singapore - Tax & Revenue - Notices & Directives

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

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

This guide is to assist GST-registered business who are undertaking the Assisted Self-help Kit (ASK) review on a voluntary basis or as a requirement for specific purposes e.g. in the course of audit or application for or renewal of GST schemes.
Date: 03 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

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

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

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

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

Corporate Tax Filing Season 2018

This is to provide information on corporate income tax filing in order to better understand the companies' tax filing obligations. The due date for submitting the Corporate Income Tax Return (Form C-S/ C) for Year of Assessment 2018 is 15th Dec 2018 for the e-Filing and 30th Nov 2018 for the Paper Filing.
Date: 22 October 2018; Type: Circular; Source: Inland Revenue Authority of Singapore

Launch of Digital Service for Hand Carried Exports Scheme

This is to notify that the digital service for the Hand Carried Exports Scheme is available on the Networked Trade Platform from 19 October 2018. Notice No. 20/2018
Date: 19 October 2018; Type: Circular; Source: Customs Department

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

Summary of Responses to Public Consultation on Income Tax Implications Arising from the Adoption of FRS 116 - Leases

This is to notify that the Inland Revenue Authority of Singapore (IRAS) had conducted a public consultation from 8 to 29 August 2017 seeking feedback on the income tax implications arising from adopting the Financial Report Standard 116 (FRS 116). The IRAS responds to the key comments received from 9 respondents.
Date: 08 October 2018; Type: Feedback; 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

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

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

INDUSTRY UPDATES

Appeal Court hears Case of Couple sentenced to 10 Years Imprisonment

The Appeal Court heard on Monday, the case of a couple sentenced to 10 years imprisonment for the murder of a woman in June 2016.

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INDUSTRY UPDATES

Union leaders Set to Appeal

All six union leaders convicted for their roles in the 2013 Veng Sreng Boulevard protests plan to bring their case to the Appeal Court, spurred on by Prime Minister Hun Sen’s assertion that three of the six men were not involved in the violent protests.

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INDUSTRY UPDATES

DSI holds Cyber Crime Seminar, proposes Cyber Security Bill

BANGKOK, Dec 18 (NNT) - Thailand's Department of Special Investigation (DSI) has organized a seminar on cyber security, while proposing a national cyber security bill.

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INDUSTRY UPDATES

Min of Labor's five NY Gifts

BANGKOK, Dec 17 (NNT) - The Ministry of Labor has introduced five measures in support of employers and employees alike, calling them New Year’s gifts to the people.

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INDUSTRY UPDATES

SC to decide on Bangsamoro Law's Constitutionality

MANILA, Dec 18 (PNA) - Malacañang said Tuesday it will let the Supreme Court (SC) decide on the constitutionality of the Bangsamoro Organic Law (BOL) after a group of framers of the 1987 Constitution asked the high court to declare it unconstitutional and void.

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Organizations appeal against Withdrawal of Trade Favour by the EU

In a joint statement released yesterday, businesses and trade unions appealed against the withdrawal of the European Union’s Generalised Scheme of Preferences (GSP) currently enjoyed by Myanmar.

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INDUSTRY UPDATES

Laos, Luxembourg review Rule of Law and Legal Education Programmes

Government officials met with representatives of the Luxembourg government in Vientiane yesterday to review the progress of the LAO-031-Legal Teaching and Training and Promotion of the Rule of Law Concept project and make plans for the year ahead.

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INDUSTRY UPDATES

Najib's Legal Team' fail to get Letter of Appointment of Lead Prosecutor

KUALA LUMPUR, Dec 18 (Bernama) - The defence team in former prime minister Datuk Seri Najib Tun Razak’s SRC International Sdn Bhd case has failed to get the letter of authorisation (fiat) on the appointment of lead prosecutor Datuk Sulaiman Abdullah after the High Court here today ruled that there was no legal requirement for the prosecution to do so.

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INDUSTRY UPDATES

SMEs are ‘Engine of Economy’

The Ministry of Commerce declared on Saturday that it will solve market issues hindering the development of Cambodia’s Small- and Medium-sized Enterprises (SME). But the announcement was met with scepticism by business owners in the Kingdom.

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Land Bank, TFBL ink Deal on Loan Program for Rebel Surrenderers

MANILA, Dec 17 (PNA) - In line with the ongoing efforts to reintegrate former rebels (FRs) and their families to mainstream society, Task Force Balik-Loob (TFBL) and Land Bank of the Philippines (LBP) signed a Memorandum of Agreement (MOA) last Dec. 13 for the facilitation of loans to the former as part of the government's Enhanced Comprehensive Local Integration Program (E-CLIP).

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INDUSTRY UPDATES

Prosecution to apply to Transfer Case of Businessman who offered Bribe to Tengku Adnan to High Court

KUALA LUMPUR, Dec 17 (Bernama) - The prosecution in the case of a businessman charged with giving bribe of RM1 million to former Federal Territories Minister Datuk Seri Tengku Adnan Tengku Mansor will file an application to transfer the case, which is at the Sessions Court, to the High Court here.

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INDUSTRY UPDATES

Seminar talks Human Rights Promotion

Hanoi, Dec 14 (VNA) - The Universal Declaration of Human Rights, a milestone document in the history of human rights adopted by the United Nations General Assembly in 1948, remains relevant today, heard a seminar in Hanoi on December 14.

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INDUSTRY UPDATES

International Judicial Cooperation in Criminal Asset Recovery discussed

Hanoi, Dec 13 (VNA) - International judicial cooperation in criminal asset recovery was the main topic of a workshop held in Hanoi on December 13.

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INDUSTRY UPDATES

Supreme Courts of Vietnam, Laos, Cambodia bolster Cooperation

The supreme courts of Vietnam, Laos and Cambodia have agreed to strengthen bonds in the combat against criminals and the settlement of trans-border civil cases.

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INDUSTRY UPDATES

Indonesia, Vietnam commemorate 63 Year of Bilateral Relations

Jakarta, Dec 16 (ANTARA News) - Indonesia and Vietnam are commemorating 63 years of bilateral relations through fashion diplomacy at the 2018 International Fashion Fair in Vietnam, as stated in a statement from the Indonesian Embassy in Hanoi received by ANTARA here Sunday.

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INDUSTRY UPDATES

Complaint against New Chief Justice to be reviewed

The Yangon regional parliament will review a complaint against new Yangon Chief Justice U Hla Aye, whose nomination was confirmed on Wednesday, a regional lawmaker said.

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INDUSTRY UPDATES

Police Officer in Court to answer Charges on Unnatural Sex

KANGAR, Dec 13 (Bernama) - A senior police officer with the rank of Superintendent today was charged in the Sessions Court here for two counts of molestation and two charges of unnatural sex against two women, last year.

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INDUSTRY UPDATES

Pushing SMEs, enhancing Bank's Role, Main Goal of New SME Bank CEO

KUALA LUMPUR, Dec 16 (Bernama) - Pushing small and medium enterprises (SMEs) to strive further and to enhance SME Bank Malaysia Bhd ’s role in providing financial assistance to targeted SMEs is the main goal of its newly-appointed Chief Executive Officer Aria Putera Ismail.

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