Tax updates

Tax Alert - OECD’s Base Erosion and Profit Shifting (BEPS) 2.0 – An Update and Reminder if it Affects You

15 November 2022
In July 2021, over 130 countries came together for a historic agreement on a two-pillar approach to reform international tax rules and ensure that multinational enterprises pay a fair share of tax wherever they operate. These revisions are internationally introduced to avoid tax abuses and until the rules are finalised, it may or may not be possible to revise current structures to minimise its impact. Here is a broad overview and our take on its impact on your business.

外资投资控股公司在新加坡的税务居民身份

27 July 2022
投资者会因很多因素而在新加坡设立公司。然而在公司成立后,许多投资者可能没有意识到公司成为新加坡税务居民的重要性,以及获得税务居民身份所需的要求。以下是我们想要分享的一些需要注意的关键点。

Tax Alert – Determining the due date for withholding tax payments

1 April 2022
When a person is making payments (where withholding tax is applicable) to a non-Singapore tax resident, he must account (i.e. withhold) for the withholding tax at the earliest of the following dates...

Tax Alert – Support measures for resuming Singapore’s transition towards COVID resilience

8 December 2021
Following the close monitoring of COVID-19 situation during the extended Stabilisation Phase which ran until 21 November 2021, the Ministry of Finance announced on 20 November 2021 that Singapore is now exiting the Stabilisation Phase and correspondingly, support measures will be tapered down.

Tax Alert – Extension of Stabilisation Phase Support Measures

3 November 2021
Following the close monitoring of COVID-19 situation during the Stabilisation Phase which ran from 27 September 2021 to 24 October 2021, the Ministry of Finance announced on 20 October 2021 an extension of the Stabilisation Phase for another month (i.e. until 21 November 2021).

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.

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