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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...

New Tax Deduction of Three Additional Types of Intellectual Property Rights Reignites the Controversies Surrounding Sections 16EC(4)(b) and 39E(1)(b)(i) of the Inland Revenue Ordinance

New Tax Deduction of Three Additional Types of Intellectual Property Rights Reignites the Controversies Surrounding Sections 16EC(4)(b) and 39E(1)(b)(i) of the Inland Revenue Ordinance

Three New Types of Specified Intellectual Property Rights Now Eligible for Tax Deductions The Inland Revenue (Amendment) (No. 5) Ordinance 2018 has recently been enacted to grant tax deductions for three new types of specified intellectual property rights (“IPRs”),...

Be Cool and Clear on the CPF Act

Be Cool and Clear on the CPF Act

The Central Provident Fund (CPF) Board has stepped up enforcement inspections on employers in recent years. Nearly S$2.7 billion in CPF arrears were recovered from employers within a five-year period from 2014 to 2018, whether through desktop audits, on-site audits or...

Tax Arrests And More

Tax Arrests And More

Promoting Tax Excellence by SIATPPage | 1Since the commencement of the Income Tax (Amendment) Act 2018and the Goods and Services Tax (Amendment) Act 2018on 12 November 2018 and 1 January 2019 respectively, the power of the Inland Revenue Authority of Singapore (IRAS)...

Impact of COVID19 on BV – Global perspectives

Impact of COVID19 on BV – Global perspectives

 The iiBV, in collaboration with the International Valuation Standards Council, (IVSC), Institute of Valuers and Appraisers, Singapore (IVAS), Duff & Phelps, and Leadenhall is pleased to present “Impacts of COVID 19 on Business Valuations - Perspectives from...

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