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News

Tax Payment Assistance

May 03, 2024

IRAS understands that encountering financial difficulties can make timely tax payments challenging. If you are facing such difficulties, IRAS encourages you to contact them before the due date. IRAS is here to work with you and develop a suitable payment plan that accommodates your specific circumstances Following the announcement during Budget 2024, homeowners residing in […]

Singapore: InvoiceNow Adoption for GST Businesses & Free Services for New Companies

April 19, 2024

The Inland Revenue Authority of Singapore (IRAS), in collaboration with the Infocomm Media Development Authority (IMDA), is introducing a phased approach for GST-registered businesses to transmit electronic invoice (e-invoice) data directly to IRAS. This initiative, known as the ‘GST InvoiceNow Requirement,’ will begin in November 2025. To ease the transition, newly incorporated businesses that […]

Payment regulation and protect digital payment token

MAS Expands Payment Regulation & Protects Digital Payment Token Users

April 05, 2024

The Monetary Authority of Singapore (MAS) announced amendments to the Payment Services Act (PS Act) on 2 April 2024. These changes aim to: Expand the scope of regulated payment services under MAS supervision. Introduce user protection and financial stability requirements for digital payment token (DPT) service providers. The amendments will be implemented in stages […]

Consultation: CSP Regulation & Beneficial Ownership

March 22, 2024

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) are proposing a new Corporate Service Providers (CSP) Bill. This bill aims to strengthen the regulatory framework for the CSP sector. Additionally, amendments are proposed to the Companies Act 1967 and the Limited Liability Partnerships Act 2005 to enhance transparency of beneficial […]

Streamlined Tax Filing 2024 for Self-Employed

Streamlined Tax Filing for 2024 Self-Employed

March 08, 2024

Singapore’s IRAS Simplifies Tax Filing for Self-Employed The Inland Revenue Authority of Singapore (IRAS) has introduced two initiatives to streamline tax filing for self-employed individuals (SEPs) in 2024, particularly for commission agents and delivery workers. Pre-filled Tax Returns: Over 100,000 commission agents will benefit from pre-filled income information in their tax returns, sourced from collaborating […]

Important Deadline for Employers: Submit Employee Income Data by March 1st to Avoid Penalties

February 23, 2024

Important Deadline for Employers: Submit Employee Income Data by March 1st to Avoid Penalties Timely compliance ensures a smoother tax filing process for over 2 million employees. The Inland Revenue Authority of Singapore (IRAS) reminds all employers that they are legally obligated to submit their employees’ 2023 employment income information by March 1, 2024. This […]

ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

ACRA Revokes Registration of Filing Agent and Qualified Individual Due to AML/CFT Violations

February 07, 2024

On January 19, 2024, the Accounting and Corporate Regulatory Authority (ACRA) revoked the registrations of the filing agent (RFA) LW Business Consultancy Pte Ltd (LWBC) and the qualified individual (RQI) Wang Junjie (Wang). This action was taken on January 18, 2024, due to violations of anti-money laundering and countering the financing of terrorism (AML/CFT) controls […]

Singapore and the nertherlands for mli update

Singapore and the Netherlands Authorities Reach Agreement on MLI for Base Erosion and Profit Shifting.

January 26, 2024

On 12 January 2024, the competent authorities of the Republic of Singapore and the Kingdom of the Netherlands entered into a competent authority arrangement (“CAA”) to define the procedure for applying the arbitration proceedings outlined in Part VI (Arbitration) of the MLI. The arbitration provisions enable taxpayers to seek resolution for matters stemming from […]

Former Listco Director Jailed For Breach of Director Duties

Former Director of Listed Company Receives Imprisonment for Breach of Director Duties

January 11, 2024

Singapore, 8 January, 2024 – Poh Wee Chiow Roger (commonly known as Roger Poh), a former executive director of Catalist-listed Allied Technologies Limited (ATL), has been convicted by the State Court. The conviction stems from his failure to fulfill his directorial responsibilities with integrity in connection to ATL’s acquisition of a 51% stake in Activpass […]