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.


Tax Newsbites

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