Monday, 19 February 2018
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singapore - Tax & Revenue - Notices & Directives

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

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

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

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

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

IRAS e-Tax Guide on Research and Development Tax Measures (Fifth edition)

This e-Tax Guide clarifies the existing definition of Research and Development ("R&D”) and its qualifying criteria. It helps taxpayers self-assess if their R&D activities are qualifying R&D activities for tax purpose.
Date: 01 December 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax Treatment Arising from Adoption of FRS 109 - Financial Instruments

This e-Tax Guide provides guidance on the tax treatment for entities adopting FRS 109. Its relevant to those who are required to comply with the requirements in FRS 109 for recognising, classifying and measuring financial assets, financial liabilities, and some contracts to buy or sell non-financial items.    
Date: 22 November 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Implementation of Revised Rules of Origin and Origin Procedures Under SAFTA

This circular outlines the changes and new requirements in the revised SAFTA (Singapore-Australia Free Trade Agreement) ROO (Revised Rules of Origin) and Origin Procedures, which is scheduled to take effect from 1 Dec 2017. Circular No. 16/2017
Date: 24 November 2017; Type: Circular; Source: Customs Department

GST: Clarification on “Directly in Connection With” and “Directly Benefit” (Third edition)

This e-Tax guide provides guidance on the interpretation and application of the two expressions, "directly in connection with” and "directly benefit” used in certain provisions on the zero-rating of services.
Date: 26 October 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Corporate Tax Filing Season 2017 - Filing the right way from the start

Inland Revenue Authority of Singapore advises all companies to e-File their Corporate Income Tax Returns for Year of Assessment (YA) 2017 by 15 Dec. Companies that fail to file their tax returns for a particular YA for two years or more may face a penalty of double the tax assessed and a fine of up to $1,000. As for companies that submit ...
Date: 23 October 2017; Type: Press Release; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Avoidance of Double Taxation Agreements (DTAs)

This e-Tax Guide provides taxpayers with guidance on the interpretation and application of Singapore’s DTAs and the mutual agreement procedure under Singapore’s DTAs. This Guide is relevant to who have cross-border transactions with or investments in a jurisdiction that has a DTA with Singapore.
Date: 11 October 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Customer Accounting for Prescribed Goods

This guide explains how businesses would apply customer accounting for transactions in mobile phones, memory cards and off-the-shelf software.
Date: 15 September 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Summary of Responses to Public Consultation on Draft Income Tax (Amendment) Bill 2017

56 suggestions accepted and incorporated into the upcoming Income Tax (Amendment) Bill 2017.
Date: 07 September 2017; Type: Circular; Source: Ministry of Finance

GST: Assisted Self-Help Kit (ASK) Annual Review Guide

The GST "Assisted Self-help Kit” (ASK) is a self-assessment package designed to facilitate voluntary compliance of GST-registered businesses.
Date: 05 September 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Common Reporting Standard

This draft e-Tax Guide is intended to assist businesses and those affected by the Common Reporting Standard (“CRS)”, in particular, Singaporean Financial Institutions, in understanding the CRS framework and their CRS compliance obligations.The CRS is the global standard for the automatic exchange of Financial Account information between ...
Date: 25 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Summary of Responses to Public Consultation on Draft Goods and Services Tax (Amendment) Bill 2017

30 suggestions are accepted and incorporated into the upcoming amendment Bill.
Date: 23 August 2017; Type: Press Release; Source: Ministry of Finance

GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (Twelve Edition)

This e-Tax guide explains how the ACMT scheme works, the qualifying conditions for the scheme and responsibilities of approved ACMT persons.
Date: 11 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

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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