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Enhancing Audit Committee and Finance Team Competency is Essential for High-Quality Financial Reporting

January 12, 2023

The Accounting and Corporate Regulatory Authority (ACRA) has issued its fourth Financial Reporting Surveillance Programme (FRSP) report, which noted that the knowledge gap and insufficient due diligence remain the main root causes contributing to material non-compliances with accounting standards. Another root cause was the lack of action taken on issues raised by auditors. ACRA […]

Withholding Tax

January 26, 2023

Corppass (Singapore Corporate Access) is the exclusive system for businesses to control digital service access for their employees and third-parties (eg. tax agents) who are require to carry out corporate dealings with government agencies on the internet. To access IRAS digital services on behalf of your company, your staff or tax agent first needs to […]

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 […]

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 […]

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 […]

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 […]

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) […]

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 […]

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 […]