Filing of Income Tax Computations in Functional Currencies other than Singapore Dollars (S$) Companies that prepare their financial statements in non-Singapore dollars (S$) functional currencies are to prepare their tax computations in the same non-S$ functional currency. However, all amounts declared in the Income Tax Return must be in S$. Click here for more information.…
Singapore Tax Season 2016 – File Your Taxes Early in March The Inland Revenue Authority of Singapore (IRAS) has introduced several enhancements for Individual Income Tax Season 2016 which runs from 1 Mar to 18 Apr 2016. Filing taxes on-the-go optimised for smartphones Interactive personal relief tool for immediate eligibility checks Pre-filled rental expenses for…
Mastermind of GST Fraud Jailed 8 Weeks in Singapore Tan Wan Wen, who masterminded a plan to defraud the Comptroller of Goods and Services Tax (“GST”) of GST refunds by using multiple shell businesses, was sentenced to 8 weeks in jail. She was also ordered to pay a penalty of $55,141.17, three times the amount…
Two Companies and a Director Convicted for Making Fraudulent PIC Claim One IT Distribution Pte Ltd (“One IT”) and its director, Alan Ang Soon Teck (“Alan Ang”), have been convicted of assisting Chuan Huat Electronics Pte Ltd (“Chuan Huat Electronics”) to obtain a higher amount of Productivity and Innovation Credit (“PIC”) cash payout which Chuan…
Filing of Income Tax Computations in Functional Currencies Other Than Singapore Dollars The new Singapore-Rwanda Avoidance of Double Taxation Agreement (DTA) and a revised Singapore-Thailand DTA enter into force on 15 February 2016. The DTAs provide clarity on tax matters and eliminate double taxation relating to cross-border transactions between Singapore and the respective jurisdictions. The…
Wage Credit Scheme Payouts for 2016 Employers are reminded to make CPF Contributions for employees by 14 Jan 2016 to receive Wage Credit Scheme payouts Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 14 January 2016 in order to receive the third tranche of Wage Credit…
Singapore-Luxembourg Avoidance of Double Taxation Agreement Enter Into Force The revised Singapore-Luxembourg Avoidance of Double Taxation Agreement (DTA) entered into force on 28 December 2015. The revised DTA lowers the withholding tax rates for dividends, interest and royalties, lengthens the period test for determining permanent establishments as well as provides a more mutually favourable tax…
GOODS AND SERVICES TAX (GST) – Launch of GST Bulletin Issue 11 IRAS are pleased to inform you that a new issue of the bi-annual GST Bulletin has been released. The GST Bulletin features bite-sized information on recent changes in GST law and GST treatment on issues commonly faced by GST-registered businesses. Some key topics…