Tax Bulletin


Singapore Automatic Exchange of Information (AEOI) Alert: Public feedback on draft e-Tax Guide & Updates to IRAS CRS FAQs

On 25 August 2017, IRAS released the draft IRAS e-Tax Guide for public feedback. The public consultation period is from 25 August to 25 September 2017. This draft e-Tax Guide is intended to assist businesses and those affected by CRS, in particular SGFIs, in understanding the CRS framework and their CRS compliance obligations.

 

Tax BulletinSingapore Automatic Exchange of Information (AEOI) Alert: Public feedback on draft e-Tax Guide & Updates to IRAS CRS FAQs

Other issues

Singapore Automatic Exchange of Information (AEOI) Alert: Updates to IRAS CRS FAQs and FATCA list of Approved Certificate Authorities

In July 2017, the Inland Revenue Authority of Singapore (IRAS) issued updates to the Common Reporting Standard (CRS) FAQs and provided a Foreign Account Tax Compliance Act (FATCA) update on their website on the US IRS-approved Certificate Authorities as well. Both legislations are to detect and deter tax evasion by taxpayers through the use of offshore bank accounts. FATCA targets US persons, whereas CRS targets all tax residents outside of the US and Singapore.

Transitional considerations for resolving transfer pricing disputes under the renegotiated India – Singapore Double Taxation Avoidance Agreement

The India-Singapore Double Taxation Avoidance Agreement (“India-Singapore DTA”) came into force on 27 May 1994. Until 27 February 2017, when the 2016 Protocol (“Third Protocol”) came into force, taxpayers on the Singapore-India economic corridor have experienced the deadlock given no access to the alternative cross border transfer pricing (“TP”) dispute resolution mechanisms...

Roundup of Singapore’s 2016 BEPS Developments and what these mean for enforcement efforts beyond?

2016 marked several major developments in the Singapore’s tax landscape arising from the Organisation for Economic Co-operation and Development’s (“OECD”) Base Erosion and Profit Shifting (“BEPS”) Project. Aligning with international tax practices aside, these developments also show Singapore’s resolve in protecting its tax base in the face of an increasingly volatile international tax environment.

Singapore’s latest Transfer Pricing Guidelines released on 12 January 2017 incorporate further BEPS Actions developments

The Inland Revenue Authority of Singapore (“IRAS”) released its 4th edition Transfer Pricing Guidelines (“4th Edn TPG”), reflecting the IRAS’ approach to regularly update, generally on an annual basis, its transfer pricing guidance to align with international tax developments and accepted practices, including those emanating from the Organisation for Economic Co-operation and Development (OECD)’s BEPS1 initiative.

Singapore tax authorities issue long-awaited Singapore Country-by-Country Reporting (CbCR) implementation guidance

The Inland Revenue Authority of Singapore (“IRAS”) released the e-Tax Guide on Country-by-Country Reporting which aims to provide practical guidance on CbCR implementation in Singapore. This comes as part of Singapore’s commitment to implement the four minimum standards under the inclusive framework under the Organisation for Economic Co-operation and Development (“OECD’s”) BEPS Project.

Singapore tax authorities tighten APA process in latest Transfer Pricing Guidelines

On 4 January 2016, the Inland Revenue Authority of Singapore (“IRAS”) published its latest third edition of Transfer Pricing Guidelines (“3Edn TPG”). This came barely a year following release of the second edition of Transfer Pricing Guidelines (“2Edn TPG”) on 6 January 2015, which introduced contemporaneous transfer pricing documentation requirements in Singapore for the first time.

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