IRAS and DBS Aim to Make Singapore a Cheque-Free Nation by 2025 IRAS and DBS are joining forces to make Singapore a cheque-free nation by the year 2025 as it continues moving closer to its Smart Nation vision. The move to make Singapore a cheque-free nation is in line with the Government’s Smart Nation agenda.…
Taxes in Singapore at $52.4 billion For FY 2018/19 IRAS Pulls in $52.4 Billion in Taxes, a 4.4% Increase From Last Year It’s a good FY 2018/19 in Singapore, as taxman pulls in $52.4 billion in Singapore taxes amid healthy economic expansion. The Inland Revenue Authority of Singapore (IRAS)’s annual report said this year’s…
Have You Filed Your Corporate Tax for Season 2019? It’s corporate tax season again in Singapore. Companies can begin filing their Year of Assessment (YA)’s for 2019 as corporate tax filing season is now open. Companies can submit their YA e-File’s via their CorpPass at Inland Revenue Authority (IRAS)’s myTax Portal. If your company has…
Filing Your Personal Income Tax as Early As 1 March Until 18 April 2019 All taxpayers should file their personal income tax returns beginning as early as 1 March until 18 April 2019, urges the Inland Revenue Authority of Singapore (IRAS). This includes sole-proprietors and partner business entities for the upcoming Year of Assessment 2019.…
3 Key Changes in GST Will Be Reflected From 1 January 2019 3 key changes will be reflected in Singapore’s GST as of 1 January 2019. These key changes involve Customer Accounting, Hand Carried Exports Scheme (HCES), and the GST Registration Rules. Beginning 2019, a business now only needs to monitor their annual taxable turnover.…
Overseas Services To Be Taxed by 2020 Changes to the Goods and Services Tax (Amendment) Bill will allow Singapore’s government to collect GST on overseas services beginning 2020. Users of Netflix for example, which is considered an overseas service, could cost extra. This may be a disadvantage for lower-income groups and further widen the digital…
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…
