Singapore: Important changes made to the taxation of employer-provided accommodation

Global Watch ()
Following the announcement in the Budget Statement 2013, the Inland Revenue Authority of Singapore (IRAS) has issued guidance summarizing changes to the taxation of employer provided accommodation benefits.  These changes are intended to make the taxation of housing benefits simpler and fairer.  The proposed changes, which will take effect from January 1, 2014, are likely to impact how companies provide housing support to their employees in Singapore, especially since there will be an increased tax burden for affected taxpayers.