Tax News

Welcome to the latest 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 June 2023 to 31 July 2023 include:

  • The Ministry of Finance has published the draft Income Tax (Amendment) Bill 2023 on 6 June 2023 for public consultation.
  • The Monetary Authority of Singapore has issued a circular (FDD Cir 09/2023) on 21 June 2023 providing further details on the extension and refinement of the Financial Sector Incentive scheme.
  • The Inland Revenue Authority of Singapore (IRAS) has published a circular entitled ‘Enterprise Innovation Scheme’ on 30 June 2023.
  • On 17 July 2023, OECD/G20 Inclusive Framework on BEPS releases four important documents related to Pillar One and Pillar Two and a Progress Report to G20 Finance Ministers and Central Bank Governors.
  • On 10 July 2023, an EU regulation setting out notification procedures regarding non-EU subsidies was adopted.

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