Category: General News

Forms C/C-S for YA 2017 are available for download from the IRAS website

On By taxsgIn Corporate Tax, General News, Latest Tax News

14 June 2017

The softcopies of the Income Tax Return for Year of Assessment (YA) 2017 (Forms C/C-S) are now available on the Inland Revenue of Authority’s (IRAS) website, under the category of “Corporate Tax Form”.

The detailed list of changes made to the 2017 Forms C/C-S can be found on the IRAS website sections of  “Changes to Form C in YA 2017” and “Changes to Form C-S in YA 2017”.

Annual filing deadlines for e-filing and paper filing are 15 December and 30 November respectively.

For more information, please refer to the IRAS website.

Source: IRAS

Singapore’s CAA agreements to exchange financial information for tax purposes under the CRS with Denmark, Estonia, Lithuania and New Zealand entered into force on 5 June 2017

On By taxsgIn General News, Latest Tax News

14 June 2017

Singapore’s Competent Authority Agreements (CAA) agreements to exchange financial information for tax purposes under the Common Reporting Standard (CRS) with Denmark, Estonia, Lithuania and New Zealand have entered into force on 5 June 2017.

The first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.

The full text of the CAAs are available on the IRAS website.

Source: Inland Revenue Authority of Singapore (IRAS)

IRAS updates website for record-keeping obligations of struck-off, wound-up or dissolved companies

On By taxsgIn Corporate Tax, General News, Latest Tax News

5 June 2017

The Inland Revenue Authority of Singapore (IRAS) has updated its website for the duration of business records that are required to be kept for companies that have been struck off, dissolved or wound up, i.e.

  • Companies which have been struck-off or dissolved – the officers of such companies immediately before the dissolution, must ensure that all records are kept for at least five years from the date of dissolution.
  • For companies that are being wound up, the liquidators of such companies must ensure all records be retained for at least five years, up from two years previously from the date of the dissolution.

The update was made on 15 May 2017.

For further details, please refer to the IRAS website.

Source: IRAS

MOF seeks feedback on proposed changes to the Property Tax Act

On By taxsgIn General News, Latest Tax News, Property Tax

11 May 2017

The Ministry of Finance is seeking feedback on three changes to the draft Property Tax (Amendment) Bill 2017. This exercise will be conducted from 4 May to 19 May 2017.

Firstly, the proposed amendments clarify that machinery used for providing the setting/controlled environment for business and industrial processes that takes place in the building or for storage will not be exempted from property tax i.e. it is to be assessed together with the land or building on which it has been affixed. This change will take effect from 1 January 2018.

Another change is to amend the Property Act to allow taxpayers who wish to receive hardcopy property tax notices to opt-out. Currently, taxpayers will need to provide consent before digital tax notices can be issued. This change will take effect from the date the Property Act is gazetted.

Lastly, the Bill will enhance the information gathering powers of the Comptroller of Property Tax, the Chief Assessor and the officers where they can require persons to attend personally before them, or to be examined orally, so as to provide information. Penalties for failure to comply with a request will also be enhanced.

For full details, please refer to the Ministry of Finance’s website or the REACH consultation portal.

Source: Ministry of Finance

Singapore and Guernsey sign agreement to exchange financial information for tax purposes under CRS

On By taxsgIn General News, Latest Tax News

18 April 2017

On 7 April 2017, Singapore and Guernsey signed a Competent Authority Agreement (CAA) on the automatic exchange of information (AEOI) under the Common Reporting Standard (CRS).

Under the CAA, the Inland Revenue Authority of Singapore (IRAS) will automatically exchange on an annual basis with the Guernsey’s Revenue Authorities, financial account information held in Singapore by Guernsey’s tax residents. Likewise, Guernsey’s Revenue Authorities will automatically exchange with IRAS, financial account information held by Singapore tax residents in Guernsey.

The first exchange will take place by September 2018. The first submission required from Singapore-based FIs (SGFIs) to IRAS is by 31 May 2018 for the calendar year 2017.

The CAA is awaiting ratification and does not have the force of law. The full text of the CAA is available on the IRAS website.

Source: IRAS