Friday, 22 September 2017
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singapore - Tax & Revenue

Taxman calls on Grab, Uber Drivers

The Inland Revenue Authority of Singapore (IRAS) is reported to have approached the two ride-hailing firms to work out an arrangement for the drivers to file their tax returns automatically.
Date: 17 September 2017; Type: Legal News; Source: Singapore Law Watch

GST: Customer Accounting for Prescribed Goods

This guide explains how businesses would apply customer accounting for transactions in mobile phones, memory cards and off-the-shelf software.
Date: 15 September 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Tampines Court Owners get More Time to pay Seller's Stamp Duty

The Inland Revenue Authority of Singapore prepared to consider requests to waive the penalty incurred up to the date of the sales order, provided that the said contract is stamped within 14 days from the date of execution.
Date: 13 September 2017; Type: Legal News; Source: Singapore Law Watch

Establishment of Temporary Restricted Area during 2017 Formula 1

The Civil Aviation Authority of Singapore (CAAS) will be establishing a temporary Restricted Area over certain parts of Singapore (as shown in the map at Annex A) under the Air Navigation Order (ANO).
Date: 08 September 2017; Type: Legal News; Source: Civil Aviation Authority

Former Director sentenced to Jail Term and Penalty for assisting in Income Tax Evasion

Kuah Pong Guan (“Kuah”), former director of Wesco Engineering Pte Ltd (“WEPL”), a company involved in fabrication of metal works, has been convicted of assisting WEPL to evade tax for two years in the Years of Assessment (“YA”) 2009 and 2010. The court sentenced Kuah to two weeks’ imprisonment and a penalty ...
Date: 08 September 2017; Type: Legal News; Source: Inland Revenue Authority of Singapore

Summary of Responses to Public Consultation on Draft Income Tax (Amendment) Bill 2017

56 suggestions accepted and incorporated into the upcoming Income Tax (Amendment) Bill 2017.
Date: 07 September 2017; Type: Circular; Source: Ministry of Finance

GST: Assisted Self-Help Kit (ASK) Annual Review Guide

The GST "Assisted Self-help Kit” (ASK) is a self-assessment package designed to facilitate voluntary compliance of GST-registered businesses.
Date: 05 September 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Responses to Public Consultation on Property Tax (Amendment) Bill 2017

The Ministry of Finance (MOF) held a public consultation exercise on the draft Property Tax (Amendment) Bill 2017 from 4 May to 25 May 2017. The draft Bill provided for changes to the Property Tax Act to update the legislation and to improve tax administration. These are:
Date: 06 September 2017; Type: Tax News; Source: Ministry of Finance

MOF to move Bill on Two Proposed Property Tax Changes

The Finance Ministry has decided to proceed with two proposed changes in the Property Tax (Amendment) Bill 2017 following a public consultation.
Date: 06 September 2017; Type: Legal News; Source: Singapore Law Watch

IRAS e-Tax Guide on Common Reporting Standard

This draft e-Tax Guide is intended to assist businesses and those affected by the Common Reporting Standard (“CRS)”, in particular, Singaporean Financial Institutions, in understanding the CRS framework and their CRS compliance obligations.The CRS is the global standard for the automatic exchange of Financial Account information between ...
Date: 25 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Summary of Responses to Public Consultation on Draft Goods and Services Tax (Amendment) Bill 2017

30 suggestions are accepted and incorporated into the upcoming amendment Bill.
Date: 23 August 2017; Type: Press Release; Source: Ministry of Finance

Man sentenced to 17 Months’ Imprisonment for dealing with Duty-Unpaid Cigarettes

An Indonesian man Suryadi Memet, 21, was sentenced by the State Courts on 15 August 2017 to 17 months’ imprisonment for dealing with duty-unpaid cigarettes.
Date: 15 August 2017; Type: Tax News; Source: Customs Department

GST: Approved Contract Manufacturer and Trader (ACMT) Scheme (Twelve Edition)

This e-Tax guide explains how the ACMT scheme works, the qualifying conditions for the scheme and responsibilities of approved ACMT persons.
Date: 11 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Approved Refiner and Consolidator Scheme (ARCS) (Sixth Edition)

This e-Tax Guide provides details of the new Approved Refiner and Consolidator Scheme (ARCS). The scheme is a measure to ease cash flow and compliance of qualifying refiners and consolidators of Investment Precious Metals (‘IPM’) in their payment of GST on import and purchase of raw materials as announced by the Deputy Prime Minister an ...
Date: 11 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide on Approved Import GST Suspension Scheme

This e-Tax Guide explains the mechanism and qualifying criteria for Approved Import GST Suspension Scheme (AISS).
Date: 11 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Approved Third Party Logistics Company Scheme

This e-Tax Guide explains how the Approved Third Party Logistics (3PL) Company Scheme works and the qualifying conditions.
Date: 11 August 2017; Type: Guide; Source: Inland Revenue Authority of Singapore

Public Consultation on Income Tax Implications Arising from the Adoption of FRS 116 - Leases

This consultation paper sets out Inland Revenue Authority of Singapore’s proposed positions on the income tax implications arising from the adoption of Financial Reporting Standard 116.
Date: 08 August 2017; Type: Consultation Paper; Source: Inland Revenue Authority of Singapore

Singapore and Nigeria sign Agreement for Avoidance of Double Taxation

Singapore signed an Agreement for the Avoidance of Double Taxation (DTA) with the Federal Republic of Nigeria on 02 August 2017.
Date: 03 August 2017; Type: Tax News; Source: Inland Revenue Authority of Singapore

Changes to the Prohibition of Imports, Exports, Transhipments and Goods in Transit from or to DPRK - Circular

With the adoption of the United Nations Security Council Resolutions 2270 and 2321, Singapore has updated the scope of the prohibition on the importation into, exportation from, or the transhipment or transit through Singapore of certain goods from or to the Democratic People’s Republic of Korea - Customs Circular No. 10/2017
Date: 28 July 2017; Type: Circular; Source: Customs Department

Changes to the Prohibition of Imports, Exports, Transhipments and Goods in Transit From or to Iran - Circular

The amendments update the scope of prohibition on importation into, exportation from, or the transhipment or transit through Singapore of certain goods from or to Iran in our national controls as prescribed in the United Nations Security Council Resolution 2231 (2015) - Customs Circular No. 11/2017
Date: 28 July 2017; Type: Circular; Source: Customs Department

Industry Updates

ASEAN, Dialogue Partners hope for End of Marawi Conflict Soon

MANILA - The ASEAN member states and its dialogue partners are hoping that the more than three-month fighting in Marawi be resolved soon.

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ASEAN Public Relations strengthen Regional Structure

Badung, Bali (ANTARA News) - Public relations and communication are keys to obtain public understanding and participation in order to strengthen the regional organization's position at the global level, Director General of Public Information and Communication at the Ministry of Communications and Information Technology, Rosarita Niken Widiastuti, stated here on Wednesday.

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Malaysia-Thailand to ink MoU on Security Cooperation

BANGKOK, Sept 20 (Bernama) - There will be closer security cooperation between Malaysia and Thailand with the establishment of a Joint Committee on Security Cooperation, according to a cabinet resolution document released by the Thai government.

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MAS sets up International Advisory Panel for Cyber Security

Singapore, 20 September 2017 - The Monetary Authority of Singapore (MAS) announced today that it has established a Cyber Security Advisory Panel (CSAP), comprising cyber security thought leaders from around the world.

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Singapore and China Mediation Centres work together to help Businesses resolve Disputes along Belt and Road

1. The Singapore International Mediation Centre (SIMC) and the Mediation Center of the China Council for the Promotion of International Trade / China Chamber of International Commerce (CCPIT/CCOIC Mediation Center) will work together to support businesses and help them resolve disputes that may arise in cross-border commercial transactions under China’s Belt and Road Initiative (BRI). The two mediation centres signed a Memorandum of Understanding (MOU) today at the International Mediation Summit held in Hangzhou, China.

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ASEAN enhances Coordination to tackle Cyber Threats

SINGAPORE, Sept 18 (Bernama) - ASEAN member states have agreed on the importance of enhancing coordination to ensure that its cybersecurity efforts across various platforms in countering increasingly sophisticated cyber threats are focused, effective and in synergy with one another.

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Veteran Lawyer Leo Fernando dies at 85

He was counted among the "legends" in criminal law in the 70s and 80s.

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Five Court Volunteers lauded for Dedication

These volunteers of the Supreme Court, the State Courts and the Family Justice Courts received awards for their outstanding commitment and dedication to pro bono work.

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Halimah Yacob is Singapore's Eighth President

SINGAPORE, Sept 14 (Bernama) - Halimah Yacob was sworn in as Singapore's eighth President at the Istana today, marking her first day of a six-year term.

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ASEAN to promote Trade with Russia and EAEU

Jakarta (ANTARA News) - ASEAN Economic Ministers agreed to expand trade with Russia and those grouped in the Eurasian Economic Union (EAEU).

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Conclusion of the ASEAN-Hong Kong, China Free Trade Agreement (AHKFTA) and the ASEAN-Hong Kong, China Investment Agreement (AHKIA)

The Economic Ministers of ASEAN and Hong Kong, China (HKC) announced the conclusion of the ASEAN-HKC Free Trade Agreement (AHKFTA) and the ASEANHKC Investment Agreement (AHKIA) at the Second ASEAN Economic Ministers (AEM)-HKC Consultations held on 9 September 2017 in Pasay City, the Philippines.

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SGX RegCo announces Board Members; Operational Start on 15 September

Singapore Exchange Regulation (SGX RegCo) has appointed Mr Alan Shaw, Ms Jane Diplock AO and Mr Ronny Tan to its board. The company will begin operations on 15 September 2017.

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