything ...
Date: 31 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 808; Source: Singapore Statutes Online

Income Tax (Singapore - Cambodia) (Avoidance of Double Taxation Agreement) Order 2017

In accordance with the Agreement dated 20 May 2016 between the Government of the Republic of Singapore and the Royal Government of Cambodia, arrangements were made, amongst other things, for the avoidance of double taxation.
Date: 29 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 793; Source: Singapore Statutes Online

Property Tax (Valuation by Gross Receipts for Hotel Premises) (Amendment) Order 2017

This Order comes into operation on 1 January 2018.
Date: 29 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 795; Source: Singapore Statutes Online

Income Tax (Concessionary Rate of Tax for Approved Trustee Companies) (Amendment) Regulations 2017

Of the Regulations issued in exercise of the powers conferred by section 43J of the Income Tax Act, the Minister for Finance hereby clarifies that apart from regulation 2(a) and (b), the rest of the regulations are to come into operation on 1 April 2016. Regulations 2(a) and 2(b) are to come into operation on 11 April 2016 and&n ...
Date: 28 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 771; Source: Singapore Statutes Online

Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies) (Amendment) Regulations 2017

The Minister for Finance makes the following Regulations under the Income Tax Act, in order to bring various Regulation into force.
Date: 28 December 2017; Type: Federal Subsidiary Legislation; Citation: No. S 772; Source: Singapore Statutes Online

Updates to Customs Circular No. 15/2017

Live Operation of the Asean Single Window (ASW) for the Electronic Exchange of Form D under the Asean Trade in Goods Agreement of the Asean Free Trade Area (“ATIGA”). Notice No. 17/2017
Date: 20 December 2017; Type: Circular; Source: Customs Department

Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Three New Judicial Commissioners of High Court appointed

Tan Puay Boon, Mavis Chionh and Ang Cheng Hock have been appointed as the Judicial Commissioners of the High Court by the President Halimah Yacob.

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Singapore must help shape International Law: Indranee

Senior Minister of State for Finance and Law Indranee Rajah urged that Singapore must actively help to shape International Law as its impact on domestic economic and social life will continue to grow.

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Experts from Asia affirm Need to push towards Convergence of Legal Frameworks to facilitate Cross-Border Data Flows

Singapore, Feb 7 - For the first time in Asia, representatives from government, data protection regulators, industry and the legal community across 19 countries met to discuss how to achieve a common Asian framework to share and transfer information across international borders.

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MAS Encourages Financial Institutions to use Technology to On-board Customers more Efficiently

Singapore, Feb 7 - The Monetary Authority of Singapore (MAS) has issued a new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

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State Courts launch Online Filing for Neighbour Disputes

The second phase of the State Courts’ Community Justice and Tribunals System (CJTS) was launched by the Community Justice and Tribunals Division (CJTD) today.

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ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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Law Society seeks to boost Gender Diversity

In a move to boost gender diversity in the legal industry, the Law Society has formed a task force to look at women-in-workplace issues like mentoring and office harassment.

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New Programme to help Legal Sector go Global

A new programme, Lawyers Go Global, was launched recently to help Singapore law firms take their practice abroad with overseas mission trips, training and marketing.

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Singapore Top Asian Nation in Rule of Law Ranking, and 13th globally

Singapore is ranked thirteenth globally and also became the top Asian nation out of 113 countries in the Rule of Law Index compiled by the World Justice Project, an independent advocacy group based in the United States.

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