Singapore: IRAS updates 2025 transfer pricing guidance, lowers indicative margin for related-party loans
The Inland Revenue Authority of Singapore (IRAS) released updated transfer pricing guidelines on 2 January 2025. The indicative margin for related-party loans has been revised to +170 basis points (1.70%) from +220 basis points (2.20%) for the
See More
Singapore: IRAS publishes new guidance on MNE top-up tax, domestic top-up tax
The Inland Revenue Authority of Singapore (IRAS) has released a new e-Tax Guide on the Multinational Enterprise (MNE) Top-up Tax (MTT) and Domestic Top-up Tax (DTT) on 31 December 2024. This e-Tax guide sets out the key parameters of the MTT and
See More
Singapore updates guide on tax treatment of gains, losses from sale of foreign assets
The Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on Income Tax: Tax Treatment of Gains or Losses from the Sale of Foreign Assets (Second Edition) on 9 December 2024. This guide explains the income tax treatment of
See More
Singapore revises e-tax guide for securities lending and repo transactions
The Inland Revenue Authority of Singapore (IRAS) has issued an updated e-Tax Guide Securities Lending and Repurchase Arrangements (Second Edition) on 4 December 2024. This e-Tax Guide gives details on the income tax treatments and tax concessions
See More
Singapore gazettes Economic Expansion Incentives Amendment Bill 2024
Singapore published the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Act 2024 in the Official Gazette on 10 December 2024. It introduces a new 15% Concessionary Tax Rate (CTR) under the Development and Expansion Incentive
See More
Singapore publishes updated GST guide for motor vehicle traders
The Inland Revenue Authority of Singapore (IRAS) has released an updated e-Tax Guide, GST: Guide for Motor Vehicle Traders (Eighth Edition) on 2 December 2024. This guide is for GST registered businesses selling new and/or second-hand motor
See More
Singapore: IRAS issues updated e-tax guide on the GST advance ruling system
The Inland Revenue Authority of Singapore (IRAS) has published an updated version of its e-Tax guide GST: Advance Ruling System (Tenth Edition) on 15 July 2024. This e-Tax Guide explains the GST advance ruling system and the application
See More
Singapore, New Zealand sign Competent Authority Arrangement on arbitration under BEPS MLI
The Inland Revenue Authority of Singapore has announced the signing of a Competent Authority Arrangement with New Zealand regarding arbitration under the BEPS MLI on 29 November 2024. On 18 and 21 November 2024, the competent authorities of the
See More
Singapore enacts Multinational Enterprise (Minimum Tax) Act, Income Tax (Amendment) Act
Singapore has enacted two tax laws, Income Tax (Amendment) Act 2024 and Multinational Enterprise (Minimum Tax) Act 2024, with the aim to align with global tax standards, enhance business competitiveness, and introduce targeted incentives for
See More
Philippines plans to revise tax treaties with Indonesia, Malaysia, Singapore
The Philippines government is reportedly planning to enter into negotiations to revise the 1981 tax treaty with Indonesia, the 1982 tax treaty with Malaysia, and the 1977 tax treaty with Singapore. The agreement between the Philippines and
See More
Singapore publishes response summary on draft GST guide for implementing invoiceNow for GST-registered businesses
The Inland Revenue Authority of Singapore (IRAS) has released a summary of responses to the draft e-Tax guide on adopting InvoiceNow, an e-invoicing network built on the Peppol framework, for GST-registered businesses. IRAS conducted a Public
See More
Singapore passes Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024
The Singapore Parliament has passed the Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2024, which introduces changes to the Development and Expansion Incentive (DEI) programme. The Economic Expansion Incentives (Relief
See More
Singapore issues advance ruling on classification of hybrid instruments and related matters
The Inland Revenue Authority of Singapore has released Advance Ruling Summary No. 7/2024, addressing the classification of hybrid instruments and related matters on 1 November 2024. Subject: Whether: The fixed rate subordinated
See More
Singapore gazettes order declaring MCAA-CbC as international tax compliance agreement with Georgia, Albania
Singapore has published Order No. S 813 in the Official Gazette on 24 October 2024 which officially recognises the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports as an international tax
See More
Singapore publishes guidance on New Alternative Net Tonnage Basis of Taxation for Shipping Income
The Inland Revenue Authority of Singapore has updated its guidelines regarding the Tax Treatment for Shipping Income which now includes new provisions related to the alternative net tonnage basis of taxation, which will take effect from the year of
See More
Singapore passes bills for the implementation of global minimum tax on multinational corporations
Singapore's parliament passed two bills on 15 October 2024 – Multinational Enterprise (Minimum Tax) (Bill No.33/2024) and Income Tax (Amendment) Bill (Bill No. 32/2024.) – which introduces a top-up tax (MTT) and a domestic top-up tax (DTT) for
See More
Singapore: Second Finance Minister outlines key provisions of Income Tax (Amendment) Bill, Multinational Enterprise (Minimum Tax) Bill
Singapore's Second Minister for Finance, Indranee Rajah, presented the Income Tax (Amendment) Bill and the Multinational Enterprise (Minimum Tax) Bill during their second reading in Parliament, on 14 October 2024, with the aim to modernise
See More
Singapore updates CbC reporting list of jurisdictions, adds Albania and Georgia
The Inland Revenue Authority of Singapore (IRAS) has updated its list of jurisdictions participating in the Multilateral Competent Authority Agreement (MCAA) for the exchange of Country-by-Country (CbC) reports on 11 October 2024. The recent
See More