Singapore Budget 2019 – Others
NAVIGATION Reduction Of Greenhouse Gas Emissions Restructuring Diesel Taxes Road Tax Rebates And Grants For Commercial Diesel Vehicles Tightening Of Duty-Free Allowance For Liquor Products 1 - REDUCTION OF GREENHOUSE GAS EMISSIONS Carbon Tax As announced in last year’s budget, the carbon tax on the emission of greenhouse gases (GHG) to [...]
Singapore Budget 2019 – Individuals and Households
NAVIGATION Individual Income Tax Rate Personal Income Tax Rebate Grandparent Caregiver Relief Not Ordinarily Resident (NOR) Scheme CPF Top-Up Five-year MediSave Top-Up Edusave Accounts And Post-Secondary Education Accounts Top-Up Workfare Income Supplement (WIS) Commemorating Our Bicentennial Merdeka Generation Package (MGP) ComCare Long-Term Assistance And Singapore Allowance CareShield Life Community Health Assist Scheme (CHAS) Service And Conservancy Charges (S&CC) [...]
Singapore Budget 2019 – Goods and Service Tax (GST)
NAVIGATION GST Rate Tightening Of GST Import Relief For Travellers GST Remission For S-REITs And Singapore-Listed Registered Business Trusts (RBTs) Recovery Of GST For Qualifying Funds 1 - GST RATE The current GST rate is 7%. As announced by the Minister in budget 2018, the GST rate will rise from 7% [...]
Singapore Budget 2019 – Corporate and Businesses
NAVIGATION Corporate Income Tax Rate Writing Down Allowance (WDA) For Acquisition Of Qualifying Intellectual Property Rights (IPRs) Investment Allowance (IA) Income Tax Concessions For Singapore-Listed Real Estate Investment Trusts (S-REITs) Tax Concessions For Singapore-Listed Real Estate Investment Trusts Exchange-Traded Funds (REITs-ETFs) Tax Incentive Schemes For Funds Managed By Singapore-Based Fund Managers (Qualifying Funds) Designated Unit Trust (DUT) Scheme [...]
SG Transfer Pricing requirement: Related Party Transactions
On 12 January 2017, IRAS released its 4th edition of the Singapore transfer pricing guidelines relating to business entities incorporated or registered in Singapore or carrying on a business in Singapore that have transactions with related parties. Related Party Loans A related party loan arises when there is money lent in one form or another, irrespective of whether the loan [...]
Review your corporate tax position to avoid tax burden
Last Updated 24 Feb 2019 Corporate tax is unavoidable in Singapore. However, with proper tax planning, it is possible for businesses to pay less tax/defer its tax payments. Hence, businesses will minimize their tax and maximize returns for stakeholders and as such, more resources will be available for reinvestment. Under-declaration of taxes in past years may result in accumulated tax [...]
Singapore’s first cybersecurity framework
The much discussed Cybersecurity Act 2018 (the Act), which was passed by the Singapore Parliament on 5 February 2018, came into force on 31 August 2018. The Act establishes a legal framework for the oversight and maintenance of national cybersecurity in Singapore. Its four key objectives are to strengthen the protection of Critical Information Infrastructure (CII) against cyber-attacks; to authorise [...]
Temasek unit invests in blockchain-based platform iSTOX
THE Singapore Exchange (SGX) and Temasek Holdings holdings subsidiary Heliconia Capital Management have invested in iSTOX, a capital markets platform by blockchain-based infrastructure company ICHX Tech. The platform designed by ICHX Tech - a company incubated by Singapore investment firm ICH Group - aims to provide fast time-to-issuance and a high level of transparency for users. But, while iSTOX incorporates [...]
Tax Deductability OF “Keyman” Insurance Premiums
Generally, premiums incurred by a company in taking up an insurance policy on the life of a key personnel of the company (commonly referred to as “keyman” insurance) against loss of profits arising from the demise of the insured, the premiums are tax deductible. The following are the requirements that must be satisfied before the deduction of insurance premiums on [...]
GST – Transfer of Business as Going Concern
In accordance with the GST Act, any supply of goods or services made by a taxable person in the course or furtherance of his business is chargeable to GST. Where a taxable person transfers or disposes of his business assets, whether or not for a consideration, is making a supply and hence, he has to account for GST on such [...]