singapore - Tax & Revenue - Notices & Directives

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

Public Consultation on Draft Goods and Services Tax (Amendment) Bill 2018

This Consultation Paper by the Ministry of Finance is to invite the public to comment on the proposed policy changes in the draft GST (Amendment) Bill 2018 in order to improve the clarity of the legislative amendments. The Public Consultation is held from 28 June to 18 July 2018.
Date: 28 June 2018; Type: Consultation Paper; Source: Ministry of Finance

IRAS e-Tax Guide on Avoidance of Double Taxation Agreements

This e-Tax Guide provides taxpayers with guidance on the interpretation and application of Singapore’s Double Taxation Agreements (DTAs) and the Mutual Agreement Procedure under Singapore’s DTAs.
Date: 08 June 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Income Tax: Tax Deduction for Shares Used to fulfill Obligations under an Employee Equity-Based Remuneration Scheme

This is a consolidated e-tax guide on the tax deduction for treasury shares used to fulfill obligations under an Employee Equity-Based Remuneration (EEBR) scheme. Furthermore, it sets out the expanded scope of tax deduction where a Special Purpose Vehicle administers the EEBR scheme.
Date: 10 April 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Summary of Responses to the Public Consultation on GST: Taxing Imported Services by Way of Reverse Charge and Taxing Imported Services by way of an Overseas Vendor Registration Regime

This is to notify that the Inland Revenue Authority of Singapore (IRAS) had received a total of 43 feedback submissions on the two draft e-Tax Guides, “GST: Taxing imported services by way of reverse charge” and “GST: Taxing imported services by way of an overseas vendor registration regime”. The IRAS has carefully considere ...
Date: 31 May 2018; Type: Feedback; Source: Inland Revenue Authority of Singapore

Revised Application Procedures for Customs eServices

This is to notify that with effect from 20 June 2018 the application forms for the certificates will be available through the National Trade Platform website. Notice No. 12/2018
Date: 12 June 2018; Type: Circular; Source: Customs Department

Updates to the Exemption of Goods and Services Tax for Investment Precious Metals

Changes in the importation of Investment Precious Metals that are exempted from Goods and Services Tax, effective from 23 May 2018. Notice No. 09/2018
Date: 25 May 2018; Type: Circular; Source: Customs Department

Singapore Trade Classification Customs and Excise Duties 2018

The Singapore Trade Classification, Customs and Excise Duties (STCCED) 2018 will replace its current (2012) version. STCCED 2018 incorporates the ASEAN Harmonised Tariff Nomenclature (AHTN) 2017.
Date: 22 May 2018; Type: Circular; Source: Customs Department

IRAS User Guide on Common Reporting Standard: IRAS XML Schema User Guide for CRS Return

This User Guide explains the information required to be included in each data element to be reported in the Common Reporting Standard Return XML Schema. It also contains guidance on how to make corrections of data items within a file that can be processed automatically.
Date: 21 March 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

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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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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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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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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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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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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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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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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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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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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Petronas, Sabah, Negeri Sembilan receive Global Innovation Award

KUALA LUMPUR, Aug 14 (Bernama) - Petroliam Nasional Berhad (Petronas), Sabah Land and Survey Department, and the Negeri Sembilan government have been selected ahead of more than 100,000 companies worldwide to win a global technology award.

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PH Embassy in Switzerland celebrates ASEAN Day

BERNE, Aug 13 - The Philippine Embassy in Switzerland held a ceremony on 08 August 2018 to commemorate the 51st anniversary of the founding of ASEAN.

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INDUSTRY UPDATES

ASEAN launches Website, Publication of ASEAN Institute for Peace and Reconciliation

JAKARTA, Aug 13 - Association of Southeast Asian Nations (ASEAN) Secretary-General Dato Lim Jock Hoi and Indonesian Foreign Retno Marsudi led the celebration of the 51st anniversary of ASEAN in a ceremony held at the ASEAN Secretariat in Jakarta on 08 August 2018.

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INDUSTRY UPDATES

PH Embassy in Madrid participates in ASEAN Day

MADRID, Aug 13 - The Philippine Embassy in Madrid participated in the annual commemoration of ASEAN Day on 08 August 2018, in a ceremony hosted by Thai Ambassador and current ASEAN Committee in Madrid (ACM) chair Rattikul Chansuriya.

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DFA lauds Appointment of Career Diplomat as Chief of Presidential Protocol, Foreign Affairs Adviser

Aug 12 - The Department of Foreign Affairs (DFA) today lauded the appointment by President Rodrigo Duterte of a career diplomat as one of the senior officials at the Office of the President and said this move would help advance the country’s foreign policy goals.

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INDUSTRY UPDATES

ASEAN Committee in Rome celebrates ASEAN Day 2018

ROME, Aug 13 - Ambassador to Italy Domingo P. Nolasco joined other Association of Southeast Asian Nations (ASEAN) Ambassadors in Rome in celebrating ASEAN Day, in a ceremony held at the Malaysian Embassy in Rome.

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