Welcome to our July 2013 e-newsletter.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
– Tax Treatment for Renovation and Refurbishment Expenses (6 June 2013)
> Section 14Q – Claiming deduction for renovation or refurbishment expenses (Section 14Q)
> Revised IRAS e-Tax Guide
IRAS Audits Uncover Tax Cheats Leading to 2 Weeks Jail
Two partners caught for income tax and GST offences were ordered to pay back taxes and penalties of over $2.3 million. One of them was jailed for two weeks.
PART 2 REGULATORY & BUSINESS
The Government has imposed fresh curbs to cool the property market with the introduction of a new debt servicing framework.
From June 29, banks must take into account a borrower’s outstanding debts, including non-property ones such as a car loan, when granting him a property loan.
His total monthly repayments of his debt obligations should not exceed 60 per cent of his gross monthly income.
The Monetary Authority of Singapore will also refine rules related to the application of the existing loan-to-value (LTV) limits on housing loans.
PART 3 FINANCIAL REPORTING
ACRA announces Revised Financial Filing Requirements for Companies
From late Oct 2013 onwards, all Singapore incorporated companies which are either unlimited or limited by shares will need to file a full set of financial statements in XBRL (eXtensible Business Reporting Language) format. For more details, visit News and Announcements and Press Releases for ACRA’s Media Release on 27 June 2013.