singapore - Tax & Revenue

Updates on Advance Ruling System for GST

This is to notify that it is the responsibility of the supplier to ask for an advance ruling on the taxability of his supply of goods or services. The supplier and his customer may also submit a joint application.
Date: 11 October 2018; Type: Regulation; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on GST: Advance Ruling System (Third Edition)

This e-Tax Guide explains the GST advance ruling system and the application procedures.
Date: 11 October 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Boss of Interior Design Firm to pay Penalty of more than $400,000 for under-declaring Income

Lim Hong Hee (“Lim”), a 62-year-old sole proprietor of Classic Furniture Design and Renovation Works (“Classic”), an interior design firm, has been convicted for filing incorrect income tax returns for Years of Assessment (YAs) 2006 to 2009 and 2011, which had resulted in $293,977 in taxes undercharged.
Date: 05 October 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Tax Treatment Arising from Adoption of FRS 116 or SFRS(I) 16

This e-Tax guide provides guidance on tax treatment for entities adopting Financial Report Standard 116 or Singapore Financial Reporting Standard (International) 16 (FRS 116 / SFRS(I) 16).
Date: 08 October 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Stamp Duties (Amendment) Act 2018

This Act seeks to amend the Stamp Duties Act.
Date: 04 October 2018; Type: Federal Amendment Act; Citation: No. 35; Source: Singapore Statutes Online

Stamp Duties (Amendment) Act 2018 (Commencement) Notification 2018

The Stamp Duties (Amendment) Act 2018 comes into operation on 4 October 2018.
Date: 04 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 656; Source: Singapore Statutes Online

Stamp Duties (Exempt Record) Rules 2018

These Rules come into operation on 4 October 2018.
Date: 04 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 657; Source: Singapore Statutes Online

Goods and Services Tax (Amendment) Bill

This Bill seeks to amend the Goods and Services Tax Act and to make a consequential amendment to the Income Tax Act.
Date: 01 October 2018; Type: Federal Bill; Citation: Bill No. 46/2018; Source: Singapore Statutes Online

New Application Procedures for Customs eServices & Documents Submission

This is to notify that Singapore had launched the Networked Trade Platform (NTP) in order to digitalize and streamline end-to-end trade processes to help companies raise productivity, boost competitiveness, and uncover new opportunities. The NTP will connect players in the trade value chain in Singapore and onward to their counterparts abroad. Curr ...
Date: 27 September 2018; Type: Circular; Source: Customs Department

Summary of Responses to Public Consultation on the Draft Goods and Services Tax (Amendment) Bill 2018

The Ministry of Finance (MOF) had invited public feedback on the draft Goods and Services Tax (Amendment) Bill 2018. The draft Bill had proposed legislative amendments to effect tax changes announced in the 2018 Budget; changes arising from the periodic review of the GST system to ease business compliance and clarify existing legislation; as well a ...
Date: 27 September 2018; Type: Feedback; Source: Inland Revenue Authority of Singapore

Income Tax (Exemption of Foreign Income) (No. 5) Order 2018

This is to notify that the income from dividends received in Singapore by Telenor Asia Pte Ltd from Digi.Com Berhad and derived from dividends received by Digi.Com Berhad from Digi Telecommunications Sdn Bhd are exempt from tax. The exemption is subject to the compliance of the specified terms and conditions.
Date: 20 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 580; Source: Singapore Statutes Online

Customs (Duties) (Amendment No. 4) Order 2018

This Order is deemed to have come into operation on 14 September 2018.
Date: 17 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 575; Source: Singapore Statutes Online

Income Tax (Maximum Relief Amount for Payments to Retirement Account and Special Account) Rules 2018

These Rules come into operation on 17 September 2018.
Date: 17 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 577; Source: Singapore Statutes Online

IRAS e-Tax Guide on GST: Partial Exemption and Input Tax Recovery (Fourth Edition)

This e-Tax Guide explains the partial exemption rules and input tax recovery rules.
Date: 23 August 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on GST: Guide on Attribution of Input Tax (Fourth Edition)

This e-Tax Guide explains how a partially exempt business should attribute its input tax and also clarifies when input tax may be considered to be "directly attributable” to a supply.
Date: 23 August 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (Amendment) Bill

This Bill seeks to amend the Income Tax Act.
Date: 10 September 2018; Type: Federal Bill; Citation: Bill No. 37/2018; Source: Singapore Statutes Online

Customs (Amendment) Regulations 2018

These Regulations are deemed to have come into operation on 3 January 2016.
Date: 06 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 547; Source: Singapore Statutes Online

Customs (Composition of Offences) Regulations 2018

These Regulations come into operation on 7 September 2018.
Date: 06 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 549; Source: Singapore Statutes Online

Singapore Tourism (Cess Collection) (FORMULA 1® 2018 Singapore Airlines Singapore Grand Prix) Order 2018

This Order comes into operation on 6 September 2018.
Date: 05 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 541; Source: Singapore Statutes Online

Singapore Tourism (Cess Collection) (Amendment) Act 2018 (Commencement) Notification 2018

This is to notify that the Singapore Tourism (Cess Collection) (Amendment) Act 2018 comes into operation on 6 September 2018.
Date: 05 September 2018; Type: Federal Subsidiary Legislation; Citation: No. S 540; Source: Singapore Statutes Online

INDUSTRY UPDATES

House absent at Court during Advocates' Law Judicial Review Session

Jakarta, Oct 18 (ANTARA News) - The House of Representatives (DPR) did not attend the Constitutional Court (MK) session on the judicial review of Article 16 Law No.18/2003 regarding advocates immunity rights.

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INDUSTRY UPDATES

Solon files Bill on Overtaking Cyclists

MANILA, Oct 18 (PNA) - A party-list lawmaker at the House of Representatives is pushing for a measure requiring a minimum distance of 1.5 meters for motorists overtaking cyclists.

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INDUSTRY UPDATES

Hontiveros optimistic PRRD will sign Pet Bills into Law

MANILA, Oct 18 (PNA) - Senator Risa Hontiveros on Thursday said she is confident that President Rodrigo Duterte would sign several bills that she authored and sponsored into law.

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INDUSTRY UPDATES

JBC interviews Two Bets for Supreme Court Justice

MANILA, Oct 18 (PNA) - The Judicial and Bar Council (JBC) on Thursday conducted its public interview for two aspirants for the Supreme Court (SC) Associate Justice vacancy following the retirement of Chief Justice Teresita Leonardo-de Castro.

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INDUSTRY UPDATES

PM tables Mid-Term Review of 11th Malaysia Plan in Dewan Rakyat

KUALA LUMPUR, Oct 18 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad today tabled the Mid-Term Review of the 11th Malaysia Plan (11MP - 2016-2020) in the Dewan Rakyat.

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INDUSTRY UPDATES

SC allows Media Coverage of de Lima Drug Case Trials

MANILA, Oct 17 (PNA) - The Supreme Court (SC) allowed news coverage of Senator Leila de Lima’s trials for alleged drug trading activities before the Muntinlupa City Regional Trial Court (RTC).

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INDUSTRY UPDATES

House supports Placement of Migrant Workers through One Channel

Jakarta, Oct 16 (ANTARA News) - Chairman of the House of Representatives` (DPR`s) Commission IX Dede Yusuf supported the placement of Indonesian migrant workers through the One Channel Placement System (SPSK) agreed upon by Indonesia and Saudi Arabia.

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INDUSTRY UPDATES

Industry 4.0 to put Indonesia among Top 10 Economies

Jakarta, Oct 17 (ANTARA News) - The fourth industrial revolution, also known as industry 4.0, is expected to make Indonesia one of the top 10 economies in the world in 2030, Industry Minister Airlangga Hartarto said.

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INDUSTRY UPDATES

Government encourages SMEs to go Digital

Jakarta, Oct 16 (ANTARA News) - The government encourages national small and medium enterprises or SMEs to take advantage of the digitalization era by using online networks to expand their businesses.

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INDUSTRY UPDATES

WIPO Director General Conferred the Order of Sikatuna

World Intellectual Property Organisation (WIPO) Director General Dr. Francis Gurry has received the highest Presidential honour of diplomatic merit in recognition of his extraordinary efforts to sustain and strengthen WIPO’s relations with the Philippine government, through the Intellectual Property Office of the Philippines (IPOPHL).

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INDUSTRY UPDATES

PH Ambassador Promotes ASEAN Trade, Tourism in Spain

MADRID, Oct 16 (DFA) - To raise awareness about ASEAN and promote ASEAN trade and tourism in Spain, Philippine Ambassador to Spain Philippe J. Lhuillier and the other ASEAN Ambassadors in Madrid paid a courtesy call on the Spanish Minister for Industry, Trade, and Tourism Maria Reyes Maroto Illera.

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INDUSTRY UPDATES

BOC, PCG Ink MOA for Strengthened Joint Anti-Smuggling Operations

The chiefs of the Bureau of Customs (BOC) and the Philippine Coast (PCG), on Monday, October 15 signed a Memorandum of Agreement (MOA) which provides them guidelines in the conduct of anti-smuggling joint operations within the country’s borders.

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INDUSTRY UPDATES

PH Showcases Best Practice on Anti-Poverty

NEW YORK, Oct 12 (DFA) - The Philippines underscored the crucial need to use the Multidimensional Poverty Index (MPI) as an alternative measure of poverty during the High-level side-event on “Using the Multidimensional Poverty Index to guide innovative policies in all its dimensions” held on the sidelines of the 73rd Session of the United Nations (UN) General Assembly High Level Week held at the UN Headquarters in New York on 25 September 2018

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INDUSTRY UPDATES

21 Law Firms vow to create more chances for Young Lawyers

Twenty-one law firms, including Drew & Napier and Tan Rajah & Cheah, have pledged to provide more opportunities for young lawyers to represent their clients in court.

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INDUSTRY UPDATES

Thailand hosts ASEAN Disaster Assessment and Mitigation Training Course

BANGKOK, Oct 16 (NNT) - Thailand is hosting the latest ASEAN training course on regional disaster assessment and mitigation to ensure timely assistance, and enhance the reach and capability of the region’s relief efforts.

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INDUSTRY UPDATES

Del Castillo to head JBC Search for Next CJ

MANILA, Oct 16 (PNA) - Associate Justice Mariano del Castillo will sit at the helm of the Judicial and Bar Council (JBC) in screening aspirants for the vacancy in the Supreme Court (SC) following the retirement of Chief Justice Teresita Leonardo-de Castro, JBC ex-officio member and Justice Secretary Menardo Guevarra said Tuesday.

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INDUSTRY UPDATES

SC reorganizes Three Divisions as Hernando assumes Post

MANILA, Oct 16 (PNA) - The Supreme Court (SC), under Acting Chief Justice Antonio Carpio, has reorganized the membership in its three divisions following the entry of its newest member, Associate Justice Ramon Paul Hernando.

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INDUSTRY UPDATES

Non-infra Programs face Cancellation if Oil Excise Tax suspended

MANILA, Oct 15 (PNA) - Some of the Duterte administration's non-infrastructure expenditures scheduled for 2019 face possible cancellation if the implementation the oil excise tax's second tranch is put on hold due to soaring world crude prices, Finance Secretary Carlos Dominguez III said.

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