IRAS recovers $79M in penalties
IRAS is getting savvy. Two thirds of cases reviewed included data analytic tools to catch errors in addition to random sampling, qualitative analysis and tip offs. Understating or omitting income…
Singapore Corporate Tax Services and Tax Compliance
Singapore Tax – changes to foreign sourced income and gains on disposal from Jan 2024
The tax for foreign sourced disposal gains will be subject to tax only for those entities that do not have an economic substance in Singapore. The test for economic presence…
Singapore GST rate change on 1st January 2023 from 7% to 8%. Are you ready?
The Singapore Government has already announced the increase in GST rates from 7 to 8% effective 1 January 2023 and from 8 to 9% on Jan 1 2024. With less…
Singapore plugs ABSD loophole on Living Trusts
Singapore plugs a loophole in local property market transactions by making ABSD applicable where a real identifiable beneficial owner is not stated or when a living trust is conditional or…
Disallowed Input GST Claims – IRAS
Disallowed expenses for GST Input Tax for Singapore GST registered businesses are Staff Medical Expenses Exceptions: (Allowed for Input Tax Claims) Obligatory expenses for Work Injury Compensation Act (WICA) OR…
COVID 19 Grants – Taxable or Non Taxable
The list of grants issued in the last couple of years by the Singapore Government has been extensive to help companies combat the effects of COVID 19. The long list…
Startups – Focus on Transfer Pricing early on – before it is too late
It is quite common for a startup to incorporate in their home country and quickly find the need to expand their operations to incorporate a second entity in another country,…
When can you charge 0% GST rate
If you are certain that at point of supply that the goods will be exported or have already been exported AND you have the required documents to support zero-rating. Generally,…
GST on small value imported items
https://str.sg/3qJW GST on Small value imported items into Singapore to kick in from 2023 https://str.sg/3qJW Read more blogs from Ezee Pte Ltd
Singapore Zero Rating of Exports – Supporting Documents
Singapore exporters are generally entitled to Zero Rate their exports and claim their Input GST refund. However, due care and diligence needs to be applied throughout the sale and export…