singapore - Tax & Revenue - Notices & Directives

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

Decommissioning of Tradexchange

This is to notify the decommissioning of the TradeXchange with effect from 28 October 2018. All services provided by the TradeXchange have been fully shifted and made available on the National Trade Platform since May 2018. Notice No: 16/2018
Date: 27 August 2018; Type: Circular; Source: Customs Department

S45 Withholding Tax Offline Data Entry Application and Templates

Date: 31 August 2018; Type: Guideline; Source: Inland Revenue Authority of Singapore

CorpPass will be the only Mode of Login for Companies to Transact with Singapore Customs

This is to notify that from 1 September 2018, the Singapore Corporate Access (CorpPass) will be the only mode of login for Singapore Customs e-Services. Notice No. 15/2018
Date: 24 August 2018; Type: Circular; Source: Customs Department

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

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

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

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

IRAS e-Tax Guide on Intellectual Property Rights Valuation Report for Purposes of Section 19B of the Income Tax Act

This e-Tax Guide provides guidance on when an independent valuation report on qualifying Intellectual Property Rights (IPRs) is to be submitted for the purposes of Section 19B of the Income Tax Act. This is relevant to a company that has incurred capital expenditure in acquiring any qualifying IPR for use in its trade or business&nbs ...
Date: 27 June 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Public Consultation on Draft Income Tax (Amendment) Bill 2018

This consultation paper by the Ministry of Finance is to invite the public to give their feedback on the draft Income Tax (Amendment) Bill 2018 from 20 June to 11 July 2018 in order to consider incorporating the same into the Bill. 
Date: 28 June 2018; Type: Consultation Paper; Source: Ministry of Finance

INDUSTRY UPDATES

Duterte will ‘definitely’ Order Oil Excise Tax Suspension

MANILA, Oct 15 (PNA) - Malacañang on Monday confirmed that President Rodrigo R. Duterte will soon order the temporary suspension of the second tranche of excise tax on fuel, but has yet to decide whether it will heed a senator's suggestion to suspend it "now or sooner."

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Indonesia's proposal on Tuna Labeling approved by Asean Ministers

Jakarta, Oct 15 (ANTARA News) - Indonesia`s proposal on the ASEAN Tuna Eco-Labeling (ATEL) policy has been approved and endorsed at the ASEAN Ministers of Agriculture and Forestry (AMAF) meeting in Hanoi, Vietnam.

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INDUSTRY UPDATES

IMF-WB - Indonesia to use OECD Recommendations to set up Policies

Nusa Dua, Bali, Oct 14 (ANTARA News) - Indonesia will use a recommendation on tourism development from the OECD (Organization for Economic Cooperation Development) as one of the references in setting up policies.

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INDUSTRY UPDATES

Deterrent Punishment must be imposed if Death Sentence to be abolished - AADK

BANGI, Oct 15 (Bernama) - The National Anti-Drug Agency (AADK) urged the government to decide on appropriate punishment for drug offences, if the mandatory death sentence to be abolished, says its director-general Datuk Seri Zulkifli Abdullah.

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INDUSTRY UPDATES

Parliament building declared Smoke-Free Zone

PUTRAJAYA Oct 15 - Smoking-designated corners inside the Parliament building have been declared as smoke-free zones, effective today, said Health Minister Datuk Seri Dr Dzulkefly Ahmad.

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INDUSTRY UPDATES

Launch of Professional Mobility Framework, Social and Sustainability Bond Standards

The ASEAN Capital Markets Forum (ACMF) met in Singapore and launched two key initiatives to drive a more connected and sustainable ASEAN capital market. These initiatives complement the measures introduced by the ACMF on collective investment schemes, corporate governance, disclosure standards and capacity building.

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INDUSTRY UPDATES

IPOS Assistant Chief Executive speaks at INTA Asia-Pacific Conference

Assistant Chief Executive Mr Ng Kok Wan spoke at the International Trademark Association (INTA) Asia-Pacific Conference 2018, which took place on 11 Oct in Sydney, Australia.

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INDUSTRY UPDATES

Total Abolition of the Death Penalty - The Right Time to Do the Right Thing, says Bar

The Malaysian Bar has wholeheartedly welcomed the decision of the Malaysian Cabinet to totally abolish the death penalty in Malaysia. "We commend the Minister in the Prime Minister’s Department (Law), Datuk Liew Vui Keong, for making the announcement on 10 October 2018, which coincided with the 16th World Day Against the Death Penalty. We look forward to seeing the legislation being tabled and passed by both houses of Parliament in the Parliamentary session that begins on 15 October", said the President of the Malaysian Bar, Mr. George Varughese.

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INDUSTRY UPDATES

Singapore and Indonesia sign Bilateral Investment Treaty to promote Stronger Economic Ties

Singapore and Indonesia signed an Agreement on the Promotion and Protection of Investments, also known as the Bilateral Investment Treaty (BIT), at the Singapore-Indonesia Leaders’ Retreat in Bali, Indonesia, today. Minister for Trade and Industry Chan Chun Sing, who is attending the Leaders’ Retreat as part of the Singapore delegation, signed the agreement with Indonesian Minister for Foreign Affairs Retno Marsudi. The signing was witnessed by Prime Minister Lee Hsien Loong and Indonesian President Joko Widodo.

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INDUSTRY UPDATES

New EODB Law to impact 2020 doing Business Survey

Department of Trade and Industry (DTI) Undersecretary Rowel S. Barba said on 10 October that the new Ease of Doing Business (EODB) Act can significantly affect the country’s rankings in the upcoming 2020 Doing Business (DB) Survey if government agencies strictly implement the law.

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INDUSTRY UPDATES

SC advocates Sustainable Investing at InvestSmart Fest 2018

InvestSmart® Fest 2018, an investor education initiative by the Securities Commission Malaysia (SC), was officiated by Yang Berhormat Syed Saddiq Syed Abdul Rahman, Minister of Youth and Sports Malaysia at the Kuala Lumpur Convention Centre today.

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INDUSTRY UPDATES

Singapore needs to regain Edge in Legal Tech, says Chief Justice

Chief Justice Sundaresh Menon has urged the Singapore Academy of Law to strive to get the legal profession to step up in the area of legal technology, and help the country regain its status as the world leader.

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INDUSTRY UPDATES

EC clarifies New Election Law to Press Members

BANGKOK, Oct 12 (NNT) - The Election Commission (EC) has clarified the new election law to press members.

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INDUSTRY UPDATES

NLA approves Committee to vet Election Commission Candidates

BANGKOK, Oct 12 (NNT) - The National Legislative Assembly (NLA) has approved the establishment of a committee to vet the two Election Commission candidates.

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INDUSTRY UPDATES

369,148 Ordinance Violators apprehended in Metro Manila: NCRPO

MANILA, Oct 12 (PNA) - Close to 370,000 persons in Metro Manila were apprehended for violation of local ordinances since June this year.

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INDUSTRY UPDATES

Indonesia, Japan sign MoC on Law and Human Right

Jakarta, Oct 14 (ANTARA News) - The governments of Indonesia and Japan have signed a Memorandum of Cooperation in Law and Human Right, the Indonesian embassy in Tokyo said in a statement received here on Saturday.

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INDUSTRY UPDATES

Indonesia, Thailand Ombudsmen sign Memorandum of Understanding

Jakarta, Oct 13 (ANTARA News) - The Chairman of Ombudsman Commission of the Republic of Indonesia, Prof. Amzulian Rifai, and the Chairman of the Royal Thai Ombudsman signed a Memorandum of Understanding (MoU) on cooperation between the Indonesian Ombudsman and the Royal Thai Ombudsman in Bangkok, Thailand, on Oct 10.

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INDUSTRY UPDATES

ASEAN Secretariat seeks to improve Engagement with Private Sector

Jakarta, Oct 12 (ANTARA News) - The ASEAN Secretariat held the First ASEAN Economic Community Dialogue recently to seek a more proactive two-way communication with the private sector on matters related to the ASEAN Economic Community.

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