US And Singapore Sign FATCA Intergovernmental Agreement
An intergovernmental agreement (IGA) for the implementation of the Foreign Account Tax Compliance Act (FATCA) has signed between Singapore and the United States, on December 9, 2014. FATCA was enacted by the US Congress in 2010 and took effect on
See MoreSingapore and UAE: amending protocol to DTA signed
On 31st October 2014, Singapore signed an amending protocol to the countries' income tax treaty. This is the first amendment of the 1995 treaty. The protocol will enter into force after the countries exchange ratification
See MoreSingapore: Plans for 2015 Budget
Singapore's Ministry of Finance (MOF) is looking for ideas and recommendations from individuals and businesses on tax and expenditure policies ahead of the 2015 Budget. The consultation commenced on November 26, 2014, with ideas being accepted
See MoreSingapore: E-filing Available for all Companies
From 2015 the Inland Revenue Authority of Singapore (IRAS) will make e-filing available to all companies onwards. Presently, only small companies can file their tax return electronically. The benefits of e-filing include: instant acknowledgement
See MoreProtocol to treaty between- Singapore and UAE
Singapore and the United Arab Emirates signed an amending protocol to the Singapore - United Arab Emirates Income Tax Treaty (1995) on 31 October 2014, in Singapore. Additional information will be informed
See MoreKazakhstan-Singapore ITT protocol enters into force
The amended protocol to Income Tax treaty (ITT) between Kazakhstan and Singapore has entered into force on September 12, 2014 and it was signed on April 9, 2013. This protocol usually applies from January 1,
See MoreCzech Republic-Singapore ITT protocol enters into force
The amending protocol to the Czech Republic - Singapore Income Tax Treaty (ITT) has entered into force on September 12, 2014 that was signed June 26, 2013. The provisions of article 10 generally apply from September 12, 2014 and the provisions of
See MoreSingapore: IRAS invites to comments on transfer pricing documentation requirements
The Inland Revenue Authority of Singapore (“IRAS”) invited comments by 24 September 2014 on its proposed update to Section 4 of the existing Singapore Transfer Pricing Guidelines relating to the transfer pricing documentation, which was first
See MoreRwanda and Singapore Sign bilateral Double Tax Agreement
In order to avoid double taxation and the prevention of fiscal evasion with respect to taxes on income, Rwanda and Singapore signed an agreement on 26 August 2014. The treaty will enter into force after the two countries exchange ratification
See MoreSingapore: e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest
The Inland Revenue Authority of Singapore (IRAS) delivered the second edition of the e-Tax Guide on Tax Deduction for Borrowing Costs other than Interest Expenses on 18 August 2014. The previous edition was published on 21 June 2007. The e-Tax Guide
See MoreSingapore: SMU launches first Tax Research Center
In association with the Tax Academy of Singapore (TA), and with the backing of the Inland Revenue Authority of Singapore (IRAS), the Singapore Management University (SMU) launched the SMU-TA Center for Excellence in Taxation (SMU-TA CET). It will
See MoreKazakhstan-Singapore DTA protocol ratified
The President of Kazakhstan has approved a law on July 1, 2014 to ratify the Double Taxation Agreement (DTA) protocol with
See MoreSingapore: Invites the Public to Consults on Stamp Duty Changes Bill 2014
The Ministry of Finance will be conducting a public consultation on the draft Stamp Duties (Amendment) Bill 2014 from 7 July 2014 to 25 July 2014. The draft Stamp Duties (Amendment) Bill 2014 provides for three changes to the Stamp Duties Act. The
See MoreSingapore: Planning to changes Goods & Services Tax
The G0vernment of Singapore has proposed changes to the GST regime after an evaluation. The appraisal will last until 1 July 2014. Following changes are including: -Addition of services supplied on ships in the GST net -Right to offset input VAT
See MoreSingapore: Protocol to treaty between Kazakhstan and Singapore ratified by Kazakhstan
The President of Kazakhstan ratified the amending protocol on 1 July 2014 which was signed on 9 April 2013, to the Kazakhstan - Singapore Income Tax Treaty (2006). Article 1 of the protocol replaces the term "local authorities" as used in paragraph
See MoreSingapore: The 5th negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP) held in Singapore
Recently, the fifth round of negotiations for the proposed Regional Comprehensive Economic Partnership (RCEP), between the Association of Southeast Asian Nations (ASEAN) and its free trade agreement (FTA) was held in Singapore from June 21 to 27.
See MoreCzech Republic-Singapore DTT protocol ratified
The Czech Republic has ratified the amending protocol to the Czech Republic - Singapore Income Tax Treaty (1997) on June 24, 2014 and it was signed on June 26, 2013. Further details will be reported
See MoreOECD: BEPS project update with developments of Asian countries
In order to stop tax avoidance and evasion Asian countries are actively taking part with the Organization for Economic Cooperation and Development (OECD)’s plan. The OECD’s Action Plan is far reaching and will help support local Asian
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