Welcome to our E-Newsletter December 2012.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on its website Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> New e-Tax Guide on Property Tax: Revision of Annual Values for HDB Flats from 1 January 2013 (27 Nov 2012)
> Examples of equipment approved for Productivity and Innovation Credit (PIC) on a case-by-case basis (26 Nov 2012), Application for Approval of Equipment for PIC
> Updated Content and Form on How to Claim Tax Deduction for Qualifying Research and Development Expenses (20 Nov 2012), Tax treatment of specific expenses
Remisier Convicted for Tax Evasion
22 Nov 2012
For under-reporting her income to IRAS, a lady, 52, a remisier, was sentenced to 1 week’s jail. She also had to pay a penalty of $192,926.76, three times the amount of tax evaded. She was unable to pay the penalty and would serve an additional 5 months and 2 weeks’ jail. Two other charges were withdrawn and compounded for a sum of $93,380.13.
This is the first case where a remisier has been charged under the Income Tax Act for tax evasion.
For detail, please refer to Remisier Convicted for Tax Evasion
PART 2 REGULATORY & BUSINESS
14 Nov: Summary of response to feedback from Public Consultation on ACRA XBRL Revamp 2012
From 14 May to 11 June 2012, ACRA invited members of the public to give feedback on proposed enhancements to ACRA’s online filing system for corporate financial statements which leverages on XBRL (eXtensible Business Reporting Language).
More information about Summary of response to feedback from Public Consultation on ACRA XBRL Revamp 2012 on the summary of feedback received and ACRA’s responses to the feedback.
PART 3 FINANCIAL REPORTING
30 Nov: November IFRS for SMEs Update Published
The November 2012 IFRS for SMEs Update has been published.
To view this and previous IFRS for SMEs Updates, IFRS for SMEs Update for information.