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International Standards on Exchange of Information Rates Singapore as Overall Compliant The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has rated Singapore’s exchange of information upon request regime as being overall compliant with international tax transparency standards. This assessment is conducted via a peer review process of Singapore’s exchange…
Singapore High-Earning Tax Avoiders Under Scrutiny As IRAS Recovers $10m High income earners in Singapore, including property agents, doctors and lawyers, who previously avoided paying their dues in taxes will now have to. So far, $10 million in unpaid taxes has been recovered, and it is still early days yet. More than 20 dentists and…
Comprehensive Agreement for Double Taxation Avoidance Signed Between Singapore and Brazil On 7 May 2018, Singapore signed a comprehensive agreement with the Federative Republic of Brazil. The agreement pertained to the Avoidance of Double Taxation (DTA), and the agreement was signed between Singapore’s Minister for Foreign Affairs Dr Vivian Balakrishnan and Brazil’s Minister of Foreign…
CorpPass to Replace EASY in Singapore by 1 September 2018 From 1 September 2018, CorpPass will be replacing EASY as the new authorization system. All businesses will be required to use CorpPass as of the next Q3 for any transactions completed with IRAS (Inland Revenue Authority Singapore). This new system will also be used to…
Softcopy of Form C in PDF Format Available in Singapore Now! The softcopy of Form C in PDF Format, e-Services for Online Form C and Form C (Upload) for Year of Assessment (YA) 2018 are now available online at the Inland Revenue Authority of Singapore (IRAS) website. You can now start your e-Filing today.…
CAP for Corporate Income Tax (CIT) Rebates Raised Singapore’s Minister of Finance, Heng Swee Keat announced in Budget 2018 that the cap for the Corporate income Tax (CIT) Rebate for YA 2018 will be raised to 40% of the corporate tax payable subject to a cap of $15,000. This is an increase from the previously announced rebate…
How to Notify ACRA and IRAS of Company Changes in Singapore All company owners in Singapore are advised to file any change of name or office address with the Accounting and Corporate Regulatory Authority (ACRA) immediately. This can be done online via ACRA Bizfile. There is no need to inform or update IRAS separately of the change in name or…
Lapsing of Productivity and Innovation Credit (“PIC”) Scheme in Singapore As you may be aware, the PIC scheme will lapse after Year of Assessment (YA) 2018. YA 2018 refers to the company’s financial year ended 2017. The financial year ended 2017 will be the final time frame for companies to claim incurred qualifying expenses for…