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News

Companies bussiness trusts and other bodies bill

Beginning on 1st July 2023, new sections on the Companies, Business Trusts, and Other Bodies (Miscellaneous Amendments) Bill added to the Companies Act 1967

June 30, 2023

16 June 2023 On 9 May 2023, Parliament approved the Companies, Business Trusts and Other Bodies (Miscellaneous Amendments) Bill as part of the Ministry of Finance’s (MOF) and ACRA’s ongoing review of the Companies Act 1967 (CA). New sections on enabling the holding of virtual and hybrid meetings for companies, business trusts, variable capital companies […]

GST on imported low-value goods and B2C non-digital services

June 16, 2023

From 1st January 2023, by performing either the Overseas Vendor Registration (OVR) regime or the reverse charge regime, GST can also be applied to imported low-value goods and B2C non-digital services. Imports of low-value goods and B2C non-digital services that straddle 1st January 2023 will need to comply with special transitional rules. Please see the […]

Beginning on 1 July 2023, requirements under the Accountants (Amendment) Act

June 05, 2023

The Accountants (Amendments) Act, which was approved by Parliament in October of last year, will be put into force by ACRA on 1 July 2023. These changes aim to strengthen ACRA’s audit regulatory framework and ensure that public accounting enterprises (PAEs) and public accountants (PAs) uphold high audit quality requirements. The following are the […]

Request a house and a unit number

May 22, 2023

On 26th April 2023, a new e-service portal, Property Name and Address has been launched by the Inland Revenue Authority of Singapore (IRAS) and the Street and Building Names Board (SBNB). The new portal aims to make application of house and unit number, building and street number more convenient by providing both services on […]

Signing of the Protocol Amending the Agreement to Eliminate Double Taxation by Singapore and Brazil

May 04, 2023

On 17 April 2023, the Governments of the Republic of Singapore and the Federative Republic of Brazil signed a Protocol amending the Agreement between the Republic of Singapore and the Federative Republic of Brazil for the Elimination of Double Taxation in relation to Income Taxes and the Prevention of Tax Evasion and Avoidance (DTA) […]

overview-of-the-received-in-reponse-to-feedback-on-the-management-of-virtual-and-hybrid-meetings

Overview of Comments Received in Response to Feedback on the Management of Virtual and Hybrid Meetings

April 21, 2023

13 April 2023 In response to the consultation feedback on the conduct of virtual and hybrid meetings, The Accounting and Corporate Regulatory Authority (ACRA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS) are currently responding to it. This is in relation to the proposed amendments under the Companies, Business Trusts […]

Base Erosion and Profit Shifting: International Convention to Implement Tax Treaty Related Measures

April 07, 2023

Singapore took part in the MLI negotiations as part of its commitment to enact the minimal requirement for preventing treaty misuse. The MLI is designed to make it possible for jurisdictions to quickly update their tax treaties in order to put Base Erosion and Profit Shifting (BEPS) recommendations relevant to tax treaties into effect. The […]

ACRA Terminates Qualified Persons and Filing Agent Registration Due to Regulatory Violations

March 24, 2023

The Accounting and Corporate Regulatory Authority (ACRA) cancelled the registrations of a qualified individual (RQI) Liang Jiansen and filing agent (RFA) Yuansen Business Pte. Ltd. (YBPL), for breaches of the ACRA (Filing Agents and Qualified Individuals) Regulations 2015. This follows an investigation by ACRA where it was uncovered that both Liang and YBPL had submitted […]

Corporate Income Tax Filing: Beginning in 2023, users of software that allows seamless filing will receive additional benefits

February 09, 2023

3 Years of Automatic 15-Day Extension of Filing Due Date and Penalties Waiver To support more companies and tax agents in their journey to adopt seamless filing from software for greater productivity, the Inland Revenue Authority of Singapore (IRAS) is pleased to announce two new benefits for those filing Corporate Income Tax (CIT) Returns (Form […]