singapore - Tax & Revenue - Notices & Directives

GST: Transfer of Business as a Going Concern and Other Excluded Transactions (Third Edition)

This e-Tax Guide explains and provides examples of transactions that are regarded as neither a supply of goods nor services and hence are not subject to GST.
Date: 22 April 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Carry-Back Relief System (Fourth Edition)

This e-Tax Guide provides details on the carry-back relief system. The carry-back relief under Section 37E of the Income Tax Act is available to all persons carrying on a business, including sole-proprietorships and partnerships.
Date: 09 April 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Advance Ruling System (Fourth Edition)

This e-Tax Guide explains the GST advance ruling system and the application procedures.
Date: 05 April 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Corporate Income Tax-Objection and Appeal Process (Second Edition)

This e-Tax Guide sets out the administrative aspects of to the objection and appeal process and provides guidance to taxpayers on filing a valid objection.
Date: 04 April 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Group Relief System (Second Edition)

This e-Tax Guide provides details on the group relief system effective from the Year of Assessment 2003.
Date: 29 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Claiming GST on Expenses for Qualifying Funds

This is to notify that when the financial services provided fall within the 4th Schedule of the GST Act, the services are exempt supplies. No GST needs to be charged for exempt supplies.
Date: 28 March 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST: Guide on Exemption of Investment Precious Metals (IPM) (Ninth 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: 27 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: For Retailers Participating in Tourist Refund Scheme (Refund Claims made on or after 4 Apr 2019)

This e-Tax guide provides details on the features and refund mechanism of the Electronic Tourist Refund Scheme (eTRS).
Date: 22 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Guide for Visitors on Tourist Refund Scheme (Refund Claims made on or after 4 Apr 2019)

This e-Tax Guide provides details on how you can get a refund of the GST paid on the goods you have purchased and brought out of Singapore.
Date: 22 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: The Electronic Tourist Refund Scheme (eTRS) (Refund Claims made on or after 4 Apr 2019)

This guide aims to cover the description of the process and data flow, conditions and fee applicable for the participation, application procedures and an overview of the system requirements under the Electronic Tourist Refund Scheme (eTRS).
Date: 22 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Second Edition)

This e-Tax Guide provides details on the tax treatment of foreign exchange gains or losses for businesses (banks and businesses other than banks).
Date: 14 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Approved Third Party Logistics Company Scheme (Third Edition)

This e-Tax Guide explains how the Approved Third Party Logistics (3PL) Company Scheme works and the qualifying conditions.
Date: 11 March 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

MOF Invites Feedback on Proposed Legislative Amendments for the Corporate Income Tax Treatment of Variable Capital Companies

This is to notify that the Ministry of Finance seeks feedback from 6 to 21 March 2019, on the proposed changes to the Income Tax Act (ITA), which will be amended via the Variable Capital Companies (Miscellaneous Amendments) Bill 2019.
Date: 06 March 2019; Type: Press Release; Source: Ministry of Finance

E-Filing of Income Tax for Year Assessment 2019

Guidelines on how to E-File Income Tax for the Assessment Year 2019.
Date: 07 March 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

Public Consultation on Proposed Legislative Amendments for the GST and Stamp Duty Treatment of Variable Capital Companies (VCCS)

This is to notify that the Ministry of Finance seeks public feedback from 14 February to 1 March 2019 on the proposed amendments to the Goods and Services Tax Act and Stamp Duties Act, which will be incorporated into a Variable Capital Companies (Miscellaneous Amendments) Bill 2019.
Date: 15 February 2019; Type: Consultation Paper; Source: Ministry of Finance

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

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

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

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

INDUSTRY UPDATES

House rejects Four Candidates for Chief Justice

Jakarta, May 22 (ANTARA) - The House of Representatives (DPR) Commission III rejected four candidates proposed by the Judicial Commission for chief justice during a plenary session held in Jakarta on Tuesday.

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18 Items listed under Festive Season Price Control Scheme for Aidilfitri, Gawai

KUCHING, May 22 (Bernama) - The Ministry of Domestic Trade and Consumer Affairs has listed 18 items under the Festive Season Price Control Scheme (FSPCS) in conjunction with Aidilfitri and 14 items for Gawai Dayak which will be celebrated in June.

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Phone Call not from Officer or Staff of Penang Courts - Chief Registrar's Office

PUTRAJAYA, May 21 (Bernama) - The Federal Court Chief Registrar’s Office (PKPMP) has denied an individual’s claim about receiving a phone call from an officer or employee of the Penang courts.

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ASEAN told to improve Production Technology and Capacity

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No Freeze in Intake of Foreign Workers - Ministry

KUALA LUMPUR, May 18 (Bernama) - The Human Resources Ministry has clarified that there is no freeze in the recruitment of foreign workers although many applications to bring in workers have been rejected for non-compliance with the law.

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Actions against those who tarnish Judiciary's Image, Dignity, says CJ

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Right Decisions only Way for Judiciary to recover Glory - Attorney General

PUTRAJAYA, May 17 (Bernama) - Attorney-General Tommy Thomas says judges must always endeavour to make the right decisions, without fear or favour, and regardless of the personality of the party or the accused before them.

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Transport Ministry makes it More Flexible for e-hailing Drivers to obtain PSV Licence

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RM1.56 Mln Fine on Poachers, highest so far for Wildlife Crimes

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Delegation of Lawmakers visit Netherlands

Hanoi, May 15 (VNA) - A delegation of the National Assembly’s Committee on Laws led by the committee’s vice chairman Pham Tri Thuc has just paid a working visit to the Netherlands.

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Adib Inquest: Lawyer grills Forensics Expert on 'Probability Report'

SHAH ALAM, May 16 (Bernama) - A lawyer questioned the ‘probability report’ of a specialist medical witness in the inquest into the death of Muhammad Adib Mohd Kassim, that injuries to the right chest of the firefighter were caused by a curb or road shoulder.

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Telecom Regulator proposes Online Sim Card Registration

The Lao Telecommunication Regulatory Authority is developing an application for use as a possible option to speed up sim card registration.

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Government agrees to appoint a Youth to represent them in the Senate

BANGI, May 15 (Bernama) - Prime Minister Tun Dr Mahathir Mohamad announced that the government has agreed to appoint a member of the Senate from among the youths with wide expertise and knowledge in the field and issues on the development of youths.

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MoF sets up Debt Management Office

KUALA LUMPUR, May 15 (Bernama) - The Ministry of Finance has set up the Debt Management Office (DMO) to review and manage the government’s debt and liabilities.

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RoK helps Vietnam accelerate Judicial Reform

Hanoi, Apr 26 (VNA) - The Supreme People’s Court and the Korea International Cooperation Agency (KOICA) launched a project on improving trial transparency and quality at Vietnamese courts during a ceremony in Hanoi on April 26.

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DOLE announces 29 Job Fir Venues Nationwide on Labor Day

MANILA, Apr 29 (PNA) - The Department of Labor and Employment (DOLE) is inviting job seekers to a nationwide job fair on May 1.

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Universities, Industry Players to join forces for IR 4.0

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BNM appoints Two External Members to Monetary Policy Committee

KUALA LUMPUR, Apr 29 (Bernama) - Bank Negara Malaysia (BNM) has reappointed Professor Dr Yeah Kim Leng and appointed Datuk Dr Gan Wee Beng as external members of its Monetary Policy Committee (MPC) effective April 1, 2019.

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