singapore - Tax & Revenue - Notices & Directives

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

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

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

Wrongful Collection of GST by GST-registered Persons

This is to notify that it is an offence to collect GST when no tax is chargeable under the GST Act or when an amount is collected in excess of what is permitted under the Act.
Date: 14 January 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Income Tax Treatment of a Trust Registered under the Business Trusts Act (Second Edition)

This e-Tax Guide provides details on the income tax treatment of a trust which is registered under the Business Trusts Act and is applicable to trustee-managers or unitholders of a registered business trust.
Date: 08 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST on Manufacturing

This is to explain GST relating to the supply of manufactured goods, tools/machines used in manufacturing, imported goods, goods to be replaced, etc.
Date: 03 January 2019; Type: Guideline; Source: Inland Revenue Authority of Singapore

GST: General Guide for Businesses (Eighth Edition)

This guide provides an overview of the Goods and Services Tax (GST) in Singapore. It covers three broad categories which are GST Concepts and Principles, GST Administration and GST Schemes.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

IRAS e-Tax Guide on Record Keeping Guide for GST-Registered Businesses (Fifth Edition)

This guide is designed to help GST-registered businesses prepare and keep records for Income Tax and GST purposes.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Major Exporter Scheme (Ninth Edition)

This e-Tax Guide explains the mechanism and qualifying criteria for the Major Exporter Scheme and further provides guidance to GST-registered business who seek to apply for the scheme where GST is suspended on imports.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

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

This guide provides guidance to GST-registered business who undertake the Assisted Self-help Kit (ASK) review on a voluntary basis or as a requirement for specific purposes e.g. in the course of audit or application for or renewal of GST schemes.
Date: 03 January 2019; Type: Guide; Source: Inland Revenue Authority of Singapore

Commencement of Charges for Networked Trade Platform Accounts from 1st January 2019 and Introduction of NTP-Lite Account

This is to notify all Networked Trade Platform (NTP) Account holders and Value-Added Service providers that the NTP Account Charges will commence in January 2019 and that charging for an NTP Account will commence on 1st January 2019. Notice No. 23/2018
Date: 17 December 2018; Type: Circular; Source: Customs Department

IRAS e-Tax Guide on Change in Basis for Computing Taxable Car Benefit

This e-Tax guide replaces the previous two guides “Change in Basis for Computing Taxable Car Benefit” and “Basis for Computing Taxable Car Benefit”. This guide is relevant to those employers who provide cars to their employees and the employees derive benefits from their private usage of the cars.   
Date: 14 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

GST: Customer Accounting for Prescribed Goods (Second Edition)

This is to notify the implementing of Customer accounting for certain prescribed goods from 1 Jan 2019. This is to deter fraud schemes where the seller absconds with the GST collected, but businesses further down the supply chain continue to claim the input tax. It will be applicable to supplies of mobile phones, memory cards, and off-the-shelf sof ...
Date: 13 December 2018; Type: Guide; Source: Inland Revenue Authority of Singapore

INDUSTRY UPDATES

New Regulation to be a Boon for Labuan Economy

LABUAN, Mar 25 (Bernama) - Labuan Business Activity Tax (Requirements for Labuan Business Activity) Regulations 2018, which requires a Labuan entity to have adequate full-time employees on the island as well as adequate amount of operating expenditure, will be a boon for the Labuan economy.

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INDUSTRY UPDATES

Chief Justice wants Bar cooperation to address Negative Perception of Judiciary

KUALA LUMPUR, Mar 22 (Bernama) - Chief Justice Tan Sri Richard Malanjum has called on the Malaysian Bar to work with the judiciary to shed the negative perception of the public towards the judicial system.

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INDUSTRY UPDATES

Thailand to host 23rd ASEAN Finance Ministers’ Meeting in Chiang Rai

CHIANG RAI, Mar 22 (NNT) - The Finance Ministry will host the 23rd ASEAN Finance Ministers’ Meeting (AFMM) under the theme of “Advancing Partnership for Sustainability.”

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INDUSTRY UPDATES

DOLE Partners with Private firm for Safe, Healthy Workforce

MANILA, Mar 23 (PNA) - The government has partnered with a private company in promoting occupational safety and health (OSH) to further ensure a healthy and productive workforce.

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INDUSTRY UPDATES

Pharmacists urge Government to review Poisons Act 1952

PETALING JAYA, Mar 24 (Bernama) - The Malaysian Community Pharmacy Guild (MCPG) is calling on the government to review the Poisons Act 1952 to ensure the pharmaceutical industry is in sync with innovations in technology.

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INDUSTRY UPDATES

MCMC advises Facebook, Instagram Users to change Passwords

KUALA LUMPUR, Mar 24 (Bernama) - The Malaysian Communications and Multimedia Commission (MCMC) has advised Facebook and Instagram users to change their passwords if they have been informed that their passwords are in the format which can be read by Facebook employees.

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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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