Singapore issues guidance on key GST audit focus areas and compliance risks
The Inland Revenue Authority of Singapore (IRAS) has released guidance on the key areas of GST compliance audits, outlining the consequences of non-compliance on 13 May 2025. Current Areas of Audits GST is a self-assessed tax. IRAS conducts
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EU, Singapore sign landmark digital trade agreement
The European Union ( EU) and Singapore have taken a significant step forward in their bilateral trade relations with the signing of a landmark Digital Trade Agreement (DTA). Signed by Commissioner for Trade and Economic Security Maroš Šefčovič
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Singapore: IRAS issues corporate tax filing guidance for YA 2025
The Inland Revenue Authority of Singapore (IRAS) has issued new guidance to assist companies with their obligations for the Corporate Income Tax Filing Season 2025 on 8 May 2025. Companies are required to file their Corporate Income Tax Return
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Singapore: IRAS updates corporate tax calculators for AY 2025
The Inland Revenue Authority of Singapore (IRAS) has updated its webpage for preparing tax computations by publishing two Basic Corporate Income Tax Calculators (BTC) for the assessment year (AY) 2025. These Excel-based calculators are tailored
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Singapore issues advance ruling on taxable presence for companies selling locally manufactured goods
The Inland Revenue Authority of Singapore (IRAS) has released Advance Ruling Summary No. 5/2025 on 2 May 2025, addressing whether a company establishes a taxable presence in Singapore through the sale of locally produced goods to Singaporean
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Singapore revises guidelines on withholding tax for specific payments
The Inland Revenue Authority of Singapore (IRAS) has released revised guidance on payments liable to withholding tax on 25 April 2025. The guidance outlines the types of payments subject to withholding tax when made to non-resident companies:
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Singapore: IRAS issues updated guidance on globe rules and domestic top-up tax
The Inland Revenue Authority of Singapore (IRAS) has published new presentations offering guidance on the Global Anti-Base Erosion (GloBE) Rules and the Domestic Top-up Tax (DTT) on 8 April 2025. . The first module focuses on the scope and charging
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Singapore: IRAS revises e-tax guide on record-keeping for GST and non-GST registered businesses
The Inland Revenue Authority of Singapore (IRAS) has updated two e-Tax Guides on record-keeping requirements for businesses on 31 March 2025. The Record Keeping Guide for GST-Registered Businesses (Eleventh Edition) outlines the necessary
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Peru advances tax treaty talks with Australia, France, Saudi Arabia, Singapore, UAE
The Peruvian Ministry of Economy and Finance announced that it is working to finalise tax treaty negotiations with Australia, France, Saudi Arabia, Singapore, and UAE on 20 March 2025. Peru has signed 10 agreements that provide a secure and
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Bhutan, Singapore begin negotiations on first income tax treaty
Officials from Bhutan and Singapore met in Paro, Bhutan, from 10 to 14 March 2025 to begin negotiations on their first-ever income tax treaty. This treaty aims to address the issue of double taxation on the income of citizens in both
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Singapore: IRAS introduces GST InvoiceNow requirement for e-invoicing
The Inland Revenue Authority of Singapore (IRAS) released a new edition of its e-Tax Guide, Adopting GST InvoiceNow Requirement for GST-Registered Businesses (First Edition), on 7 March 2025. This e-Tax Guide explains the requirement for
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Singapore: IRAS issues Advance Ruling 4/2025 on trade status and tax implications
The Inland Revenue Authority of Singapore has issued Advance Ruling Summary No. 4/2025 on 3 March 2025 , addressing whether a company is engaged in trade or business or operates as a passive investment holding company, along with the associated
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Singapore issues advance ruling on income tax matters concerning business transfers
The Inland Revenue Authority of Singapore (IRAS) issued Advance Ruling Summary No. 3/2025 on 3 March 2025, addressing the income tax implications of business transfers. 1. Subject: a. Whether the proposed transfer of the entire banking
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Singapore: IRAS adds Dominican Republic to CbC reporting exchange list
The Inland Revenue Authority of Singapore (IRAS) updated its Country-by-Country Reporting guidance page on 5 March 2025. The update includes a revised list of jurisdictions with which CbC reports (CbCR) can be automatically exchanged, adding
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Singapore: IRAS issues ruling on taxability of feeder fund redemption gains
Singapore's Inland Revenue Authority issued Ruling Summary No. 2/2025 regarding the taxability of gains from feeder fund redemption on 3 March 2025. Advance Ruling Summary No. 2/2025 1. Subject: Whether: a. the gains derived by the company
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Singapore: IRAS updates exchange rate tool for tax computations
The Inland Revenue Authority of Singapore (IRAS) has made updates to its Exchange Rate Search Function tool (XLSX) to assist taxpayers in preparing their tax computations for the 2024 year of assessment returns. A tax computation is a statement
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Singapore: IRAS releases standard corporate income tax calculators for AY 2024
The Inland Revenue Authority of Singapore (IRAS) has announced an update to its "Preparing a Tax Computation" webpage, introducing two new Basic Corporate Income Tax Calculators (BTCs) for taxpayers submitting Corporate Income Tax Returns for the
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Brazil approves protocol to tax treaty with Singapore
Brazil’s Chamber of Deputies approved the ratification of a protocol amending the 2018 income tax treaty with Singapore on 13 February 2025. Signed on 17 April 2023, this is the first update to the treaty. key changes include revisions to the
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