Tax Newsbites

Welcome to the December 2016 issue of Tax Newsbites. This publication aims to share bite-sized information and updates from Singapore and around the region.

Some of the updates in the period 1 September 2016 to 30 November 2016 include:

  • The Income Tax (Amendment No. 3) Bill 2016 was published on 10 October 2016.
  • The Inland Revenue Authority of Singapore (IRAS) has entered into agreements on the automatic exchange of information with various countries including Australia, Italy, Japan and Norway. 
  • The IRAS issued implementation guidance on Country-by-Country Reporting (CbCR).
  • A new requirement for companies to report their related party transactions with effect from Year of Assessment 2018 will be introduced.
  • The Income Tax Board of Review dismissed a claim for deduction of standby credit and facility fees on the basis that they were capital expenditure.
  • Australia's High Court held that four offshore companies were actually controlled by the Australian resident accountant and therefore are subject to Australian income tax.
  • The results of the US 2016 elections for control of the White House and Congress may provide opportunities for major tax law changes in 2017.

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Tax Newsbites

Tax updates for the period 1 September 2016 to 30 November 2016