Singapore: IRAS publishes e-Tax Guide for Variable Capital Companies
The Inland Revenue Authority of Singapore has issued an e-Tax guide about tax framework for Variable Capital Companies (VCC). The e-Tax Guide explains the tax framework for variable capital companies (VCCs). The VCC is a new corporate structure
See MoreOECD: Revenue Statistics in Asian and Pacific Economies 2020
On 23 July 2020 the OECD published Revenue Statistics in Asian and Pacific Economies 2020. The publication presents important statistics tracking progress on domestic resource mobilisation to support tax policy and reform. This can assist countries
See MoreSingapore: Public Consultation on Proposed Income Tax (Amendment) Bill 2020 and Goods and Services Tax (Amendment) Bills 2020
On 20 July 2020, Singapore’s Ministry of Finance (MOF) launched a public consultation on the draft Income Tax (Amendment) Bill 2020. The stakeholders are invited to provide feedback on these legislative amendments from 20 July to 7 August
See MoreSingapore extends tax filing deadlines amid COVID-19 pandemic
The Inland Revenue Authority of Singapore (IRAS) has published COVID-19 Support Measures and Tax Guidance, as part of support measures to help taxpayers in light of the COVID-19 situation, Inland Revenue Authority of Singapore (IRAS) is providing
See MoreSingapore: Supportive tax measures in response to COVID-19 pandemic
On 26 March 2020, the Inland Revenue Authority of Singapore (IRAS) has declared a series of support measures for taxpayers in response to COVID-19 pandemic. I. Support for Companies All companies with Corporate Income Tax (CIT) payments due
See MoreSingapore: Summary of tax updates in Budget 2020
On 18 February 2020, the Inland Revenue Authority of Singapore (IRAS) has published an overview of tax changes in the Budget Statement for the Financial Year 2020. Some of the main changes for businesses are summarized as
See MoreSingapore REIT eligible for WHT exemption in Italy
On 26 August 2019, the Italian tax authority has published Ruling No. 345 regarding the eligibility of a real estate investment trust (REIT) established in Singapore for the withholding tax (WHT) exemption on income derived through a
See MoreSingapore signs DTA with Turkmenistan
On 27 August 2019, Singapore signed a Double Tax Treaty (DTA) with Turkmenistan. The DTA will enhance the cross-border trade and investment between both countries. It lowers the withholding tax rates on income flows arising from cross-border
See MoreDTA between Singapore and Tunisia ratified
The Income Tax Treaty of 2018 between Singapore and Tunisia has been ratified by the Tunisian president by way of Law No. 52 of 9 July 2019, as published in Official Gazette No. 56 of 12 July 2019.The treaty was approved by the People's Congress on
See MoreUkraine: DTA signs with Singapore
On 16 August 2019, the amending protocol to the Double Taxation Agreement (DTA) between Singapore and Ukraine was signed to update the Exchange of Information Article according to the OECD standard for information exchange,
See MoreSingapore changes to FATCA reporting requirements with effect from 1 April 2020
On 10 July 2019, the Inland Revenue Authority of Singapore (IRAS) issued an announcement that, with effect from 1 April 2020, the IRAS will no longer accept FATCA (Foreign Account Tax Compliance Act) notifications submitted via the International
See MoreSingapore: IRS Publishes TP guidelines for commodity marketing and trading activities
On 24 May 2019, the Inland Revenue Service of Singapore (IRS) has published a new transfer pricing (TP) E-Tax guide aimed at helping taxpayers compute the economic value of commodity marketing and trading activities conducted by related parties.
See MoreSingapore presents Budget for 2019
On 18 February 2019, the Finance Minister of Singapore delivered the Budget for 2019. The main tax-related measures are summarized below: To maintain support to companies in their automation, productivity and scale-up efforts, the 100%
See MoreSingapore deposits ratification instrument for MLI
On 21 December 2018, Singapore deposited its instrument of ratification of the Multilateral Agreement for the Implementation of Measures relating to the Prevention of Erosion and Profit Shifting (MLI). As of 21 December 2018, a total of 18 countries
See MoreSingapore enacts the Income Tax (Amendment) Act 2018
On 12 November 2018, Singapore enacted the Income Tax (Amendment) Act 2018. The Act(amended) implements the changes in income tax announced in the 2018 budget statement and changes in the taxes resulting from the regular review of income tax
See MoreSingapore signs TIEA and FATCA with the US
On 13 November 2018, the Inland Revenue Authority of Singapore has confirmed the signing of a tax information exchange agreement (TIEA) and a reciprocal FATCA Intergovernmental agreement (FATCA IGA) with the United States. The TIEA will permit
See MoreSingapore: Reminder on due date for submitting CIT returns for YA 2018
The Inland Revenue Authority of Singapore has issued a reminder to companies that the corporate income tax return filing deadline for Year of Assessment (YA) 2018 is: Paper Filing: 30 Nov 2018; and E-Filing: 15 Dec 2018. E-filing of tax
See MoreOECD: Global Forum publishes more peer review reports
On 15 October 2018 the OECD’s Global Forum on Transparency and Exchange of Information for Tax Purposes published a further seven peer review reports. These reports relate to Austria, Aruba, Bahrain, Brazil, St Kitts and Nevis, Singapore and the
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