Tax updates

Tax Alert - Stabilisation Phase Support Measures

6 October 2021
With the re-tightening of safe management measures imposed for the period 27 September 2021 to 24 October 2021, the Ministry of Finance announced on 24 September 2021 a S$650 million support package for businesses.

Building a Treasury Centre for Sustainable Growth

9 September 2021
As a corporate group grows and expands globally, business considerations become increasingly complex. The Group’s treasury function becomes one of the key areas that must be looked at to ensure efficient management of its funds.  The 'Building a Treasury Centre for Sustainable Growth' is designed to provide businesses with an overview of RTC functions and a comparison of selected locations: Singapore, Hong Kong SAR, Malaysia and Thailand, in relation to relevant economic, tax and legal factors. Read more on our publication page.

Listing a Real Estate Investment Trust (REIT) in Singapore or China

8 September 2021
Listing a Real Estate Investment Trust (REIT) enables property companies to access equity markets which could not be reached before.  At the same time, investors are given opportunities to own valuable real estate and receive returns from these assets via REIT distribution.  A property owner may consider listing a REIT in Singapore which has a track record of being a REIT-listing hub with property portfolios spanning across Asia Pacific, North America and Europe.  Another strong contender for a REIT listing is The People’s Republic of China (PRC), with its recent pilot listing of REITs on two of its exchanges. This guide provides key tax considerations that a property owner should consider before listing a REIT either in Singapore or the PRC.

Tax Alert – Support Package for Workers and Businesses during Phase 2 (Heightened Alert)

30 July 2021
With the tightening of safe management measures imposed for the period 22 July 2021 to 18 August 2021, the Ministry of Finance announced on 23 July 2021 a S$1.1 billion support package for workers and businesses hit by this Phase 2 (Heightened Alert) (“P2(HA)”) restrictions.

Tax Alert – Enhanced Support Measures for Businesses and Individuals during Phase 2 (Heightened Alert)

7 June 2021
Singapore implemented tighter restrictions on higher-risk activities under Phase 2 (Heightened Alert) [“P2(HA)”] from 16 May 2021 to 13 June 2021 with a view to curb community spread of COVID-19.

Tax Alert - Transfer Pricing

19 March 2021
The COVID-19 pandemic has disrupted adversely many areas of our life. It comes as no surprise that the transfer pricing (“TP”) environment is impacted as well. Many jurisdictions had adopted new measures to help taxpayers meet their TP compliance-related obligations in respect of related party transactions.   

Tax Alert – Foreign Exchange Differences – De-minimis Limit

7 October 2020
With the recent update of the e-Tax Guide Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Third Edition) on 17 August 2020, Inland Revenue Authority of Singapore (“IRAS”) introduced a new de-minimis limit for Designated Bank Account (“DBA”). This will take effect from Year of Assessment (“YA”) 2020 prospectively.

Tax Alert – Rental Relief Framework

16 September 2020
The COVID-19 pandemic has caused severe disruption to the global economy with its effects yet to be fully felt in various business sectors. Whilst assessing the impact, the Singapore Government has announced a series of COVID-19 relief measures over a record four Budgets, including Property Tax Rebate, and Rental Relief Framework.

Tax Alert – Variable Capital Companies

1 September 2020
The Inland Revenue Authority of Singapore (“IRAS”) issued an e-Tax Guide on 28 August 2020 to explain the tax framework for a Variable Capital Company (“VCC”).

Tax Alert – Ministerial Statement dated 17 August 2020

18 August 2020
The Deputy Prime Minister and Minister for Finance, Mr Heng Swee Keat, gave a Ministerial Statement on 17 August 2020 announcing an extension of the existing measures to continue the support for businesses and workers. This is a timely announcement as Singapore economy has been badly affected and some of the measures announced earlier this year are coming to an end.

GST Alert: Property Tax Rebate and Rental Waiver

4 June 2020
As part of the collective effort in managing the impact that the COVID-19 pandemic has created for tenant(s), owners of non-residential properties have extended rental waivers in full or in partial (“Rental Waiver”) on top of passing on property tax and enhanced property tax rebate (“the Rebate”) to support tenant(s) to tide over this challenging period.

Tax Alert – Fortitude Budget

28 May 2020
Singapore is preparing to re-open its economy progressively in three phases, starting from 2 June 2020. The Government is committed to continue to provide more support to employees who are still unable to resume work and to businesses which are not yet ready to re-open but continue to be concerned about cash flow and staying afloat.

Tax Alert – Continuing Support Measures During COVID-19 Crisis

22 April 2020
Singapore Prime Minister Lee Hsien Loong announced on 21 April 2020 that the “circuit breaker” period will be extended by four more weeks until 1 June 2020 in view of the increasing trend of infected coronavirus cases. This drastic and rather painful decision is aimed decisively at bringing down the number of coronavirus cases in the community.

Tax Alert – Solidarity Budget

7 April 2020
As the COVID-19 pandemic has exploded globally and notwithstanding comprehensive and complementary measures introduced by Singapore, ie safe distancing, early identification and isolation of cases and quarantine of close contacts, the number of infected cases continue to grow.

Resilience Budget

27 March 2020
With COVID-19 declared a global pandemic and the infected cases in most countries are growing rapidly, businesses worldwide are facing challenging times as the rippling effect and the resultant supply chain disruptions began to set in.

RSM Singapore Budget 2020

17 March 2020
2020 Budget – Key Changes, including Stabilisation and Support Measures for Businesses

GST pain points for shipping

3 January 2019
Considering the voluminous transactions, varying shipping arrangements, counterparties involved and continuously evolving business climate, GST-registered shipping businesses that manage GST risk on a broad level could face a mismatch in expectations against that of the GST authorities.

How GST on imported services will impact F&B, retail and consumer products businesses

13 April 2018
Find out what are the key areas that F&B, retail and consumer products businesses need to review to ensure they continue to remain compliant once the new GST rule takes effect.

Not only huge multinationals affected by base erosion and profit shifting: RSM survey

4 August 2016
Seventy two per cent of middle market businesses that operate internationally expect to pay more taxes as a result of the OECD’s BEPS Action Plan due to uncertainties over how the rules will be implemented, according to an RSM survey.