Singapore 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
See MoreASEAN: Agreements Signed at Meeting of Economic Ministers
Economic Ministers from member states of the Association of South East Asian Nations (ASEAN) are meeting in Singapore between 29 August and 1 September. A number of important economic agreements have been signed or endorsed by the Ministers. AFAS
See MoreSingapore: IRAS publishes e-tax guide on country-by-country reporting
On 7 August 2018, the Inland Revenue Authority of Singapore (IRAS) published the third edition of its e-Tax Guide concerning country-by-country reporting. The purpose of the guide is to provide information to the taxpayers regarding the obligation
See MoreSingapore changes to tax reliefs for firms in pioneer industries
On 5 May 2018, Singapore has published the Economic Expansion Incentives (Amendment) Act 2018 and the related Commencement Notification and Regulations in the Official Gazette. The Act and Regulations provide for the exclusion of income from
See MoreSingapore: Plans to increase GST rate and imposed GST on imported services
The Minister for Finance in Singapore presented Budget for 2018 on 19 February 2018. Budget 2018 proposes an increase in the GST rate from the current 7% to 9%. This increase would take place sometime during 2021 to 2025. Budget 2018 also introduces
See MoreSingapore: New transfer pricing rules
Singapore Inland Revenue Authority published transfer pricing documentation rules and transfer pricing guidelines in February 2018. The major expansions of the transfer pricing rules are as follows: The arm’s length principle is aligned with
See MoreOECD: Third round of peer reviews on dispute resolution mechanisms
On 12 March 2018 the OECD released the third round of peer reviews relating to improving tax dispute resolution mechanisms to make them more timely, relevant and effective. Action 14 of the action plan on base erosion and profit shifting (BEPS) was
See MoreSingapore: The excise duties imposed on all tobacco products increased by 10%
On 19 February 2018, the Budget for 2018 was presented to Parliament by the Finance Minister. The Finance Minister, Heng Swee Keat, earlier the same day during the nation’s annual Budget speech announced that the Government will impose a 10%
See MoreSingapore: Published Country-by-Country Reporting regulations
The Government of Singapore published Country-by-Country Reporting in the Singapore Government Gazette the “Income Tax Regulations 2018” on 5 February under the Income Tax Act (ITA). Country-by-Country reporting application and
See MoreSingapore: IRA releases revised transfer pricing guidelines
On 23 February 2018, Inland Revenue Authority issued the fifth edition of its transfer pricing guidelines outlining the improvements to the arm’s length principle, adding new transfer pricing documentation requirements, and granting new powers of
See MoreSingapore: Finance Minister presents the Budget for 2018
On 19 February 2018, the Finance Minister presented the Budget for 2018 to the Parliament. Some of its most significant corporate tax measures are summarized below: For Year of Assessment (YA) 2018, the CIT rebate will be enhanced to 40% of tax
See MoreSingapore: Ministry of Health proposes enlarged graphic health warnings on tobacco packaging
On 4 February 2018, the Ministry of Health (MOH) has proposed for enlarged health warnings on tobacco packaging which could cover 75% of the packaging surface. From February 5th  to March 16th , MOH will be conducting a public consultation
See MoreLatvia: Parliament approves protocol to tax treaty with Singapore
On 30 November 2017, the Latvian Parliament agreed to ratify the protocol to income tax treaty with Singapore. The protocol was signed on 20 April 2017 to amend the income tax treaty of 1999. The protocol will enter into force once both parties have
See MoreSingapore: OECD concludes tax incentives meet international BEPS standards
Singapore is an "associated" jurisdiction under the BEPS (Base Erosion and Profit Shifting) project.  Singapore’s available tax incentives were reviewed by the Forum on Harmful Tax Practices and found to be “not harmful” under the peer review
See MoreSingapore: Tax exemptions for corporate re-domiciliations
On 11 October 2017, Singapore's Accounting & Corporate Regulatory Authority (ACRA) has immediately adopted the Companies (Transfer of Registration) Regulations 201, which allows eligible foreign companies to relocate their registered offices to
See MoreSingapore: Income Tax (Amendment) Bill 2017 approved
The Income Tax (Amendment) Bill 2017 was approved by the Singaporean lawmakers on 2 October 2017.The amendments to the Income Tax Act comprise of tax changes announced in the 2017 Budget. According to the approved Bill existing corporate income tax
See More