Income Received in Singapore from Abroad Under Section 10(25) of the Income Tax Act, income from outside Singapore is considered received in Singapore when it is: a. remitted to, transmitted or brought into Singapore; b. used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or c.…
DetailsUPDATES – Revenue threshold increased to S$5 million for ECI waiver and Form C-S ECI The revenue threshold for ECI waiver will be increased from S$1 million to S$5 million. This updated criteria for ECI waiver will apply to companies with financial year ending in or after July 2017. Company’s Financial Year ends Criteria…
DetailsOver 85,000 Employers to receive $660 million in Wage Credit Scheme Payouts by 31 Mar 2017 Over 85,000 employers in Singapore will receive about $660 million in Wage Credit Scheme (WCS) payouts by 31 March 2017. SMEs will receive around 70% of the sum disbursed. Through the WCS payouts in March 2017, the Government co-funds…
DetailsSeller’s stamp duty (“SSD”) changes with effect from 11 March 2017 Singapore Government has reduced the stamp duties that sellers have to pay on residential properties and slightly relaxed rules on loan thresholds, more than 3 years after the last round of property cooling measures and borrowing curbs that helped send private housing prices falling…
DetailsAll COR applications have to be e-Filed via myTax Portal from 1 Jun 2017 In line with Government’s direction to harness technology for enhanced productivity, all COR applications have to be e-Filed via myTax Portal from 1 Jun 2017. Paper applications will no longer be accepted from this date onwards. Online via myTax Portal Log…
DetailsIndicative margins for related party loans IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this table: Related party loan not exceeding S$15 million obtained or provided during the period 1 January 2017 to 31 December 2017 – Indicative margin is +…
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