singapore - Tax & Revenue

Public Consultation on Proposed Revisions to XBRL Filing Requirements and Data Elements

This is to notify that the Accounting and Corporate Regulatory Authority (ACRA) invites comments and feedback on the proposed revisions to XBRL (eXtensible Business Reporting Language) filing requirements and data elements. ACRA plans to implement the proposed revisions in early 2020.
Date: 30 November 2018; Type: Consultation Paper; Source: Accounting and Corporate Regulatory Authority

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment No. 2) Notification 2018

This Notification comes into operation on 10 December 2018.
Date: 10 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 797; Source: Singapore Statutes Online

Income Tax (Exemption of Interest and Other Payments for Economic and Technological Development) (Amendment) Notification 2018

This Notification comes into operation on 10 December 2018.
Date: 10 December 2018; Type: Federal Subsidiary Legislation; Citation: No. S 796; Source: Singapore Statutes Online

GST: Exhibition Convention and Ancillary Services

This e-Tax Guide explains the GST treatment on common taxable supplies made by GST-registered persons in the Meetings, Incentive Travel, Conventions, and Exhibitions (MICE) industry.
Date: 03 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Computer Hardware Company and its Director convicted for Tax Offences

Corbell Technology Pte Ltd (“Corbell”), a computer hardware company and its director have been convicted for tax offences.
Date: 23 November 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

Bill passed to tax Overseas Services like Netflix from 2020

Will the upcoming "Netflix tax" disadvantage lower-income groups and widen the digital divide by pricing them out of digital experiences, such as online learning and entertainment? The question was one of many raised during the debate of the Goods and Services Tax (Amendment) Bill passed in Parliament yesterday.
Date: 20 November 2018; Type: Legal News; Source: Singapore Law Watch

Singapore and the United States of America signed Agreements for Exchange of Information

Singapore signed a Tax Information Exchange Agreement (TIEA) and a reciprocal Foreign Account Tax Compliance Act Model 1 Intergovernmental Agreement (reciprocal FATCA IGA) with the United States of America on 13 November 2018.
Date: 16 November 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Tax Treatment Arising from Adoption of FRS 115 or SFRS(I) 15 - Revenue from Contracts with Customers (Second Edition)

This e-Tax guide provides guidance on the tax treatment for entities adopting Financial Reporting Standard (“FRS”) 115 or Singapore Financial Reporting Standards (International) (“SFRS(I) 15”).
Date: 16 November 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Overview of Form C-S/ C

All companies carrying on a trade or business in Singapore need to report their income to IRAS annually by filing their Income Tax Return (Form C-S/ C).
Date: 12 November 2018; Type: Practice Note; Source: Inland Revenue Authority of Singapore

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 5) Notification 2018

This Notification is deemed to have come into operation on 26 July 2018.
Date: 13 November 2018; Type: Federal Subsidiary Legislation; Citation: No. S 748; Source: Singapore Statutes Online

Income Tax (Amendment) Act 2018

This Act seeks to amend the Income Tax Act.
Date: 12 November 2018; Type: Federal Amendment Act; Citation: No. 41; Source: Singapore Statutes Online

Corporate Tax Filing Season 2018

All companies with or without any business activities or those incurring losses should file their Corporate Income Tax Returns by 30 Nov 2018, or 15 Dec 2018 if they file online. Compulsory e-Filing of Corporate Income Tax returns starts this year for companies with revenue of more than $10 million in Year of Assessment 2017.
Date: 07 November 2018; Type: Circular; Source: Inland Revenue Authority of Singapore

GST: Guide on Exports (Fifth Edition)

This e-Tax Guide provides details on the various circumstances and documentary requirements for which a supply of goods can be zero-rated. It aims to provide general guidance to assist GST-registered businesses to comply with the zero-rating provisions on exports of goods.
Date: 01 November 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: GST and the Gold Jewellery Industry

This e-Tax guide explains the GST principles applicable to the gold jewellery industry and to illustrate with examples how GST should be accounted for some of the common scenarios applicable to the gold jewellery industry.
Date: 01 November 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide on Hand-Carried Exports Scheme (Second Edition)

This guide sets out the types of documentary evidence required for goods hand-carried out of Singapore via Changi International Airport, to be zero-rated for GST purposes.
Date: 01 November 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) (Amendment No. 2) Order 2018

This Order comes into operation on 31 October 2018.
Date: 31 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 735; Source: Singapore Statutes Online

Income Tax (Exemption of Foreign Income) (No. 6) Order 2018

This is to notify that dividends received by Singapore Aerospace Manufacturing Pte Ltd, Accuron Industrial Technologies Limited and SAM Engineering & Equipment (M) Berhad are exempted from tax for a period starting from 1 April 2014 to 31 March 2015. The exemption is subject to the compliance of the specified terms and conditions.
Date: 29 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 715; Source: Singapore Statutes Online

Income Tax (Exemption from Section 19B(10A)) Order 2018

This Order is deemed to have come into operation on 1 October 2018.
Date: 26 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 707; Source: Singapore Statutes Online

Income Tax (International Tax Compliance Agreements) (Multilateral Competent Authority Agreement on the Exchange of Country-By-Country Reports) (Amendment) Order 2018

This Order comes into operation on 26 October 2018.
Date: 26 October 2018; Type: Federal Subsidiary Legislation; Citation: No. S 711; Source: Singapore Statutes Online

2019 Property Tax Bills

This is to notify the property owners that they will receive their Property Tax bill for the year 2019 by 31 Dec 2018.
Date: 22 October 2018; Type: Guideline; Source: Inland Revenue Authority of Singapore

INDUSTRY UPDATES

House Panel to probe 'Budget Anomalies' in January

MANILA, Dec 13 (PNA) - The House of Representatives rules committee will start its investigation on the alleged “budget anomalies and questionable allocations” by the Department of Budget and Management (DBM) on January 3, Majority Leader Rolando Andaya Jr. announced on Thursday.

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INDUSTRY UPDATES

ASEAN launches Safe Migration Campaign

Jakarta, Dec 12 (ANTARA News) - The Association of Southeast Asian Nations (ASEAN) has launched a safe migration campaign to increase public awareness of the advantages of employing migrant workers.

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INDUSTRY UPDATES

Nation celebrates Universal Declaration of Human Rights

Government agencies and diplomatic and international organisation representatives gathered in Vientiane to mark the 70th anniversary of the Universal Declaration of Human Rights and its lasting impact, which was supported by the United Nations, European Union and Australia.

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INDUSTRY UPDATES

SC welcomes Malaysia's Improved Ranking in Corporate Governance

KUALA LUMPUR, Dec 13 (Bernama) - The Securities Commission Malaysia (SC) is encouraged by the recognition of Malaysia's initiatives to improve corporate governance, which was a result of the collective effort by various stakeholders.

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INDUSTRY UPDATES

MyCC to identify Anti-Competitive Elements in Eggs Market

KUALA LUMPUR, Dec 13 (Bernama) - The Malaysia Competition Commission (MyCC) is working closely with the Ministry of Domestic Trade and Consumer Affairs (MDTCA) to identify any anti-competitive elements that may occur in the domestic market for chicken eggs.

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INDUSTRY UPDATES

MITI, MIDA, Intel hold IoT Forum to review Progress

KUALA LUMPUR, Dec 12 (Bernama) - The Ministry of International Trade and Industry (MITI), Malaysian Investment Development Authority (MIDA) and Intel Malaysia conducted the Internet of Things (IoT) Malaysia Forum 2018 yesterday to review IoT’s progress since its introduction five years ago.

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INDUSTRY UPDATES

Unions request Government to set Workers’ Minimum Wage

Unions have asked the government to set the minimum wage for the construction and service sectors and to solve the five other major problems facing them, a statement released on International Human Rights Day on Monday said.

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INDUSTRY UPDATES

Dewan Rakyat adjourns, Reform Agenda implemented - Speaker

KUALA LUMPUR, Dec 11 (Bernama) - The reform agenda of the Parliament was implemented at the second meeting of the first term of the 14th Parliament which came to a close today after sitting for 30 days since Oct 15.

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INDUSTRY UPDATES

Court proposes Mediation in Theresa Kok's Suit against Jamal

KUALA LUMPUR, Dec 11 (Bernama) - The High Court today proposed that Primary Industries Minister Teresa Kok who filed a libel suit against Datuk Seri Jamal Md Yunos over alleged misuse of Yayasan Warisan Anak Selangor (Yawas) funds, resolve the case via mediation.

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INDUSTRY UPDATES

Vietnam, Laos boost Judicial Cooperation

Hanoi, Dec 10 (VNA) - Vietnamese Minister of Justice Le Thanh Long and his Lao counterpart Xaysi Santivong agreed to work closely together to launch a bilateral cooperation programme for 2019, during their talks in Hanoi on December 10.

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INDUSTRY UPDATES

Nation marks Constitution Day

BANGKOK, 10th December 2018 (NNT) - Today marks National Constitution Day, observing the importance of the administrative document and celebrating its 20 incarnations throughout the democratic history of Thailand.

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INDUSTRY UPDATES

Court has Final Say on Trillanes' Travel Abroad: DOJ

MANILA, Dec 10 (PNA) - Justice Secretary Menardo Guevarra on Monday said the Bureau of Immigration (BI) will not prevent Senator Antonio Trillanes IV from traveling abroad if no travel ban is handed down by the courts against him.

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INDUSTRY UPDATES

Government concerned about Readiness of SMEs to adopt Industry 4.0

KUALA LUMPUR, Dec 10 (Bernama) - The Government is concerned about the readiness of local industries, particularly Small and Medium Enterprises (SMEs), to adopt Industry 4.0.

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INDUSTRY UPDATES

Memorandum of Understanding between Bank Negara Malaysia and Dubai Financial Services Authority

On 28 November 2018, Bank Negara Malaysia (BNM) and Dubai Financial Services Authority (DFSA) had signed a Memorandum of Understanding (MoU) on supervisory cooperation for effective supervision of banking and insurance/ takaful/ reinsurance institutions operating in both countries.

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INDUSTRY UPDATES

DFA holds first ever Gender and Development Assembly

MAKATI, Dec 6- As part of the Department of Foreign Affairs’ (DFA) programs to continually mainstreaming gender and development (GAD) policies in its programs and activities, it hosted the agency’s first ever Gender and Development (GAD) Assembly at the Makati Diamond Residences on 06 to 08 November 2018.

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INDUSTRY UPDATES

Vietnam, Cambodia PMs attend Business Forum

Vietnam and Cambodia could make their two-way trade value at US$7-8 billion by 2020 as they have established sound cooperation across sectors and their governments have regularly taken measures to remove difficulties for businesses, Prime Minister Nguyen Xuan Phuc said.

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INDUSTRY UPDATES

Cambodia, Laos set to boost Bilateral Trade

Cambodia and Laos have pledged to boost trade and investment across their border, while trade volume between the two countries last year was just over $27 million, according to the Cambodian Ministry of Commerce.

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INDUSTRY UPDATES

Revenue Department says it does not collect Higher Tax from Online Merchants

BANGKOK, Dec 8 (NNT) - The Revenue Department has insisted that the Revenue Code Amendment Act draft is not intended to make online merchants pay more tax but to analyze the behavior of taxpayers.

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