Transfer Pricing Administration From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the submission of Form C. The RPT data will…
Singapore and the United Kingdom Sign Agreement for Automatic Exchange of Financial Account Information The Inland Revenue Authority of Singapore (“IRAS”) and Her Majesty’s Revenue and Customs (“HMRC”) signed a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”) on 16 September 2016. The…
What is Singapore Corporate Access (CorpPass)? Singapore Corporate Access or CorpPass is a single corporate digital identity for business users to conduct Government-2-Businesses (G2B) transactions. CorpPass will be progressively rolled out from Sep 2016 to Dec 2017, with more digital services added in each phase. It will replace SingPass/EASY and agency-issued login IDs for businesses…
Singapore and Ethiopia Sign Agreement for Avoidance of Double Taxation (DTA) Singapore signed an Agreement for the Avoidance of Double Taxation (DTA) with Ethiopia on 24 August 2016. The signing took place in Singapore between Minister for Trade and Industry (Industry) Mr S. Iswaran and Ethiopia’s Minister of Foreign Affairs, Tedros Adhanom. The DTA clarifies…
Determining the dates that expenditure is incurred for PIC cash payout purposes PIC Cash Payout is disbursed only when the qualifying expenditure has been incurred by the business. An expense is incurred when the legal liability to pay has arisen, regardless of the date of actual payment. You may wish to note that if your…
Updates on the New Administrative Concession on Administering the “Subject to Tax” Condition for Foreign-sourced Dividends You can provide the following documents to substantiate that the underlying tax has been paid on the income out of which the foreign-sourced dividend is paid: a) Audited accounts of the foreign payer company Currently, to demonstrate that their…