singapore - Tax & Revenue - Notices & Directives

Filing Responsibilities of Precedent Partners

The precedent partner is the first named in the partnership agreement. If there is no partnership agreement, the precedent partner is a partner who is agreed upon and appointed by the other partners. All precedent partners must file Form P.
Date: 05 February 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST: Taxing Imported Services by Way of Reverse Charge (First Edition)

The Minister for Finance announced in Budget 2018 that GST would be applied on imported services in the context of Business-to-Business (B2B) transactions by way of a reverse charge mechanism with effect from 1 Jan 2020. This guide explains the features of the reverse charge mechanism and the related registration and compliance rules. It also ...
Date: 04 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Taxing Imported Services by Way of an Overseas Vendor Registration Regime

This guide explains the features of the overseas vendor registration regime, and the related GST registration and reporting rules. It also covers the compliance guidelines, as well as the transitional rules applicable to transactions spanning the implementation of the registration regime on 1 Jan 2020.
Date: 04 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Tax Exemption for Foreign-Sourced Income (Third Edition)

This e-Tax Guide provides details on the tax exemption for certain foreign-sourced income from 1 Jun 2003 under the Foreign-Sourced Income Exemption (FSIE) scheme. This guide also consolidates the three e-Tax guides issued previously on the FSIE scheme.
Date: 23 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide on Exemption of Investment Precious Metals (IPM) (Eighth Edition)

This e-Tax Guide provides details on the GST exemption of investment gold, silver and platinum. It is relevant to businesses that trade in physical gold, silver and platinum.
Date: 18 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Wrongful Collection of GST by GST-registered Persons

This is to notify that it is an offence to collect GST when no tax is chargeable under the GST Act or when an amount is collected in excess of what is permitted under the Act.
Date: 14 January 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST: General Guide for Businesses (Eighth Edition)

This guide provides an overview of the Goods and Services Tax (GST) in Singapore. It covers three broad categories which are GST Concepts and Principles, GST Administration and GST Schemes.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Record Keeping Guide for GST-Registered Businesses (Fifth Edition)

This guide is designed to help GST-registered businesses prepare and keep records for Income Tax and GST purposes.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Major Exporter Scheme (Ninth Edition)

This e-Tax Guide explains the mechanism and qualifying criteria for the Major Exporter Scheme and further provides guidance to GST-registered business who seek to apply for the scheme where GST is suspended on imports.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

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

This guide provides guidance to GST-registered business who undertake 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 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Commencement of Charges for Networked Trade Platform Accounts from 1st January 2019 and Introduction of NTP-Lite Account

This is to notify all Networked Trade Platform (NTP) Account holders and Value-Added Service providers that the NTP Account Charges will commence in January 2019 and that charging for an NTP Account will commence on 1st January 2019. Notice No. 23/2018
Date: 17 December 2018; Type: Circular; Source: Customs Department

IRAS e-Tax Guide on Change in Basis for Computing Taxable Car Benefit

This e-Tax guide replaces the previous two guides “Change in Basis for Computing Taxable Car Benefit” and “Basis for Computing Taxable Car Benefit”. This guide is relevant to those employers who provide cars to their employees and the employees derive benefits from their private usage of the cars.   
Date: 14 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Customer Accounting for Prescribed Goods (Second Edition)

This is to notify the implementing of Customer accounting for certain prescribed goods from 1 Jan 2019. This is to deter fraud schemes where the seller absconds with the GST collected, but businesses further down the supply chain continue to claim the input tax. It will be applicable to supplies of mobile phones, memory cards, and off-the-shelf sof ...
Date: 13 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

Rules of Origin under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

This Circular outlines the salient points of the Rules of Origin requirements and operational procedures for exports of Singapore-originating goods claiming preferential tariff treatment in countries who are a party to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership. The Agreement will enter in force on 30 Dec 2018. Circul ...
Date: 12 December 2018; Type: Circular; Source: Customs Department

Claiming of Preferential Tariff Treatment for Imports under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership

This is to notify that the Claiming of Preferential Tariff Treatment for Imports under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Free Trade Agreement which provides comprehensive market access and fosters greater regional integration between the 11 countries in the Asia-Pacific region, will be implemented on ...
Date: 12 December 2018; Type: Circular; Source: Customs Department

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

INDUSTRY UPDATES

Justice Ministry: US Claims ‘baseless’

The Ministry of Justice on Tuesday reacted to recent “baseless” claims by the US Embassy in Phnom Penh regarding the case of former opposition leader Kem Sokha, urging the embassy to stop spreading misinformation regarding the implementation of the law in Cambodia.

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Court adjourns Tony Pua's Appeal against Interim Injunction over RUU355 Video Clip

PUTRAJAYA, Feb 20 (Bernama) - The Federal Court today adjourned the appeal hearing by Damansara Member of Parliament Tony Pua Kiam Wee against an interim injunction order over his alleged video clip relating to the tabling of Syariah Courts (Criminal Jurisdiction) (Amendment) Bill 2016 or RUU355.

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DOJ urged to Act on Murder Raps vs PNP Men in Lawyer's Death

MANILA, Feb 19 (PNA) - A former Cebu City councilor asked the Department of Justice (DOJ) Monday to charge policemen implicated in the killing of his brother, lawyer Noel Archival, five years ago.

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Laos, Japan celebrate 20 Years of Legal, Judicial Cooperation

The Lao and Japanese governments have highlighted 20 years of achievement in cooperation to strengthen the legal and judicial sectors in Laos, especially with regard to human resource development.

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Sarawak Lawyers wants Government to set up RCI over Judge Allegations

MIRI, Feb 19 (Bernama) - The Advocates Association of Sarawak (AAS) has proposed to the government to set up a Royal Commission of Inquiry (RCI) over the allegation of judicial interference in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer recently.

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MACC meets Judge Hamid Sultan over 63-Page Affidavit

PUTRAJAYA, Feb 18 (Bernama) - The Malaysian Anti-Corruption Commission (MACC) today met with Court of Appeal judge Datuk Dr Hamid Sultan Abu Baker over his recent 63-page affidavit, filed last week, on allegations of judicial interference.

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CBM headed in Right Direction, Bank Development expected: Experts

The Central Bank of Myanmar (CBM) has begun taking the initial steps to stand as an independent body, local financial experts and economists say.

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Retired SC Justice Azcuna 'Selfless Government Worker': Palace

MANILA, Feb 15 (PNA) - Malacañang wished retired Supreme Court (SC) Associate Justice Adolfo Azcuna the best as he celebrates his 80th birthday on Saturday.

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Rule of Law followed in Ressa Arrest

MANILA, Feb 15 (PNA) - Malacañang on Friday said the rule of law was followed in the arrest of Rappler chief executive officer Maria Ressa for cyberlibel amid criticisms of suppressing press freedom.

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Rebuilding ASEAN’s Financial Safety Net

Singapore and Indonesia signed a US$10 billion (K15.23 trillion) bilateral swap agreement last October, allowing the two countries to assist each other during times of financial stress through US dollar loans. The move signalled a willingness by ASEAN countries to play a bigger and more direct role in strengthening the region’s financial stability, but there is still much more to do.

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Judiciary lodges Police Report over Allegations in Affidavit

PUTRAJAYA, Feb 15 (Bernama) - The Judiciary has lodged a police report over allegations made against unnamed judges and the institution in the affidavit made by a sitting Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer.

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INDUSTRY UPDATES

Blind Woman's Persistence to become Lawyer bears Fruit

KUALA LUMPUR, Feb 15 (Bernama) - ‘Where there’s a will, there’s a way’, this proverb illustrates the determination and diligence of a visually impaired young woman who has achieved her dream of becoming a lawyer.

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Lawyer urges Government and CJ to address Justice Hamid's Revelations

KUALA LUMPUR, Feb 15 (Bernama) - Lawyer Sangeet Kaur Deo has called on the government and Chief Justice to immediately look into the claims by Court of Appeal judge Datuk Dr Hamid Sultan Abu Backer, contained in his affidavit which revealed misconduct of top judges and judicial interference.

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Decision on Minimum Wage Increases due in March

BANGKOK, Feb 13 (NNT) - The final decision on Minimum Wage increases will be made in March, with new rates to vary in accordance with economic conditions in each province.

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INDUSTRY UPDATES

No Violation of Ressa's Civil Rights: DOJ

MANILA, Feb 14 (PNA) - Justice Secretary Menardo Guevarra on Thursday assured full protection of the civil rights of online news website Rappler's publisher Maria Ressa, who was arrested on Wednesday in connection with a cyber libel complaint filed against her and the media firm by a private individual.

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DOTr inks Deal on Common Station Construction

MANILA, Feb 13 (PNA) - The Department of Transportation (DOTr) on Wednesday signed a contract with a private consortium for the construction of Area A of the Unified Grand Central Station (UGCS) or the common station which is located between SM North Edsa and Trinoma in Quezon City.

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Men too face Sexual Harassment at Workplace

SUNGAI PETANI, Feb 14 (Bernama) - Men too have been recorded as being victims of sexual harassment at the workplace, said Women, Family and Community Development Deputy Minister, Hannah Yeoh.

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LHDN launches eProcurement System, Suppliers' Portal

CYBERJAYA, Feb 13 (Bernama) - The Inland Revenue Board (LHDN) has launched the eProcurement (eP) system and the Suppliers’ portal as a continuous effort to improve service delivery to suppliers or tenderers dealing with the agency.

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