IRAS strengthens Singapore transfer pricing regime and introduces penalties for non-compliance
Singapore's reinforced TP regime includes clarifications on the arm’s length principle, expanded TP documentation requirements, and new powers of the Comptroller of Income Tax to impose surcharges and penalties for TP non-compliance.
MOF releases draft bill on mandatory transfer pricing documentation and penalty regime
The Ministry of Finance ("MOF") released the draft Income Tax (Amendment) Bill 2017 ("Draft Bill") on 19 June 2017 for public consultation.
Important reminders before PIC scheme lapses
Only a few months remain for businesses (with financial year ends from June 2017 until December 2017) to enjoy tax savings under the Productivity Innovation Credit (“PIC”) Scheme.
BEPS developments in Singapore
As a BEPS Associate, Singapore is working alongside other jurisdictions to help develop the implementation and monitoring phase of the BEPS Project. Singapore is committed to implementing the four minimum standards under the BEPS Project...
IRAS introduces fourth edition of transfer pricing guidelines
On 12 January 2017, Inland Revenue Authority of Singapore introduced the Fourth Edition of its Transfer Pricing Guidelines.
New form for reporting related party transactions
In an effort to further ensure that taxpayers comply with transfer pricing documentation and the arm's length pricing requirements in relation to their related party transactions (“RPT”), IRAS has just introduced a new Form for Reporting RPT for companies to take effect from Year of Assessment 2018.
The Indonesia tax amnesty law
After much delay, the Tax Amnesty Draft Law (comprising 13 chapters and 25 articles) was passed by Indonesia’s House of Representatives on 28 June 2016.
Not only huge multinationals affected by base erosion and profit shifting: RSM survey
Seventy two per cent of middle market businesses (defined as businesses with revenues ranging from US$50 million to US$1 billion) that operate internationally expect to pay more taxes as a result of the OECD’s BEPS Action Plan due to uncertainties over how the rules will be implemented.
IRAS releases third edition of transfer pricing guidelines
On 4 January 2016, Inland Revenue Authority of Singapore released the Third Edition of its Transfer Pricing Guidelines.
IRAS releases second edition of transfer pricing guidelines
On 6 January 2015, Inland Revenue Authority of Singapore released the Second Edition of its Transfer Pricing Guidelines.
Foreign Account Tax Compliance Act ("FATCA") - May 2014
FATCA was enacted on 18 March 2010 and the regulations finalised on 17 January 2013. A further set of regulations, Modifications to the final FATCA Regulations, was published on 20 February 2014. After several delays, these regulations are now scheduled to come into effect on 1 July 2014.
Productivity and Innovation Credit - Mar 2011
The Productivity and Innovation Credit (“PIC”) was first introduced during the 2010 Budget. It is available for the Year of Assessment (“YA”) 2011 to YA2015. The PIC is a broad-based tax scheme to encourage businesses to invest in productivity and innovation. It enhances the tax measures that existed before PIC was introduced and consolidates the various measures into one single PIC scheme.
GST Quick Alerts - Updates for the fund management industry (April 2015)
Monetary Authority of Singapore (MAS) and Inland Revenue Authority of Singapore (IRAS) announced the refined rules regarding how one assesses the "belonging status of a fund" on 31 March 2014 and 1 April 2014 respectively.
GST Quick Alerts - GST updates for the fund management industry
The GST remission initiative was introduced during Budget 2009 where prescribed funds can, through a Statement of Claims ("SOC"), recover GST on expenses1 incurred without the funds having to register for GST. Qualifying funds will also enjoy the certainty of input tax recovery at a fixed rate.
GST Quick Alerts - GST in Malaysia
Goods and Services Tax ("GST") in Malaysia will be introduced on 1 April 2015, with the Royal Malaysian Customs Department ("RMCD") having administrative oversight of the GST regime. The official announcement on 25 October 2013 gives businesses a window of 17 months to prepare for the GST implementation.
GST Quick Alerts - GST developments
The total GST collected for the recent fiscal year 2012/2013 was over $9 billion, making it one of the top contributors to Singapore's tax revenue. In addition, over $109 million in taxes and penalties were collected through GST audit initiatives by the Inland Revenue Authority of Singapore (IRAS) during the same year.