Transfer Pricing in Malaysia and Singapore
TAKEAWAYS New requirement for contemporaneous transfer pricing (TP) documentation to be prepared prior to the due date for filing the tax return, removal of the provision for offsetting adjustments, and a new definition of arm’s length range – these are just some of the changes introduced by the Income Tax (Transfer Pricing) Rules 2023 (hereafter […]
Landmark Herbalife Case Dissected
TAKEAWAYS The recent decision in the landmark Goods and Services Tax (GST) case of Herbalife International Singapore Pte Ltd (Herbalife) v Comptroller of GST [2023] SGHC 54 has sparked a series of parliamentary debates on revenue collection leakages. So, what exactly is the Herbalife case about and how will the Singapore High Court’s decision affect other direct selling companies? […]
Tapping Into The Enterprise Innovation Scheme
TAKEAWAYS The Enterprise Innovation Scheme (EIS) was introduced in Budget 2023 to encourage businesses to engage in research and development (R&D), innovation and capability development activities. Under the EIS, enhanced or new tax deductions and/or allowances (collectively referred to as “enhanced deductions”) are granted on qualifying expenditure incurred on five qualifying activities in the innovation […]
Renewed Focus On Integrated Reporting
TAKEAWAYS The IFRS Foundation released an announcement on 25 May 2022 entitled “Integrated Reporting – Articulating a future path”, and included the following joint statement by Andreas Barckow, Chair of the International Accounting Standards Board (IASB), and Emmanuel Faber, Chair of the International Sustainability Standards Board (ISSB), “We are convinced that the Integrated Reporting Framework […]
Whats The Deal With Withholding Tax
TAKEAWAYS “Is software payment regarded as royalty for withholding tax purposes?” “How do you determine whether the payee is a Singapore resident or non-Singapore resident?” “Is there a difference between making a payment to a foreign company and the Singapore branch of the foreign company?” These were some of the withholding tax issues that were […]
FSIE In Singapore and Hong Kong
TAKEAWAYS While Singapore and Hong Kong’s tax regimes are both attractive to investors, there are fundamental differences between the two regimes, such as how foreign-sourced income is treated for tax purposes. Unlike Singapore which generally imposes income tax on all foreign-sourced income received in Singapore unless specifically exempt, Hong Kong has historically adopted a territorial […]
Singapore Tax Cases (Part 2)
TAKEAWAYS In Singapore Tax Cases 2022 (Part 1), published in the June issue of this journal, we covered two notable GST cases based on a webinar organised by the Singapore Chartered Tax Professionals and facilitated by Accredited Tax Advisor (Income Tax) & Accredited Tax Practitioner (GST) Allen Tan, Principal, and Jeremiah Soh, Local Principal, Baker & McKenzie.Wong & […]
Singapore Tax Cases (Part 1)
TAKEAWAYS As one of the main revenue sources for Singapore, Goods and Services Tax (GST) is closely scrutinised by the tax authorities. In the first part of a webinar organised by the Singapore Chartered Tax Professionals, Accredited Tax Advisor (Income Tax) & Accredited Tax Practitioner (GST) Allen Tan, Principal, and Jeremiah Soh, Senior Associate, Baker & […]
Key Budget Tax Changes
TAKEAWAYS Described by Deputy Prime Minister and Finance Minister Lawrence Wong as a “Valentine’s Day present to all”, this year’s highly anticipated Budget delivered a slew of supporting measures designed to help Singaporeans cope with the immediate challenges of higher costs of living and, at the same time, it sets out key moves to enhance […]
Contracts With Customers
TAKEAWAYS IFRS 15 Revenue from Contracts with Customers defers the disclosures of onerous contracts to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.1 Under IFRS 15 para 31, an entity recognises revenue when it satisfies a performance obligation – the unit of account being a performance obligation. Under IAS 37 para 66, an entity provides for the present obligation […]
