Second Protocol to Singapore-UAE Agreement for the Avoidance of Double Taxation Enter Into Force The Second Protocol amending Singapore’s standing Avoidance of Double Taxation Agreement (DTA) with United Arab Emirates (UAE) entered into force on 16 March 2016. The revised terms in the Second Protocol include longer threshold periods to ascertain the presence of a…
The International Accounting Standards Board April Key Update The April 2016 IASB Update has been published. The International Accounting Standards Board (the Board) has today issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. The…
Issuance of Itemised Pay slips and Key Employment Terms with effect from 1 April 2016 Changes to the Employment Act (EA) requiring employers to issue itemised pay slips and key employment terms come into effect on 1 April 2016. The objectives of these changes are to: – Improve employment standards; and – Facilitate the resolution…
Compulsory to E-filing of Section 45 Withholding Tax Online From 1 July 2016 We would like to inform that e-filing of Section 45 Withholding Tax will be made compulsory with effect from 1 July 2016. Paper filing will not be accepted after 1 July 2016. Click here for more information. …
Amendments to FRS 7 and Amendments to FRS 12 11 Mar 2016 – ASC has issued Amendments to FRS 7: Disclosure Initiative and Amendments to FRS 12, effective for annual periods beginning on or after 1 January 2017. Click here for more information.
Initiatives to Raise Standards in Foreign Domestic Worker-Placing Employment Agencies The Ministry of Manpower (MOM) has announced initiatives to further improve the professionalism of FDW-placing employment agencies (EAs). A new grading scheme called Trustmark and the Employment Agency Customer Rating system will be introduced for FDW-placing EAs. The initiatives were announced at an EA Seminar…
Stop All Confusion and Start Knowing Everything About Singapore’s Withholding Tax Tax, the topic that comes and goes. If you are an individual working in Singapore, you pay tax accordingly. The same applies if you own a company that entirely operates in Singapore. These two examples resonate with being a tax resident of Singapore. If…
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.…
Data Register Pte Ltd to Offer Eligible Subscribers Opportunity to Unsubscribe By Terminating Their Accounts ACRA had brought a total of 1,104 charges against Data Register Pte Ltd (previously known as “Company Register Pte Ltd”) in 2014/15 for issuing business correspondences in October and November 2013 which did not state its company name and registration number…
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…