singapore - Tax & Revenue

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) (No. 2) Notification 2019

This Notification is deemed to have come into operation on 14 December 2017.
Date: 05 March 2019; Type: Federal Subsidiary Legislation; Citation: No. S 129; Source: Singapore Statutes Online

IRAS e-Tax Guide on Income Tax: Tax Treatment of Public-Private Partnership Arrangements (Third Edition)

This e-Tax guide explains the approach the Comptroller of Income Tax (CIT) takes to establish the scope of services carried on by the private sector operator involved in a Public Private Partnership (PPP) project and provides details on the income tax treatment that would apply.
Date: 22 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Customs (Duties) (Amendment No. 2) Order 2019

This Order comes into operation on 18 February 2019 at 5.45 p.m.
Date: 18 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 105; Source: Singapore Statutes Online

Goods and Services Tax (Imports Relief) (Amendment) Order 2019

This Order comes into operation on 19 February 2019.
Date: 18 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 106; Source: Singapore Statutes Online

Property Tax (Tourist Projects) (Revocation) Order 2019

This Order comes into operation on 19 February 2019.
Date: 18 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 107; Source: Singapore Statutes Online

Revision in GST Import Relief for Travellers with effect from 19 February 2019

The Goods and Services Tax (GST) import relief for travelers will be tightened for travelers arriving in Singapore, starting from 12.00am on 19 February 2019.
Date: 18 February 2019; Type: Press Release; Source: Customs Department

Customs (Amendment) Act 2018

This Act seeks to amend the Customs Act and to make a related amendment to the Road Traffic Act.
Date: 15 February 2019; Type: Federal Amendment Act; Citation: No. 5; Source: Singapore Statutes Online

Customs (Amendment) Act 2018 (Commencement) Notification 2019

This is to notify that Sections 3(a) and (c), 4, 5, 7 to 11, 13 to 17 and 19(4), (5) and (6) of the Customs (Amendment) Act 2018 comes into operation on 18 February 2019.
Date: 15 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 101; Source: Singapore Statutes Online

IRAS e-Tax Guide on Tax Deductibility of General Insurers' Reserves against Incurred But Not Reported Claims (IBNR Claims) (Third Edition)

The purpose of this Practice Note is to set out the guidelines in determining acceptable methodologies for estimating the liability which can be used to quantify the reserves to be allowed a deduction for tax purposes. It is also to set out the substitute methods which may be used to derive an indication of what could be a reasonable level of reser ...
Date: 14 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Income Tax (Exemption of Interest and Other Payments on Economic and Technological Development Loans) Notification 2019

This Notification is deemed to have come into operation on 10 June 2018.
Date: 12 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 83; Source: Singapore Statutes Online

Regulation of Imports and Exports (Amendment) Regulations 2019

These Regulations come into operation on 9 February 2019.
Date: 08 February 2019; Type: Federal Subsidiary Legislation; Citation: No. S 82; Source: Singapore Statutes Online

Filing Responsibilities of Precedent Partners

The precedent partner is the first named in the partnership agreement. If there is no partnership agreement, the precedent partner is a partner who is agreed upon and appointed by the other partners. All precedent partners must file Form P.
Date: 05 February 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST on Imported Services

To level the GST treatment for all services consumed in Singapore, the reverse charge regime for Business-to-Business supplies of imported services and the overseas vendor registration regime for Business-to-Consumer supplies of imported digital services will be implemented from 1 Jan 2020 to tax imported services.
Date: 04 February 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST: Taxing Imported Services by Way of Reverse Charge (First Edition)

The Minister for Finance announced in Budget 2018 that GST would be applied on imported services in the context of Business-to-Business (B2B) transactions by way of a reverse charge mechanism with effect from 1 Jan 2020. This guide explains the features of the reverse charge mechanism and the related registration and compliance rules. It also ...
Date: 04 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Taxing Imported Services by Way of an Overseas Vendor Registration Regime

This guide explains the features of the overseas vendor registration regime, and the related GST registration and reporting rules. It also covers the compliance guidelines, as well as the transitional rules applicable to transactions spanning the implementation of the registration regime on 1 Jan 2020.
Date: 04 February 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Goods and Services Tax (Composition of Offences) (Amendment) Regulations 2019

These Regulations come into operation on 1 February 2019.
Date: 31 January 2019; Type: Federal Subsidiary Legislation; Citation: No. S 60; Source: Singapore Statutes Online

GST: Fringe Benefits (Third Edition)

This guide explains the GST treatment of goods and services provided by a GST-registered person to their employees as fringe benefits. Fringe benefits refer to non-wage benefits provided by employers to employees as a part of their overall remuneration packages and can take the form of either goods or services.
Date: 27 July 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Tax Exemption for Foreign-Sourced Income (Third Edition)

This e-Tax Guide provides details on the tax exemption for certain foreign-sourced income from 1 Jun 2003 under the Foreign-Sourced Income Exemption (FSIE) scheme. This guide also consolidates the three e-Tax guides issued previously on the FSIE scheme.
Date: 23 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide on Exemption of Investment Precious Metals (IPM) (Eighth Edition)

This e-Tax Guide provides details on the GST exemption of investment gold, silver and platinum. It is relevant to businesses that trade in physical gold, silver and platinum.
Date: 18 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Customs (Duties) (Amendment) Order 2019

This Order is deemed to have come into operation on 1 January 2018.
Date: 18 January 2019; Type: Federal Subsidiary Legislation; Citation: No. S 48; Source: Singapore Statutes Online

INDUSTRY UPDATES

MAS scores, sets Benchmark for Others

The Monetary Authority of Singapore's (MAS) enforcement report has revealed how it polices the financial markets under its charge, and is a welcome indicator of the greater openness the market has long sought, as the report mainly focused on market abuse, financial services misconduct, and money laundering-related control breaches.

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INDUSTRY UPDATES

PRRD terminates Appointment of GRP Panel Members

MANILA, Mar 20 (PNA) - Malacañang on Wednesday confirmed the termination of the appointments of government peace negotiators with communist rebels "in view of the termination of the peace negotiations" with the Communist Party of the Philippines-New People's Army-National Democratic Front (CPP-NPA-NDF).

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INDUSTRY UPDATES

Malanjum keeping Mum about his Successor

KUALA LUMPUR, Mar 20 (Bernama) - Chief Justice Tan Sri Richard Malanjum, who is due for compulsory retirement in April only smiled broadly and chose to remain secretive when asked about his successor.

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INDUSTRY UPDATES

MP Noh Omar expelled from Dewan Rakyat for Three Days

KUALA LUMPUR, Mar 19 (Bernama) - Tanjung Karang MP Tan Sri Noh Omar has been expelled from the Dewan Rakyat for three days from today.

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INDUSTRY UPDATES

ICC Prosecutors to be deported if they Probe Drug War

MANILA, Mar 18 (PNA) - Prosecutors of the International Criminal Court (ICC), who will enter the Philippines to investigate the Duterte administration’s war on drugs, may be deported, Malacañang said on Monday.

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INDUSTRY UPDATES

Selangor wants tougher Environmental Laws

SHAH ALAM, Mar 17 (Bernama) - The Selangor government wants to enforce more stringent laws to address issues related to environmental pollution in the state, said Menteri Besar Amirudin Shari.

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INDUSTRY UPDATES

Rosmah's Graft Case transferred to High Court

KUALA LUMPUR, Mar 15 (Bernama) - The High Court here today allowed the prosecution's application to transfer from the Sessions Court to the High Court the case involving two graft charges filed against Datin Seri Rosmah Mansor, who is the wife of former Prime Minister Datuk Seri Najib Tun Razak.

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INDUSTRY UPDATES

IBP condemns Slay of another Lawyer in DavNor

MANILA, Mar 14 (PNA) - The Integrated Bar of the Philippines (IBP) on Thursday urged authorities to take action on the latest killing of a lawyer, Rex Jasper Lopoz, who was gunned down last March 13 in front of a shopping mall in Tagum City, Davao del Norte.

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INDUSTRY UPDATES

IPOPHL brings IP-focused MCLE Program to Cebu

MANILA, Mar 14 (PNA) - The Intellectual Property Office of the Philippines (IPOPHL) will be mounting the 2019 edition of the Mandatory Continuing Legal Education (MCLE) this March in Cebu, to expand its education drive and reach out to IP practitioners in the Visayas.

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INDUSTRY UPDATES

ASEAN aims at creating Future Digitally-Skilled Youths

Jakarta, Mar 14 (ANTARA) - Seven ASEAN member states, through the ASEAN Digital Innovation Programme initiated by the ASEAN Foundation in collaboration with Microsoft, aim to create digitally-skilled youths prepared to tackle challenges of the digital workspace in future.

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INDUSTRY UPDATES

Tanintharyi Landholders sued under New Law

Local government officials and companies are already using the recently amended land law to remove villagers from disputed land, according to lawyers in southern Myanmar.

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INDUSTRY UPDATES

SC to facilitate Greater Investor Inclusiveness

KUALA LUMPUR, March 14 (Bernama) - Opening local corporate bonds and sukuk to retail investors who meet the requirements set are among the steps taken by the Securities Commission Malaysia (SC) to promote investors inclusiveness in the local market.

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INDUSTRY UPDATES

SC aims Further Expansion of Islamic Capital Market, says Chairman

KUALA LUMPUR, March 14 (Bernama) - The Securities Commission (SC), the regulatory body of the capital market, aim to foster growth that is premised on long-term value creation by intensifying efforts to further expand the Islamic capital market as well as the closely-linked sustainable finance segment.

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INDUSTRY UPDATES

National E-Document Exchange Platform launched

Hanoi, Mar 12 (VNA) - The Government Office held a ceremony in Hanoi on March 12 to launch the National E-Document Exchange Platform, a move towards a digital government and economy.

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INDUSTRY UPDATES

Cabinet approves 5Bn Baht Agro Subsidies

BANGKOK, Mar 13 (NNT) - The weekly Cabinet meeting has allocated another five billion baht to support rice agriculture during the current production year.

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INDUSTRY UPDATES

CJ seeks to remove Parts of Hamid Sultan's Affidavit

KUALA LUMPUR, Mar 13 (Bernama) - Chief Justice Tan Sri Richard Malanjum today filed an application to remove parts of the supporting affidavit filed Court of Appeal Judge Datuk Dr Hamid Sultan Abu Backer in the lawsuit by the late Karpal Singh’s daughter, claiming that it was outrageous, insulting and an attack to the Judiciary.

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INDUSTRY UPDATES

Up to PM to shortlist Candidates for CJ's Post - Liew

KUALA LUMPUR, Mar 12 (Bernama) - The Law Minister in the Prime Minister’s Department Datuk Liew Vui Keong today said that he has no information about the candidates shortlisted to be appointed as the new Chief Justice to replace Tan Sri Richard Malanjum who will retire from the post next month.

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INDUSTRY UPDATES

Sabah helps Children without Documents through Legalization Program

KOTA KINABALU, Mar 12 (Bernama) - Children born in Sabah and categorised as foreigners even though one of their parents were local residents, will be given aid through a legalisation programme which will ensure a better future for them.

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