Blog

Blog

A Comprehensive Guide To The 2024 GST Rate Adjustment

As the new year approaches, Singaporean businesses are gearing up for a significant change – the Goods and Services Tax (GST) rate adjustment from 8% to 9%, scheduled to take effect on January 1, 2024. This transition, announced by the Minister for Finance in Budget...

The Importance Of Contemporaneous TP Documentation

The transfer of goods, services, and intellectual property across borders is a common occurrence. However, the prices at which these transfers occur, known as transfer prices, can significantly impact a company's tax liability and financial performance. To ensure...

The Importance of Intangible Assets Valuation in Singapore

Intangible assets have become the key drivers of value for businesses across various industries. While tangible assets such as buildings and machinery have traditionally been easy to value, intangible assets such as trademarks, patents, copyright infringement and more...

The Key Principles Of Transfer Pricing In Singapore

Transfer pricing refers to the pricing of goods, services, or intangible assets transferred within multinational enterprises (MNEs). It involves determining the appropriate prices or profit margins for cross-border transactions between related entities. In Singapore,...

The Key Differences Between ESOP, Phantom Shares & RSU

Employee ownership is an effective way to align employee interests with the company's goals. It has become increasingly common for companies to offer employees equity-based compensation through Employee Stock Ownership Plans (ESOPs), Restricted Stock Units (RSUs), and...

Understanding Section 19B Of The Income Tax Act 1947

Section 19B of the Singapore Income Tax Act permits companies to claim writing down allowances (WDA) on capital expenditures incurred on the acquisition of qualifying Intellectual Property Rights (IPRs) for use in their business. The company must submit an independent...

Examining Intangible Asset Valuation In Times Of COVID-19

COVID-19 has greatly impacted the global economy. More than two years since the health crisis began, many businesses are still grappling with the financial, regulatory, and operational challenges caused by the pandemic and adjusting to the changing needs of their...

7 Key Fundamentals Of Business Valuation To Understand

Conducting a proper business valuation requires professional judgment, experience, and a working knowledge of various factors. This includes determining the purpose of the valuation, a deep understanding of the industry, value drivers affecting the subject company,...

Impact Of Recent Transfer Pricing Adjustments On GST

Businesses have long made adjustments to their transfer pricing strategies as a way to stay compliant with the arm’s length principle for the purpose of income tax. However, it is important to note that adjustments on transfer pricing could also have implications on...

A Useful Guide To Getting Ready For The GST Rate Hike

As early as 2018, there were already plans to increase the Goods and Services Tax (GST) rate in Singapore. Finally, in the 2022 Budget Statement given by the Minister of Finance Mr. Lawrence Wong, one of the key points that was highlighted was the two-step hike in the...

Tax Implications Of SPAC That You Need To Know About

The term "SPAC" has been causing quite a stir in the Singaporean market these days. This happened after the Singapore Exchange (SGX) finally announced the SPAC listing regulations in Singapore in September 2021, more than a decade since it first looked into SPAC...

An Investor’s Introductory Guide To Singapore SPACs

Special purpose acquisition companies (SPACs) have been creating a buzz in the Asian market recently. Even though SPACs have been used as alternative investment vehicles in the West for decades now, it was only recently that they have come into vogue in many Asian...

Updates To e-Tax Guide (6th Edition): Changes To Note

The process of transfer pricing is regulated by the Inland Revenue Authority of Singapore (IRAS). There are certain guidelines promulgated by IRAS that businesses need to follow when doing transfer pricing. These guidelines have already undergone several changes over...

Latest Updates To IVS, Effective From January 2022

URL: IVSC International Valuation Standards (IVS) serves as a key guide for valuation professionals internationally and will underpin transparency, consistency, and confidence in valuations that are crucial to financial reporting, investment decisions, and financial...

Valuation Of Your Business: Definition & Different Types

Business valuation lets businesses understand and unlock the true value of their owned assets. It is a method that accurately prescribes and describes a market value, which is the estimated number in which a liability or asset should be exchanged on the valuation date...

4 Common GST Errors & How To Steer Clear Of Them

Every business in Singapore should be familiar with the Goods and Services Tax (GST). While GST is applicable to the import and provision of most goods and services, there are also some goods and services that are exempt from GST, or zero-rated goods and services...

Understanding The Benefits Of GST ASKs For Businesses

Goods and Services Tax (GST) applies to almost all goods that enter and/or leave Singapore’s borders. However, your business may be experiencing cash flow constraints due to the import of goods through the customs because businesses have to pay input tax at the point...

The Reason Why Valuation Of Your Business Is Important

Making profits is the primary objective of most business owners. They do this by spending a great amount of time and energy on developing growth plans with well-defined goals and smart business strategies. However, these plans and goals might be difficult to execute...

Applying or renewing Major Exporter Scheme

To date, we have performed more than 200 ASK (Assisted Self Help Kit) certification reviews for client applying or renewing for the Major Exporter Scheme (“MES”) in our capacity as Accredited Tax Advisor (GST). The common mistakes uncovered during the review are...

Voluntary or Compulsory GST registration?

If a company or limited liability partnership or sole proprietorship reasonably expect its turnover or revenue to be more than S$ 1 million in the next 12 months, then it is liable to apply for GST registration. IRAS do allow for voluntary GST registration if entities...

Transfer Pricing Documentation

A common question is, “when does transfer pricing occur.” It occurs typically when multi-national companies enter into sale and purchase transactions with their related companies, or loan to related companies. It can be also a situation, when a Singapore parent...

Senior Tax Counsel’s Report

Senior Tax Counsel’s Report

TRANSFER PRICING – A simple topic; some complex solutions! This week, in the spirit of The Tax Summit’s week of innovative and educational sessions, I thought I might try something a little different – a short, simple review for beginners of a complex topic. The topic...

IASB Releases Consultation on Goodwill and Impairment

IASB Releases Consultation on Goodwill and Impairment

The International Accounting Standards Board (IASB) is exploring how to help investors hold companies to account for acquisitions and improve the accounting for goodwill. A Discussion Paper titled Business Combinations—Disclosures, Goodwill and Impairment was released...

OECD Covid-19 Tax Treaty

OECD Covid-19 Tax Treaty

On 3 April 2020, the Organisation for Economic Co-operation and Development (OECD) published on its website an OECD Secretariat Analysis of Tax Treaties and the Impact of the COVID-19 Crisis (the guidance). Governments around the globe are taking increasingly...

簡評台灣境外資金課稅概況暨新境外資金 匯回專法介紹

簡評台灣境外資金課稅概況暨新境外資金 匯回專法介紹

近年國際間反避稅、反洗錢、反資助恐怖主義及反貪腐呼聲高漲,各稅區政府愈加重視資訊交換,採行 如金融機構共同申報準則(Common Reporting Standard, CRS)、移轉訂價三層文檔等規定。台灣地區已通過 對法人的反避稅措施—受控外國公司(Controlled Foreign Company, CFC) 與實際管理處所(Place of Effective Management, PEM) 法令及個人CFC 條文作為配套。此外,免稅天堂經濟2019 年起陸續立法引進經濟實質新 規(Economic Substance...