Singapore Budget 2021 – Goods and Services Tax (GST)
NAVIGATION GST Rate Imposition of GST on Imported Low-Value Goods Change of Basis for Determining Zero-Rating Supply of Media Sales 1. GST RATE Currently, the GST rate remained at 7%. GST rate is planned to increase from 7% to 9% between year 2022 and 2025, and it will take place “sooner rather than later” depending…
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Tax Dept
Singapore Budget 2021 – Corporate and Business
NAVIGATION Corporate Income Tax (CIT) Rate Extension and Enhancement of the Carry-Back Relief Scheme Extension of Option to Accelerate Eligible Claim on Cost of Plant and Machinery (P&M) Withdrawal of Accelerated Depreciation Allowances for Highly Efficient Pollution Control Equipment (ADA PCE) Scheme Extension of Option to Accelerate Eligible Deduction on Renovation and Refurbishment (R&R) Expenses…
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Tax Dept
Singapore Guide: ISCA FRB 5 – Accounting for Property Tax Rebate
The COVID-19 pandemic has adversely impacted the global economy, hitting Singapore companies and businesses affected by preventive circuit breaker measures implemented in the country. The Singapore government has since announced various support schemes in the form of income tax rebate and reliefs for FY2020. Among these measures is the property tax rebate extended to commercial…
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Tax Dept
Quick Guide: IAS 20 – Accounting for Government Grants
This year, the COVID-19 crisis has adversely impacted the global economy. Singapore is no exemption, with negative effects and losses caused by the crisis and the consequent circuit breaker measures implemented to prevent the virus’ spread. The local government has thus announced various support schemes including several government grants to help Singaporean companies and businesses…
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