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SIATP's E-newsletter, Taxlogue! - an exclusive platform for accredited tax professionals to spark more dialogue and inspiration in the area of taxation. To access Taxlogue, join SIATP and be accredited!

*Technical event commentaries are written by SIATP's Head of Tax, Felix Wong, and Technical Specialist, Angelina Tan. SIATP members may also refer to the weekly Taxcellence e-newsletter for a more detailed version of the articles below.

The Science & Art of Dispute Resolution (facilitated by Vikna Rajah, Partner and Head Tax, Trust and Private Clients, Rajah & Tann Singapore LLP) | Capital or Revenue? (facilitated by Liu Hern Kuan, Consultant, Tan Peng Chin LLC)

Tax Peak: Are You Up For It? (facilitated by Lee Woon Ling, Principal Tax Officer, Yap Zhi Hui, Tax Specialist and Nancy Ng, Manager, Inland Revenue Authority of Singapore) | Ins and Outs of Transfer Pricing Compliance (facilitated by Tang Siau Yan, Assistant Commissioner, Inland Revenue Authority of Singapore) | Sense and Sensibilities of TP Methods (facilitated by Adriana Calderon, Director, Transfer Pricing Solutions Asia)

Demystify Income Tax Deductibility (facilitated by Liu Hern Kuan, Tax Lawyer, Tan Peng Chin LLC) | Making Sense of Withholding Tax (facilitated by Sivakumar Saravan, Head of Tax Services, Crowe Horwath Singapore) | The Finesse of TP Functional Analysis (facilitated by Adriana Calderon, Director, Transfer Pricing Solutions Asia) | Tax Must-Knows (facilitated by Rohan Solapurkar, Tax Partner, Deloitte Singapore)

Insights on Singapore Tax Cases (facilitated by Allen Tan, Principal, Baker & McKenzie.Wong & Leow and Ng Chun Ying, Senior Associate, Baker & McKenzie.Wong & Leow) | Insights on India Taxation (facilitated by Rohan Solapurkar, Tax Partner, Deloitte Singapore) | The Transfer Pricing Trail (facilitated by Luis Coronado, Partner and ASEAN International Tax and Transfer Pricing Leader, Ernst & Young Solutions LLP)

View IRAS’ latest GST Bulletin. Learn more about the stricter penalties for late GST filing and how to avoid wrongful zero-rating on exports. Also, check out the upcoming GST Courses in May 2018 and know more the updates on the GST e-Tax Guides too!

View IRAS’ latest taxBytes Bulletin: Do you know that pre-filled tax returns, currently enjoyed by self-employed individuals such as property agents, are now also available to Uber and Grab drivers? Similarly, partners can have their partnership income pre-filled in their individual tax returns.

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TAX ALERTS

Click on the links below for recent tax alerts
 

February 2018

  • Public Consultation on Draft GST Guide on Taxing Imported Services by Way of an Overseas Vendor Registration Regime (20 Feb 2018)
  • Public Consultation on Draft GST Guide on Taxing Imported Services by Way of Reverse Charge (20 Feb 2018)
  • New e-Tax Guide on Buyer’s Stamp Duty on Residential and Non-Residential Properties (19 Feb 2018)
  • Overview of Tax Changes for Budget 2018 (19 Feb 2018)
  • Caution Over Communications Purportedly from IRAS (15 Feb 2018)
  • Applications for GST Registration Must be e-Filed via myTax Portal from 1 Oct 2018 (14 Feb 2018)
  • Updates on Common Reporting Standard (CRS) (13 Feb 2018)
  • Revised GST e-Tax Guide on General Guide for Businesses (13 Feb 2018)
  • Revised GST e-Tax Guide on e-Commerce (13 Feb 2018)
  • Revised GST e-Tax Guide on Guide for Motor Vehicle Traders (13 Feb 2018)
  • Revised GST e-Tax Guide on Reimbursement and Disbursement of Expenses (9 Feb 2018)
  • Updated Clarification on "Cost Plus Mark-up" Basis of Assessment for Service Companies (9 Feb 2018)
  • Updates on Foreign Account Tax Compliance Act (FATCA) (5 Feb 2018)
  • Updated Estimated Chargeable Income (ECI) Forms for YA 2019 (2 Feb 2018)
  • Updates on Effective Date and Tax Treatment for FRS 109 - Financial Instruments (1 Feb 2018)
  • January 2018

  • Updates on GST Claims on Expenses for Qualifying Funds (30 Jan 2018)
  • Clarification that Tax Deductions for Approved Donations Will No Longer Be Based on Donation Receipts (25 Jan 2018)
  • Revised e-Tax Guide on Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises (25 Jan 2018)
  • Bulk Extension for Filing of Individual Income Tax Returns for YA 2018 (18 Jan 2018)
  • Updated List of Reportable Jurisdictions for 2017 CRS Reporting (12 Jan 2018)
  • New e-Tax Guide on Income Tax Treatment Arising from Adoption of FRS 115 - Revenue from Contracts with Customers (12 Jan 2018)
  • Summary of Responses to Public Consultation on Income Tax Implications Arising from the Adoption of FRS 115 - Revenue from Contracts with Customers (12 Jan 2018)
  • Updated List of Jurisdictions which Singapore has Established Bilateral Automatic Exchange of Information (AEOI) Relationships with Under the Multilateral Competent Authority Agreement (MCAA) (11 Jan 2018)
  • Updated Penalty for Late Submission of GST Returns from 1 April 2018 (4 Jan 2018)
  • Updated Indicative Margin for Related Party Loan Not Exceeding $15 million for 2018 (2 Jan 2018)
  • Revised Property Tax e-Tax Guide on Guide for Hotel Owners and Operators (2 Jan 2018)
  • Revised Tax Agreement with Sri Lanka Entered into Force (2 Jan 2018)
  • Revised GST e-Tax Guide on Guide for Property Developer (1 Jan 2018)
  • Revised GST e-Tax Guide on Guide for Property Owners and Property Holding Companies (1 Jan 2018)
  • Revised GST e-Tax Guide on Purchase of Land for Residential Development (1 Jan 2018)
  • Revised GST e-Tax Guide on Real Estate Agency Industry (1 Jan 2018)
  • Revised GST e-Tax Guide on Self Accounting of GST by Listed Real Estate Investment Trusts (REITs) and their Special Purpose Vehicles (SPVs) for Property Purchases (1 Jan 2018)
  • December 2017

  • Tax Agreement with Cambodia Entered into Force (29 Dec 2017)
  • Updated Acceptable Rates for Per Diem Allowance for 2018 (27 Dec 2017)
  • Updates on the Referral Process of Research and Development (R&D) Projects to the Technical Advisory Panel (TAP) (20 Dec 2017)
  • Updates to Remove Content, e-Tax Guide and Form on Tax Exemption for Foreign-Sourced Income Received from 22 Jan 2009 to 21 Jan 2010 Due to Lapsed Scheme (13 Dec 2017)
  • New Example on Calculation of Estimated Chargeable Income (ECI) and Updated Explanatory Notes to ECI Form (8 Dec 2017)
  • Tax Agreement with Ethiopia Entered Into Force (8 Dec 2017)
  • Updates on When a Document Identification Number (DIN) is Not Issued for a Company (4 Dec 2017)
  • Revised e-Tax Guide on Research and Development Tax Measures (1 Dec 2017)
  • November 2017

  • Updated IRAS' Supplementary Instructions for Preparing Country-by-Country Reporting (CbCR) Data File (29 Nov 2017)
  • Increase in Cap for Ad-Hoc Contributions to Employees’ Medisave Accounts from 1 Jan 2018 (28 Nov 2017)
  • Updated IRAS' FAQs on Common Reporting Standard (CRS) Registration (24 Nov 2017)
  • Summary of Responses to Public Consultation on Proposed Income Tax Treatment Arising from the Adoption of FRS 109 - Financial Instruments (22 Nov 2017)
  • New e-Tax Guide on Income Tax Treatment Arising from Adoption of FRS 109 - Financial Instruments (22 Nov 2017)
  • Updated Clarification on the Qualifying Condition to File Form C-S (17 Nov 2017)
  • Clarification on Processing Time for Tax Reclaim Forms and the Procedure for Obtaining IRAS' Certification on the New DGT Forms (16 Nov 2017)
  • Information to Provide when Corresponding with IRAS (10 Nov 2017)
  • Clarification on Authorisation of Tax Agent for e-Services via the IRAS' e-Services Authorisation System (EASY) (9 Nov 2017)
  • Revised GST e-Tax Guide for Visitors on Tourist Refund Scheme (8 Nov 2017)
  • Revised GST e-Tax Guide for Retailers Participating in Tourist Refund Scheme (8 Nov 2017)
  • Revised GST e-Tax Guide on The Electronic Tourist Refund Scheme (eTRS) (8 Nov 2017)
  • Updated IRAS' FAQs on the Common Reporting Standard (CRS) (2 Nov 2017)
  • October 2017

  • Revised GST e-Tax Guide on Clarification on "Directly in Connection With" and "Directly Benefit" (26 Oct 2017)
  • New XML Schema User Guide for Common Reporting Standard (CRS) Return (13 Oct 2017)
  • Updated Country-by-Country Reporting (CbCR) XML Schema Version and User Guides (11 Oct 2017)
  • New e-Tax Guide on Avoidance of Double Taxation Agreements (DTAs) (11 Oct 2017)
  • Updated Timeframe and Notification Details on De-registration by Singapore Branches of Foreign Companies (10 Oct 2017)
  • Updated FAQ to Clarify that India’s Dividend Distribution Tax (DDT) Can Qualify for Foreign Tax Credit (FTC) (9 Oct 2017)
  • September 2017

  • New Exchange Relationships Established Under the Common Reporting Standard (CRS) Multilateral Competent Authority Agreement (MCAA) (22 Sep 2017)
  • Summary of Responses to Public Consultation on Draft e-Tax Guide on Customer Accounting for Prescribed Goods (15 Sep 2017)
  • GST e-Tax Guide on Customer Accounting for Prescribed Goods (15 Sep 2017)
  • Revised Timeline for the Safe Harbour Rule for R&D Cost-Sharing Agreement (CSA) Payments and Introduction of the IP Development Incentive (IDI) (13 Sep 2017)
  • Updated e-Services Titles and User Guides (13 Sep 2017)
  • Clarification on the Qualifying Condition to File Form C-S (12 Sep 2017)
  • Updates on Country-by-Country Reporting (CbCR) (5 Sep 2017)
  • Revised GST e-Tax Guide on Assisted Self-Help Kit (ASK) Annual Review Guide (5 Sep 2017)
  • Updates on Approved Marine Fuel Trader (MFT) Scheme (4 Sep 2017)
  • August 2017

  • Reporting Singaporean Financial Institutions (SGFIs) Can Submit an Application for Common Reporting Standard (CRS) Registration Via the Apply for CRS Registration e-Service (31 Aug 2017)
  • Public Consultation on Common Reporting Standard e-Tax Guide (25 Aug 2017)
  • Information on IRAS' Co-Creation Grant (23 Aug 2017)
  • Updates on Corporate Income Tax Filing for YA 2017 (21 Aug 2017)
  • Removal of Facsimile Service from 18 August 2017 (18 Aug 2017)
  • Reporting Singaporean Financial Institutions (SGFIs) Can Submit an Application for Common Reporting Standard Registration from 31 August 2017 (17 Aug 2017)
  • Revised GST e-Tax Guide on Approved Third Party Logistics Company Scheme (11 Aug 2017)
  • Revised GST e-Tax Guide on Approved Import GST Suspension Scheme (11 Aug 2017)
  • Revised GST e-Tax Guide on Approved Contract Manufacturer and Trader (ACMT) Scheme (11 Aug 2017)
  • Revised GST e-Tax Guide on Approved Refiner and Consolidator Scheme (ARCS) (11 Aug 2017)
  • Public Consultation on Income Tax Implications Arising from the Adoption of FRS 116 – Leases (8 Aug 2017)
  • Singapore and Nigeria Sign Agreement for Avoidance of Double Taxation (3 Aug 2017)
  • New FAQ on Double Tax Relief Claim for Taxes Paid in Malaysia (2 Aug 2017)
  • New FAQs on the Tax Treatment on Foreign-Sourced Offshore Income Used for Payment of One-Tier Tax Exempt Dividends (2 Aug 2017)
  • Revised GST e-Tax Guide on Major Exporter Scheme (1 Aug 2017)
  • July 2017

  • Singapore and Switzerland Sign Agreement for Automatic Exchange of Financial Account Information (18 Jul 2017)
  • Revised GST e-Tax Guide on Import GST Deferment Scheme (15 Jul 2017)
  • Updated User Guide for YA 2017 Form C with the Latest Screenshots and FAQs (14 Jul 2017)
  • Updated User Guide for YA 2017 Form C-S with the Latest Screenshots and FAQs (14 Jul 2017)
  • Updated Application for Waiver of Income Tax Return (Form C-S/ C) Submission by a Dormant Company Form (12 Jul 2017)
  • Revised Checklist on Claiming GST Incurred Before GST Registration/ Incorporation (12 Jul 2017)
  • Clarification on PIC Cash Payout Application Status (11 Jul 2017)
  • Revised e-Tax Guide on Country-by-Country Reporting (CbCR) (11 Jul 2017)
  • Determining the Dates of the Expenditure Incurred for Claiming PIC Cash Payout (7 Jul 2017)
  • Updated Basic Guide for New Companies (4 Jul 2017)
  • Revised GST e-Tax Guide on Exemption of Investment Precious Metals (3 Jul 2017)
  • SME Cash Grant Final Payment by 31 Dec 2017 (3 Jul 2017)
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    Read More >>

    NEWS WATCH

    Click on the links below for business news and updates in the Accountancy sector

    2018

  • Promoter of PIC Scam Jailed 7 Months for Fraudulent PIC Claims (12 Feb 2018)
  • Former Singapore Customs Officer Convicted for Fraudulently Obtaining GST Tourist Refunds (9 Feb 2018)
  • Company Director Convicted for Unlawful GST Collection (19 Jan 2018)
  • 2017

  • Two Foreigners Fined for GST Tourist Refund Fraud (21 Dec 2017)
  • Wage Credit Scheme Payouts for 2018 (15 Dec 2017)
  • Fraudulent GST Claims Put Company Director in Jail (16 Nov 2017)
  • Businessman Found Guilty of GST Fraud (20 Oct 2017)
  • Research Fellow Convicted of GST Tourist Refund Fraud (9 Oct 2017)
  • Two Individuals Charged in Court for Fraudulently Obtaining GST Tourist Refund (15 Sep 2017)
  • Former Director of Engineering Company Convicted for Assisting in Income Tax Evasion (8 Sep 2017)
  • Former Manager of Export Business Jailed for GST Fraud (21 Jul 2017)
  • Wholesale Trader and Company to Pay Penalties and Fine for False PIC Claim (21 Jul 2017)
  • Director Behind PIC Sham Convicted (20 Jul 2017)
  • Robotic Ice-Cream Machine Company Director Sentenced to 6 Weeks’ Jail for Evading GST (6 Jul 2017)
  • Robotic Ice-Cream Machine Dealer Convicted of False PIC Claim (27 Apr 2017)
  • Five Arrested, Fined and Jailed for Fraudulent GST Refund Claims and Money Laundering Charges (24 Apr 2017)
  • 14 Individuals who Allegedly Made False PIC Claims will be Charged in Court (17 Feb 2017)
  • Five Tourists Arrested for Fraudulent GST Refund Claims (2 Feb 2017)
  • PIC Promoter Charged in Court for Role in PIC Claims (26 Jan 2017)
  • Common Reporting Standard (CSR) from 1 Jan 2017 (6 Jan 2017)
  • 2016

  • Wage Credit Scheme Payouts for 2017 (21 Dec 2016)
  • Information on Property Tax for 2017 (28 Nov 2016)
  • Man Charged for Cheating in respect of PIC Fraud (18 Nov 2016)
  • Sole-proprietor Convicted of Tax Evasion (29 Aug 2016)
  • IRAS Investigates Suspects on GST Carousel Fraud (18 Aug 2016)
  • Business and Management Consultancy Owner Convicted of PIC Fraud (15 Jul 2016)
  • Public Consultation on Proposed Regulations on the Standard for Automatic Exchange of Financial Account Information in Tax Matters (11 Jul 2016)
  • MOF Invites the Public to Provide Feedback on Changes to the Income Tax Act (8 Jul 2016)
  • 250% Tax Deduction Under the Business and IPC Partnership Scheme (30 Jun 2016)
  • Singapore Joins Inclusive Framework for Implementing Measures against Base Erosion and Profit Shifting (BEPS) (16 Jun 16)
  • Sole-proprietor Convicted for Declaring an Incorrect GST Return (10 Jun 2016)
  • Plastic Packaging Manufacturing Company and its Director Convicted of False PIC Claim (30 May 2016)
  • Over 95,000 Employers in Singapore Will Receive About $1.9 Billion in Wage Credit Scheme (WCS) Payouts by 31 March 2016 (25 Mar 2016)
  • Two Companies and a Director Convicted for Making Fraudulent PIC Claim (19 Feb 2016)
  • Mastermind of GST Fraud Jailed Eight Weeks (19 Feb 2016)
  • Website Operator Convicted of Tax Evasion (17 Feb 2016)
  • Jail Term for Schemer for Forging and Using Counterfeit Stamp Certificates (12 Feb 2016)
  • Singapore Permanent Resident Found Guilty of Tourist Refund Fraud (13 Jan 2016)
  • 2015

  • Sole Proprietor Convicted of PIC Fraud (11 Dec 2015)
  • Lawyer Convicted and Jailed for Tax Evasion (9 Dec 2015)
  • Former Property Agent Jailed Five Weeks for Using Counterfeit Stamp Certificate and Unlawful Collection of GST (30 Nov 2015)
  • Project Manager Used Shell Entity and Falsified Records to Evade Tax (25 Sep 2015)
  • IRAS Annual Report 2014/15 (23Sep 2015)
  • Managing Partner of Email Marketing Solutions and Software Consultancy Firm Convicted of PIC Fraud (26 Aug 2015)
  • Sole-proprietor Convicted for Unlawful GST Collection (13 May 2015)
  • CPA Sentenced to 6 Weeks' Jail for Tax Evasion (4 May 2015)