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Tax News

Welcome to the September 2021 issue of Tax News. 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 2021 to 30 September 2021 include:

  • The Income Tax (Amendment) Bill 2021 was published on 13 September 2021. The Ministry of Finance has also published a summary of its responses on 3 September 2021 to key feedback received during the public consultation held on the draft bill.
  • The Inland Revenue Authority of Singapore revised its circular on "Tax Treatment arising from Adoption of FRS 115 - Revenue from Contracts with Customers (Third Edition)" on 27 August 2021.
  • Benefits of Double Tax Avoidance Agreement (DTAA) cannot be denied merely due to re-domiciliation of taxpayer - Mumbai bench of Tribunal.
  • Malaysia’s Ministry of Finance published its inaugural Pre-Budget Statement on 31 August 2021.

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