Singapore: IRAS updates list of jurisdictions under CbC reporting

February 28, 2024

On 23 February 2024, the Inland Revenue Authority of Singapore (IRAS) revised its Country-by-Country Reporting (CbC) guidance page regarding the jurisdictions eligible for automatic exchange of CbC reports. Papua New Guinea has been included in the

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Singapore: Finance Minister presents the Budget for 2024

February 20, 2024

On 16 February 2024, Mr. Lawrence Wong, Deputy Prime Minister and Finance Minister, presented the Budget Statement for the year 2024 in Parliament. Some of its most significant Budget 2024 overview of tax measures are summarized below: For

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Singapore gazettes order announcing MCAA-CbC as international tax agreement with Kenya and Montserrat

February 08, 2024

On 1 February 2024, the Singaporean Official Gazette issued Order No. S 69, officially recognizing the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) reports as an international tax compliance

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Singapore: IRAS updates list of jurisdictions under AEOI-CRS

February 06, 2024

On 1 February 2024, the Inland Revenue Authority of Singapore (IRAS) revised lists of the jurisdictions involved in reportable and participating jurisdictions in the automatic exchange of information (AEOI) regarding financial accounts under the

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Singapore: IRAS updates list of jurisdictions participating under MCAA-CbC

January 26, 2024

On 19 January 2024, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the

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Singapore: IRAS publishes update e-tax guide on common reporting standard

January 17, 2024

On 12 January 2024, the Inland Revenue Authority of Singapore (IRAS) published an updated e-Tax Guide on common reporting standard. The Common Reporting Standard (CRS) is a globally accepted standard designed for the automatic exchange of financial

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Singapore: IRAS releases updated guidance on tax residency and certificates of residence

December 07, 2023

On 29 November 2023, the Inland Revenue Authority of Singapore (IRAS) released updated guidance on the tax residency of a company/ certificate of residence and applying for a certificate of residence/ tax reclaim form for companies. The most

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Singapore Gazettes Order Declaring MCAA-CbC

November 15, 2023

On 6 November 2023, the Singaporean Official Gazette issued Order No. S 714 confirming the effective dates for the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbC) with specific jurisdictions.

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Singapore: IRAS updates list of jurisdictions participating under MCAA-CbC

November 06, 2023

On 30 October 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports. Under the list:

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Singapore updates list of jurisdictions under MCAA-CbC

July 27, 2023

On 20 July 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of jurisdictions participating under the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country (CbC) Reports.  Aruba has been

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Singapore publishes guidance on corporate income tax filing for 2023

May 10, 2023

The Inland Revenue Authority of Singapore (IRAS) has released comprehensive guidance for the corporate income tax filing season 2023. The guidance provides detailed instructions on various aspects of tax filing, ensuring taxpayers understand the

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Singapore introduce a new enterprise innovation scheme

April 16, 2023

The government of Singapore announced a new enterprise innovation scheme in Budget 2023 .The Enterprise Innovation Scheme (EIS) is a new initiative announced in Budget 2023 to encourage businesses to engage in research and development, innovation,

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Singapore: IRAS publishes updated e-tax guide on the Carry-Back relief system

April 15, 2023

On 31 Mar 2023, the Inland Revenue Authority of Singapore has released the eighth edition of the e-Tax Guide on the Carry-Back Relief System. This updated guide provides important information for individuals and businesses that have unabsorbed

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Singapore: IRAS updates e-Tax Guide on the general anti-avoidance provision and its application

April 10, 2023

On 31 Mar 2023, the Inland Revenue Authority of Singapore (IRAS) published the second edition of its e-Tax Guide concerning The General Anti-Avoidance Provision and its Application. The updated guide includes the following main purposes: First,

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Singapore: IRAS updates list of jurisdictions under CbC reporting

March 30, 2023

On 24 March 2023, the Inland Revenue Authority of Singapore (IRAS) updated the list of countries involved in the automatic exchange of Country-by-Country reports (CbC) under the Multilateral Competent Authority Agreement (MCAA). Israel is included

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Singapore intends to implement BEPS GloBE rules from 2025

February 26, 2023

On 14 February 2023, Singapore announced in its Budget 2023 intending to implement Global Anti-Base Erosion (GloBE) rules under BEPS Pillar 2 and Domestic Top-up Tax (DTT) for large Multinational Enterprise (MNE) groups from businesses' financial

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Singapore: Ministry of Finance Gazettes Order Declaring MCAA-CbC

February 06, 2023

On 27 January 2023, the Singaporean Official Gazette issued an Order No. S 26, which declares that the Multilateral Competent Authority Agreement (MCAA) on the Exchange of Country-by-Country Reports (CbC) is an international tax compliance agreement

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Singapore: IRAS releases guidance on tax treatment of gains or losses from the sale of foreign assets

January 12, 2023

On 8 December 2023, the Inland Revenue Authority of Singapore (IRAS) released an updated e-tax guide on the tax treatment of gains or losses from the sale of foreign assets under the recently introduced Section 10(L) of the Income Tax Act (ITA).

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