Singapore: Detailed guidance on MAP for DTAs
The Inland Revenue Authority of Singapore introduced new guidance on the mutual agreement procedure (MAP) on 12 January 2017. The guidance has provided detail procedures for the MAP. According to new guidance, the MAP will be available to those
See MoreProtocol to the treaty between India and Singapore signed
An amending protocol to the India - Singapore Income Tax Treaty (1994) was signed on 30 December 2016. The treaty already had been amended by the 2005 and 2011
See MoreSingapore- Voluntary filing of CbC Reports for Singaporean tax resident MNE groups for fiscal year 2016
The Inland Revenue Authority of Singapore (IRAS) announced on 19 December 2016 that the voluntary filings for Singaporean multinational enterprise groups for financial year 2016 will be allowed and this follows the e-tax guide of the
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Ireland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Ireland on 20 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreSingapore-signed competent authority agreement on automatic exchange of information with Iceland
The government of Singapore signed the Competent Authority Agreement on Automatic Exchange of Information (2016) with Iceland on 13 December 2016. The Agreement stipulates details about what information would be exchanged and when according to OECD
See MoreMalta, Singapore sign automatic exchange of information agreement
On 15 December 2016, the Malta and Singapore signed the Competent Authority Agreement on Automatic Exchange of
See MoreSouth Africa-Singapore tax treaty (2015) entered into force
The Income Tax Treaty between South Africa and Singapore entered into force on 16 December 2016. The treaty generally applies from 16 December 2016 for tax matters relating to the exchange of information and from 1 January 2017 for withholding and
See MoreUruguay- DTA with Singapore approved
The Parliament of Uruguay accepted the treaty with Singapore for the avoidance of double taxation on 24 November 2016 through Law No. 19,457. The treaty contains a provision on exchange of information which will enter into force within 15 days after
See MoreSingapore- Implementation of common reporting standard (CRS) and related guidance issued
In Singapore, the Income Tax Regulations of 2016 (dated 8 December 2016) incorporated the obligations of the common reporting standard (CRS) into the Singaporean domestic legislative framework and direct financial institutions to put in place the
See MoreSingapore: Competent authority agreement on automatic exchange of information agreement with Netherlands signed
The Singapore - Netherlands Competent Authority Agreement on Automatic Exchange of Information (2016) was signed on 24 November 2016. The agreement stipulates when and what information will be exchanged, according to the OECD Automatic Exchange of
See MoreProtocol to a treaty between India and Singapore signed
The Indian Government signed its new DTA Protocol with Singapore and entered into force on October
See MoreSingapore-New reporting requirement of related party transactions
The Inland Revenue Authority of Singapore (IRAS) updated the transfer pricing administration information on its website regarding the reporting of related-party transactions (RPTs) on 3 November 2016. According to the new requirements a company must
See MoreSingapore: Publishes Guidance on CbC Reporting
The Inland Revenue Authority of Singapore (IRAS) has published detailed guidance on the implementation of a new country-by-country (CbC) reporting requirement in the territory on 10 October 2016, which sets out entities are obliged to report and
See MoreSingapore: Publishes E-Tax Guide on General anti-avoidance rule
The Inland Revenue Authority of Singapore (IRAS) issued an e-Tax Guide (the Guide) on 11 July 2016, clarifying the general anti-avoidance rule and its application. IRAS issues the Guide with the following purposes: -To explain IRAS's approach to
See MoreSingapore: Commits to implement CbCR for financial years beginning on or after 1 January 2017
The Ministry of Finance announced on 16 June 2016, that Singapore will join the inclusive framework for the global implementation of the Base erosion and profit shifting (BEPS) Project. Under this framework, all state-and non-state jurisdictions
See MoreSingapore and Cambodia sign Income Tax Treaty
Singapore and Cambodia have entered into a double taxation avoidance agreement, on 20 May 2016, to boost cross-border trade and investment between the two countries The Agreement clarifies the taxing rights of both countries on all forms of income
See MoreSingapore: Finance Minister presents the 2016 budget to Parliament
The Budget for 2016 was presented to Parliament by the Finance Minister on 24 March 2016. A summary of the Budget with regard to corporate taxation is set out below: Tax incentives: -Under the Productivity and Innovation (PIC) Scheme the cash
See MoreSingapore: Changes to Transfer Pricing Guidelines
The Inland Revenue Authority of Singapore (IRAS) published the third edition of the e-Tax Guide on the transfer pricing guidelines on 4 January 2016. The latest changes are summarized as follows: Amended guidance on the cost-plus method (CPM);
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