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All COR Applications Have to Be e-Filed via Mytax Portal 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 in to mytax.iras.gov.sg to…
Indicative 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 +…
Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements We would like to bring your attention on the following matters: Unauthorised Charging of GST Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST…
Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force (DTA) The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016. The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries. The full text of the DTA is…
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…