Gains Or Losses From Sale Of Foreign Assets (Part 2)
In this Part 2 of the article, we continue the discussion from Part 1, which covers the scope of foreign-sourced disposal gains tax regime, covered entities, and economic substance requirement (ESR). OUTSOURCING OF ECONOMIC ACTIVITIES The ESR takes into account outsourcing arrangements where an entity outsources some or all of its economic activities to third […]
Is Singapore Ready For Disruptions?
Singapore is marking its 60 years of independence this year with a series of activities. Most recently, from February 15 to 28, was Exercise SG Ready 2025, a signature event of SG60. The exercise invited Singaporeans to reflect on the crises and disruptions that we have gone through in the last six decades, and encouraged […]
Gains Or Losses From Sale Of Foreign Assets (Part 1)
TAKEAWAYS Singapore does not have a capital gains tax regime. Gains from the sale of all assets that are capital in nature, whether local or foreign sourced, will not be subject to Singapore income tax, whether or not they are accrued or received in Singapore. Whether a gain from the sale of an asset is […]
Is Excel The Right Tool?
TAKEAWAYS Excel, or spreadsheets in general, is the go-to tool for accountants due to its unmatched flexibility and cost-effectiveness. Its adaptability enables it to handle diverse tasks such as financial modelling, data analysis, reporting, and automation. As a low-cost tool bundled with Microsoft Office subscriptions, Excel provides a versatile solution that can often replace the […]
Is Communication Necessary For Tax Filing?
TAKEAWAYS With the Chinese New Year festivities behind us, we are now approaching the personal tax filing season for the year of assessment (YA) 2025 for individual taxpayers in Singapore. Depending on the mode of filing, individual taxpayers are required to file their personal tax returns by April 15 or 18. Failing which, adverse consequences, […]
Budget 2025: Reactions And Responses
Prime Minister and Minister for Finance Lawrence Wong delivered Singapore’s FY2025 Budget Statement: Onward Together for a Better Future Tomorrow, in Parliament on February 18. Here, we hear from various ISCA members, from across industries, as they share their thoughts on the latest announcements. BENNY E. CHWEE, FCA (Singapore), Deputy Head (Master of Management Programme) […]
TECHNICAL HIGHLIGHTS
AUDITING AND ASSURANCE ISCA Issues Audit Bulletin (AB) 7 Considerations Over External Confirmation Procedures ISCA developed AB 7 to highlight certain key considerations for the auditor when designing and performing external confirmation procedures. The AB illustrates how some of these considerations apply in several scenarios where external confirmation procedures are used, including: IAASB Issues New […]
ISCA Lunch Talk: OECD Pillar Two – From Policy To Practice
In Budget 2024, Singapore announced that it would implement the Income Inclusion Rule (IIR) and Domestic Top-up Tax (DTT) for businesses’ financial years starting on or after 1 January 2025. This is in relation to the Organisation for Economic Co-operation and Development (OECD)/G20’s Inclusive Framework on Base Erosion and Profit Shifting (BEPS), which aims to […]
Business Optimism Increases For 2025; Uncertainties Remain
Business optimism in Singapore increased for 2025, but manpower costs and demand uncertainty remain key concerns. These are the findings of the National Business Survey 2024 – Annual Business Sentiment Edition report, released by the Singapore Business Federation (SBF) in January 2025. Administered annually, the report provides insights into the business sentiments and financing-related issues […]
Stablecoins 101 (Part 2)
TAKEAWAYS Part 1 of this article provides an introduction to stablecoins: what they are, their market value, and the two biggest stablecoins by market share. This Part 2 continues the discussion with a look at the stablecoin companies in Singapore, their use cases, and the regulatory and risk landscape. 4) KEY STABLECOIN COMPANIES IN SINGAPORE […]