Singapore – Employer contributions to overseas pension funds
The Inland Revenue Authority of Singapore (IRAS) has issued information on its website explaining amended rules relating to the concessionary tax exemption available for contributions by employers to certain pension schemes. The exemption relates to
See MoreSingapore- issues e-Tax Guide on GST Advance Ruling System
An updated e-Tax Guide has been published by the Inland Revenue Authority of Singapore (IRAS) to give guidance on aspects of the Goods and Services Tax (GST) advance ruling system and on the relevant application procedures in connection with the
See MoreSingapore Arranges First Wage Credit Payments
Singapore is paying out the first tranche of the payments under the Wage Credit Scheme (WCS) by 31 March 2014. Around 75 percent of the payments are due to small and medium enterprises (SMEs). The payments are intended to help new businesses and low
See MoreSingapore – 2014 budget analysis published
Following the Singapore’s 2014 budget statement (presented 21 February 2014), Singapore has prepared an analysis of changes and initiatives in the 2014 budget. This will help taxpayers to digest the changes announced in the budget and allow them
See MoreSingapore: Income tax treatment of limited partnerships
The Inland Revenue Authority of Singapore (IRAS) has published an e-tax guide outlining the tax treatment of limited partnerships (LPs). An LP is a partnership that does not have a separate legal personality. It must have at least one general
See MoreSingapore – Insurance company’s gain is capital and not taxable
The Court of Appeal in Singapore confirmed a decision of the High Court, finding that shares that an insurance company held in three other entities (i.e., core shares) were capital assets. Thus, the gain on disposal of these shares was capital and
See MoreSingapore: Budget 2014/15 aims to increase tax revenue
Singapore's Minister for Finance has stressed the importance of Singapore balancing its books over the long term, in the 2014/15 Budget speech. Already, with increased social and healthcare spending, the Singapore Government is forecasting a small
See MoreSingapore: over 1.2m Taxpayers Need Not File Returns
The tax filing season in Singapore started on March 1, 2014. Around 1.23m taxpayers will not need to file a return, as more people benefit from the Inland Revenue Authority of Singapore's (IRAS) No-Filing Service (NFS). Taxpayers who have been
See MoreSingapore: Budget 2014
Singapore has recently issued the 2014 budget, containing provisions related to introduction of the Productivity and Innovation Credit (PIC) Scheme for Small and Medium Enterprises (SMEs), PIC benefits on training employees, the extension of the
See MoreSingapore simplifies stamp duty rate regime
The Inland Revenue Authority of Singapore (IRAS) has issued an e-Tax Guide explaining the stamp duty changes introduced in the Government's 2014 Budget on February 21, 2014. In Singapore stamp duty is payable on instruments relating to the
See MoreSingapore: New guidance on GST and income tax treatment of virtual currencies
The Inland Revenue Authority of Singapore (IRAS) has published guidance on GST and income tax treatment for virtual currencies. For GST purposes, virtual currencies will be treated as a supply of services, which does not qualify for GST
See MoreSingapore – Budget 2014 to be presented on 21 February 2014
Singapore's annual budget is prepared for each financial year, which begins on 1 April of every calendar year and ends on 31 March of the next calendar year. The budget includes the revised government revenue and expenditure projections for the
See MoreSingapore – Tax proposals in 2014 budget
Singapore’s 2014 budget statement was presented on 21 February 2014. An initial review of tax measures included in the budget statement reveals there are provisions that would achieve the following changes: The budget if passed into law would
See MoreSingapore: DTA between Singapore and Austria enters into force
The Singapore tax authority announced on February 6, 2014, that the double tax agreement (DTA) signed between Singapore and Austria will enter into force on May 1,
See MoreSingapore: DTA between Poland and Singapore enters into force
The Singapore tax authority announced on 6 February 2014, that the double tax agreement (DTA) signed between Singapore and Poland applies from 6 February 2014 for the mutual agreement procedure and exchange of information provisions and from 1
See MoreRevised DTA between Poland and Singapore in force
The revised version of the Singapore-Poland avoidance of double taxation agreement (DTA) entered into force on 6 February 2014. It was signed on 4 November 2012. Bottom of Form The revised DTA incorporates the internationally agreed standard for
See MoreSingapore levies Goods and Services Tax on Bitcoin
The Singapore tax authorities have recently issued guidance that the virtual digital currency, Bitcoin, is subject to Singapore goods and services tax (GST) at 7%. Although some financial services are exempt from VAT Bitcoin is regarded as a service
See MoreTreaty between Luxembourg and Singapore signed
The Luxembourg – Singapore Income and Capital Tax Treaty (2013) was signed on 9 October 2013 in Washington DC. The treaty is based on the OECD Model Tax Convention. When it will force and in effect, the new treaty will switch the
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