singapore - Tax & Revenue

Permit Requirements for the Import Export Transhipment and Bringing-in-Transit of Goods Originating from or Destined for the Democratic People’s Republic of Korea

This is to notify that the import, export, transhipment, and transit of any goods that are for the purposes of trade with any person in the Democratic People’s Republic of Korea is strictly prohibited under the Seventh Schedule of the Regulation of Imports and Exports Regulations. Notice No. 14/2018
Date: 10 August 2018; Type: Circular; Source: Customs Department

Advisory: Customs Permit Required for Removal of Goods from Licensed and Zero-GST Warehouses

This is to notify that removal of goods from the licensed or Zero-GST warehouse without proper Customs permit is an offense which is punishable under the Customs and Goods and Services Tax (GST) Acts. Duty and GST may also be recovered for goods which have been illegally removed from the Licensed and Zero-GST warehouses without a proper customs per ...
Date: 08 August 2018; Type: Circular; Source: Customs Department

IRAS e-Tax Guide on Country-by-Country Reporting (Third Edition)

This e-Tax guide provides taxpayers with guidance on the purpose and procedures to be followed while submitting the Country-by-Country (CbC) Reports. Where a Singapore MNE group is required to file a CbC Report with the Comptroller for a financial year, it must be done through an electronic submission within 12 months from the end of that financial ...
Date: 07 August 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Stamp Duties (Amendment) Bill

This Bill seeks to amend Chapter 312 of the Stamp Duties Act, principally to apply the Act to an electronic record that wholly or partly effects a transaction, or evidences a matter, that is the same as a transaction or matter effected or evidenced by an instrument chargeable with duty.
Date: 06 August 2018; Type: Federal Bill; Citation: Bill No. 30/2018; Source: Singapore Statutes Online

Accomplice of GST Fraud Mastermind put in Jail

Sng Kay Heng (“Sng”), 46, the sole proprietor of general wholesale trade firm, Strikey Trading, was found guilty and convicted of making false entries in the GST returns of his business entity which resulted in GST refunds totalling $30,806.61.
Date: 02 August 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

Tax Agreements with Latvia and Nigeria to enter into Force

The second Protocol amending the Agreement for the Avoidance of Double Taxation (the Protocol) between Singapore and the Republic of Latvia, signed on 20 April 2017, entered into force on 3 August 2018.
Date: 03 August 2018; Type: Legal News; Source: Inland Revenue Authority of Singapore

Income Tax (Singapore - Nigeria) (Avoidance of Double Taxation Agreement) Order 2018

The Government of the Republic of Singapore and the Government of the Federal Republic of Nigeria has reached an agreement to avoid double taxation. It is applicable on income tax and on capital gains imposed on behalf of a Contracting State or of its political subdivisions or local authorities, irrespective of the manner in which they are levied.
Date: 03 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 487; Source: Singapore Statutes Online

Income Tax (Singapore - Latvia) (Avoidance of Double Taxation Agreement) Order 2018

The Government of the Republic of Singapore and the Government of the Republic of Latvia has reached an agreement to avoid double taxation and prevent fiscal evasion with respect to income tax.
Date: 03 August 2018; Type: Federal Subsidiary Legislation; Citation: No. S 486; Source: Singapore Statutes Online

Amendments to Dutiable Diesel Description

This is to notify the amendment to the description of the type of dutiable diesel under the HS codes for “Automotive Diesel Fuel” and “Other Diesel Fuels” from 24 July 2018. Circular No. 06/2018
Date: 23 July 2018; Type: Circular; Source: Customs Department

Customs (Duties) (Amendment No. 3) Order 2018

This Order comes into operation on 24 July 2018.
Date: 23 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 471; Source: Singapore Statutes Online

IRAS e-Tax Guide on GST: For Retailers participating in Tourist Refund Scheme (Eighth edition)

This e-Tax guide provides details on the features and refund mechanism of the Electronic Tourist Refund Scheme ("eTRS”). This includes the conditions that retailers participating in the eTRS must comply with.
Date: 17 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 4) Notification 2018

This Notification is deemed to have come into operation on 26 January 2017.
Date: 17 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 467; Source: Singapore Statutes Online

IRAS e-Tax Guide on GST: The Electronic Tourist Refund Scheme (Thirteenth edition)

This Guide seeks to cover the description of the process and data flow under the eTRS, conditions and fees applicable for participation in the eTRS, application procedures under the eTRS and overview of the system requirements under the eTRS.
Date: 17 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Frequently Asked Questions on Electronic Tourist Refund Scheme

These Frequently Asked Questions by the Inland Revenue Authority of Singapore is aimed at providing a better understanding of the Electronic Tourist Refund Scheme (eTRS).
Date: 17 July 2018; Type: Practice Note; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on GST Guide for Visitors on Tourist Refund Scheme (Seventh Edition)

Tourists visiting Singapore who purchase goods from retailers operating the Electronic Tourist Refund Scheme (eTRS) have to pay GST on their purchases but can claim for a refund of the GST paid if they are brought out of Singapore. Since TRS is a voluntary scheme for retailers in Singapore, the GST refund can be claimed only on the purchases made a ...
Date: 17 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on GST: Approved Contract Manufacturer and Trader (ACMT) Scheme

This e-Tax Guide explains the benefits, qualifying criteria and obligations of the Approved Contract Manufacturer and Trader (ACMT) Scheme.
Date: 16 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Income Tax Treatment of Real Estate Investment Trust Exchange-Traded Funds (Second Edition)

This e-Tax guide explains the income tax treatment of a Real Estate Investment Trust Exchange-Traded Fund ("REIT ETF”) which has been accorded the tax transparency treatment.
Date: 09 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

MAS to raise Additional Buyer's Stamp Duty Rates and tighten Loan-to-Value Limits

Singapore, July 5 - The Government announced today adjustments to the Additional Buyer’s Stamp Duty (ABSD) rates and Loan-to-Value (LTV) limits on residential property purchases, to cool the property market and keep price increases in line with economic fundamentals.
Date: 05 July 2018; Type: Legal News; Source: Monetary Authority of Singapore

Stamp Duties Act (Amendment of First Schedule) (No. 2) Notification 2018

This is to notify the correction of an error in the Stamp Duties Act (Amendment of First Schedule) (No. 2) Notification 2018, for the formula in paragraph 2(j).
Date: 06 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 460; Source: Singapore Statutes Online

Stamp Duties (Housing Developers) (Remission of ABSD) (Amendment) Rules 2018

 These Rules come into operation on 6 July 2018.
Date: 05 July 2018; Type: Federal Subsidiary Legislation; Citation: No. S 455; Source: Singapore Statutes Online

INDUSTRY UPDATES

CJ Bets face JBC Grilling Over Income, Properties in SALN

MANILA, Aug 16 (PNA) - The contents of the Statements of Assets, Liabilities and Net Worth were among the issues raised by members of the Judicial Council (JBC) in Thursday's public interview for aspirants vying for the Chief Justice post.

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INDUSTRY UPDATES

Reyes, Tejano-Ang Wrap up JBC Interview for CJ Post

MANILA, Aug 16 (PNA) - Supreme Court Associate Justice Andres Reyes Jr., and Judge Virginia Tejano-Ang of the Regional Trial Court Branch 1 in Tagum City, Davao del Norte were the last two aspirants for Chief Justice who went under questioning by the Judicial and Bar Council (JBC) on Thursday.

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INDUSTRY UPDATES

De Castro to revive Key Reform Projects once picked as CJ

MANILA, Aug 16 (PNA) - Despite her imminent retirement from the judiciary in less than two months, Associate Justice Teresita Leonardo-De Castro on Thursday said she will be able to introduce reforms in the Supreme Court (SC) once named Chief Justice.

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INDUSTRY UPDATES

Bersamin: No Pressure Felt from Gov't in Rulings on Cases

MANILA, Aug 16 (PNA) - Associate Justice Lucas Bersamin on Thursday said he has never felt any pressure from other government branches in rendering decisions on various cases.

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INDUSTRY UPDATES

Court of Appeal Judge reprimanded by His Superior over Dissenting Judgment

KUALA LUMPUR, Aug 16 (Bernama) – A Court of Appeal Judge has today disclosed that he had been reprimanded by a top judge for writing a dissenting judgment in unilateral conversion of M.Indira Gandhi case two years ago.

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INDUSTRY UPDATES

Judicial Activism has Led to Renaissance in Administrative Law, says Academician

KUALA LUMPUR, Aug 15 (Bernama) – There is more judicial activism now which has led to a renaissance in administrative law, according to an academician.

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INDUSTRY UPDATES

Cabinet acknowledges Progress in Thailand-Myanmar Cooperation in fighting Drug Trade

BANGKOK, Aug 15 (NNT) - The Cabinet has acknowledged progress made in Thailand’s cooperation with Myanmar in tackling drug problems in the border area.

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INDUSTRY UPDATES

NLA whip to decide on proposed Amendment of EC Act - VP Surachai

BANGKOK, Aug 15 (NNT) - The National Legislative Assembly whip will be the person responsible for the ultimate decision to proceed with a proposed amendment of the Election Commission Act, says the legislature’s Vice President Surachai Liengboonlertchai.

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INDUSTRY UPDATES

CA confirms Poll Exec, Foreign Service, Military Officers' Appointment

MANILA, Aug 15 (PNA) - Commission on Elections (Comelec) Commissioner Marlon Casquejo and several foreign service and military officers hurdled the Commission on Appointments (CA) on Wednesday.

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INDUSTRY UPDATES

House installs Yap, Pichay as New Deputy Speakers

MANILA, Aug 15 (PNA) - The House of Representatives on Wednesday elected two new deputy speakers following the ascension of Pampanga Rep. Gloria Macapagal-Arroyo to the speakership.

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INDUSTRY UPDATES

Five CJ bets to face JBC Interview Thursday

MANILA, Aug 15 (PNA) - The five candidates for the post of Chief Justice of the Supreme Court (SC) will walk into the line of fire with their Judicial and Bar Council (JBC) interview set on Thursday.

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INDUSTRY UPDATES

IRD to build ICT System enabling Tax Payments

Taxpayers may soon be able to pay their dues to the government via mobile banking, said U Min Htut, director general of the Internal Revenue Department (IRD).

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INDUSTRY UPDATES

Law Enforcement remains weak: Deputy Minister

Laos has enacted over 100 laws since national liberation in 1975, but law enforcement remains weak, a senior official has admitted.

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INDUSTRY UPDATES

Exercise of Freedom must be in accordance to Federal Constitution - Eddin Syazlee

JOHOR BAHRU, Aug 14 (Bernama) - The exercise of individual’s right to freedom, be it freedom of religion or speech, must be done in accordance to the provisions in the Federal Constitution, says Deputy Communications and Multimedia Minister Eddin Syazlee Shith.

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INDUSTRY UPDATES

International Malaysia Law Conference 2018

The 4-day International Malaysia Law Conference (“IMLC”) 2018, the flagship biennial event of the Malaysian Bar themed “Raising the Bar: Innovate. Integrate. Emulate.” is underway.

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INDUSTRY UPDATES

IMLC 2018: Change of Government an impetus for strengthening the Rule of Law, says Sultan Nazrin Shah

KUALA LUMPUR, Aug 14 (Bernama) - The recent change of government in Malaysia has given a fresh impetus to strengthen the rule of law in the country, the Sultan of Perak, Sultan Nazrin Shah said today.

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INDUSTRY UPDATES

1Mine urges Government to postpone SST

KUALA LUMPUR, Aug 14 (Bernama) - The government has been urged to postpone implementation of the Sales and Services Tax (SST) come Sept 1 until a directive on the newly passed tax law is clearly outlined.

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INDUSTRY UPDATES

Seizure of Equanimity made according to Legal Procedures - Liew Vui Keong

KUALA LUMPUR, Aug 14 (Bernama) - Minister in the Prime Minister’s Department Datuk Liew Vui Keong told the Dewan Rakat today that the seizure of the superyatch Equanimity was made according to Malaysian procedures and laws.

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