Singapore

Tax updates

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.
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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.
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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”).
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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.
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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.
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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.
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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.
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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.
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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.
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RSM Singapore Budget 2020

17 March 2020
2020 Budget – Key Changes, including Stabilisation and Support Measures for Businesses
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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.
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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.
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IRAS strengthens Singapore transfer pricing regime and introduces penalties for non-compliance

1 March 2018
Singapore's reinforced TP regime includes clarifications on the arm’s length principle, expanded TP documentation requirements, and new powers of the Comptroller of Income Tax to impose surcharges and penalties for TP non-compliance.
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MOF releases draft bill on mandatory transfer pricing documentation and penalty regime

1 August 2017
The Ministry of Finance ("MOF") released the draft Income Tax (Amendment) Bill 2017 ("Draft Bill") on 19 June 2017 for public consultation.
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Important reminders before PIC scheme lapses

16 June 2017
Only a few months remain for businesses (with financial year ends from June 2017 until December 2017) to enjoy tax savings under the Productivity Innovation Credit (“PIC”) Scheme.
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IRAS introduces fourth edition of transfer pricing guidelines

5 January 2017
On 12 January 2017, Inland Revenue Authority of Singapore introduced the Fourth Edition of its Transfer Pricing Guidelines.
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IRAS releases third edition of transfer pricing guidelines

4 January 2016
On 4 January 2016, Inland Revenue Authority of Singapore released the Third Edition of its Transfer Pricing Guidelines.
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