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IRAS Tighten The Robust Anti-Gaming System For Ease In Doing Business

May 13, 2022

IRAS referred to Mr Ang Ah Lay’s letter titled “IRAS should account for system’s failure to identify cheating,” published in ST Forum on January 18, 2022. Any scheme that helps a broad range of firms must strike a careful balance between making it easier for legitimate enterprises to acquire subsidies swiftly and efficiently and doing […]

Singapore Job Support Scheme: Over $28.1 billion disbursed since Febuary 2020

April 20, 2022

1. From 31 March 2022, over 19,500 companies will receive final JSS payouts totalling more than $145 million under the Jobs Sustain Scheme (JSS) to support the wages of over 289,500 local employees. These employers work in industries such as food services, which were impacted by safe management measures implemented in the second half of […]

Singapore Companies to Strengthen Corporate Governance with Two New Tax Frameworks

April 20, 2022

To assist businesses in strengthening tax compliance, the Inland Revenue Authority of Singapore (IRAS) introduced two new tax frameworks: The Tax Governance Framework (TGF) and the Tax Risk Management and Control Framework for Corporate Income Tax (CTRM). The TGF and CTRM intend to supplement the existing Goods and Services Tax Assisted Compliance Assurance Programme (GST […]

Why should you join International Compliance Assurance Programme (ICAP)?

March 18, 2022

The International Co-operation and Development Agreement (ICAP) was developed by the Organization for Economic Cooperation and Development (OECD) to be an efficient, effective, and coordinated approach to providing MNE groups with increased tax certainty concerning certain of their activities and transactions. As part of our commitment to provide tax certainty to MNE firms, IRAS will […]

No-Filing-of-Tax-Returns-for-7-in-10-Taxpayers

IRAS simplify the tax filing experience from Tax Season 2022

March 03, 2022

This year, 7 out of 10 taxpayers (or more than 1.6 million of 2.3 million taxpayers) are qualified for the No-Filing Service (NFS). The Inland Revenue Authority of Singapore (IRAS) will also roll out initiatives to simplify the tax filing experience. More people will get direct tax bills rather than filing notices, skipping the tax […]

Singapore announces massive tax reforms to support government expenditure.

February 22, 2022

Singapore proposed a series of progressive tax reforms on Friday (February 18) to raise income to support extensive programs needed over the next several years and tackle socioeconomic disparities. In response to concerns about rising costs, the increase in the goods and services tax (GST) to cover the recurrent social and healthcare demands of a […]

Singapore and the United Kingdom have signed memorandums of understanding (MOUs) on digital trade, identities, and cybersecurity.

Ace Global
December 30, 2021

Singapore and the United Kingdom will collaborate more closely to enable digital trade between the two nations as part of a collaboration that will make commercial digital transactions easier, safer, and less expensive.

Singapore’s corporate leaders are on the same wavelength as their ‘born digital’ staff.

Ace Global
December 30, 2021

Compared to their worldwide counterparts, more Singapore corporate executives favor flexible work, placing them on the same page as “born digital” employees who prefer such flexibility.

IRAS has introduced two new digital efforts to help you meet the December 15 corporate tax filing deadline.

Ace Global
December 30, 2021

Small and medium-sized businesses can now submit returns to both IRAS and ACRA in one go using an upgraded accounting solution or use a streamlined income tax return — Form C-S (Lite)— to speed up tax filing.