Corporate Tax

Date  Category Update 
12 Apr 2021Updated Content

Companies/ Tax Agents

- With effect from 11 April 2021, the login process for Corppass will be changed to verify an individual’s identity via Singpass first. The use of Corppass ID will no longer be required.

9 Apr 2021Updated e-Tax Guide  

Income Tax: Tax Exemption under Section 13(12) for Specified Scenarios, Real Estate Investment Trusts and Qualifying Offshore Infrastructure Project/ Asset (Seventh Edition) (PDF, 1.10MB)

The e-Tax Guide has been updated with the following changes: 

- Paragraph 8.1: Updated mode of submission

- Annex 4: Updated Section 13(12) Declaration Form 
1 Apr 2021 Updated Content

Summary of Income Tax Advance Rulings 

- Ruling summary on source of franchise income

31 Mar 2021 Updated e-Tax Guide 

Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Fourth Edition) (PDF, 231KB)

The e-Tax Guide has been updated with the following changes: 

- Updated the definition of “Translation foreign exchange differences” in Glossary under paragraph 3.6.

- Included Frequently Asked Questions in Annex C on the designated bank account treatment and the application of the de-minimis limit. 

24 Mar 2021e-Learning Video

e-Learning

IRAS has published an e-Learning video on the Tax Deductibility of Motor Vehicle Expenses.

10 Mar 2021Updated e-Tax Guide

 Income Tax Treatment of a Trust registered under the Business Trusts Act (Third Edition) (PDF, 132KB)

The e-Tax Guide has been updated with the following changes: 

- Updated paragraphs 3.8 and 8.1 to reflect tax changes announced in Budget 2020 on the extension of the M&A scheme to 31 Dec 2025 and the lapse of stamp duty relief for instruments Stamp duty relief for instruments executed on or after 1 Apr 2020.

- Inserted footnote 5 in paragraph 9.1 for clarity. 

5 Mar 2021 Updated e-Tax Guide

Income Tax and Stamp Duty: Mergers and Acquisitions Scheme (Fifth Edition) (PDF,392KB)

The e-Tax Guide has been revised to reflect the refinements to the M&A scheme as announced in Budget 2020:

- Stamp duty relief has lapsed for instruments executed on or after 1 Apr 2020; and

- Waiver will no longer be granted for the requirement that the ultimate holding company must be incorporated and tax resident in Singapore. This applies to acquisitions made on or after 1 Apr 2020. 

5 Mar 2021Updated e-Tax Guide

Carry-back Relief System (PDF, 695KB)

The e-Tax Guide has been updated with the following changes:

- Updated paragraph 2.2 and footnote 2 to incorporate the extension of the enhanced carry-back relief system to the QD for YA 2021, as announced in the 2021 Budget Statement.

Enhanced Carry-back Relief System (PDF, 413KB)

The e-Tax Guide has been updated with the following changes:

Updated the following paragraphs and section to incorporate the extension of the enhanced carry-back relief system to the QD for YA 2021, as announced in the 2021 Budget Statement:

- Paragraph 1.2

- Section 2

- Paragraph 3.6

- Paragraphs 4.2, 4.4, 4.5

- Paragraphs 5.1 to 5.5

- Paragraph 6.2

- Paragraphs 7.1 to 7.3

- Paragraph 9.1

1 Mar 2021
Updated Content

Requesting a Copy of the Notice of Assessment (NOA) and Other Documents

The modes of requesting a Copy of the Notice of Assessment (NOA) and Other Documents has been updated.

24 Feb 2021Updated Content

Companies under Liquidation

- Preparation of Receipts and Payments on 12-month basis, no need to split into 2 periods on calendar year basis with effect from 1 May 2021.

- To remove issuance of tax clearance letter by IRAS for liquidation cases with effect from 1 May 2021.

16 Feb 2021Updated Content Budget 2021 - Overview of Tax Changes
10 Feb 2021Updated Content

Companies applying for strike off/ to Cease Registration

- FAQs section has been updated for clarity

4 Feb 2021 Updated Content 

Country-by-Country Reporting (CbCR)

- Added Gibraltar, Kazakhstan and Oman

1 Feb 2021 Updated Content 

Summary of Income Tax Advance Rulings

- Ruling summary on whether the use of unremitted foreign sourced income to offset non-trade intercompany debt constitutes deemed remittance into Singapore


Publication of Income Tax Advance Rulings

- For advance ruling applications made on or after 1 Feb 2021 where the subject of the ruling request relates to the characterisation of hybrid instrument and related issues, IRAS may exclude the ruling from publication if similar summaries of ruling have been published on the IRAS website.


Application Form for Income Tax Advance Ruling (DOCX, 150KB)

- The revised form is to be used for the submission of income tax advance ruling applications with effect from 1 Feb 2021.

 
29 Jan 2021Updated Content

COVID-19 Support Measures and Tax Guidance

The following pages have been updated:

1. Tax Residency Status of a Company and Permanent Establishment

2. FAQs on the Transfer Pricing issues relating to COVID-19

29 Jan 2021

Updated e-Tax Guide











Forms

Research and Development Tax Measures (Sixth edition)

- The e-Tax guide has been updated with the following amendments: 

1) Update on the change in additional deduction under section 14DA(1) for YAs 2019 to 2025 in paragraphs 8.3, 8.6 and 8.7, Charts A to C, and Annex A paragraph 7.

2) Update on the change in threshold for pre-claim scheme in paragraph 14.1.

3) Update on the expiry of the incentive under section 14E in footnote 1 and Annex A paragraph 8.

4) Insertion of illustrations on the additional deduction for outsourced R&D activities undertaken in Singapore where a Government grant is awarded to fund the R&D in Annex D paragraphs 2.3, 2.4 and 3.

5) Editorial changes for clarity in paragraphs 8.4(a), 8.6, and 12.2.


Corporate Tax Forms

- The following forms have been updated:

Research and Development (R&D) Claim Form (YA 2018 and before) (PDF, 382KB)

Research and Development (R&D) Claim Form (YA 2019 and onwards) (PDF, 396KB)

28 Jan 2021Updated Content

COVID-19 Support Measures and Tax Guidance for Businesses

- Information on the Tax Treatment of Debts Forgiven under MinLaw’s Simplified Debt Restructuring Programme is now available.

27 Jan 2021e-Learning Video

e-Learning

IRAS has published an e-Learning video on the Tax Deductibility of Pre-commencement Expenses.

20 Jan 2021Updated Content

Country-by-Country Reporting (CbCR)

- The CbCR XML Schema v1.0.1 has been removed. Please use v2.0 when submitting the CbC Report.

4 Jan 2021Updated Content

Transfer Pricing

- IRAS has updated the indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million during the period from 1 Jan to 31 Dec 2021.

4 Jan 2021Updated Content

Summary of Income Tax Advance Rulings

- Ruling summary on related party for Singapore transfer pricing purposes  

18 Dec 2020Updated Content  Country-by-Country Reporting (CbCR)

- Added Panama, United States

18 Dec 2020e-Learning Video

e-Learning

- IRAS has published an e-Learning video on the Tax Deductibility of Expenses.

10 Dec 2020Updated Content

Business Expenses

- For companies which have received FWL rebate, only the reduced FWL incurred by the companies (i.e. after deducting the FWL rebate for the corresponding period) will be allowed the tax deduction.

10 Dec 2020

Revised e-Tax Guide











Updated Content

Certainty of Non-taxation of Companies’ Gains on Disposal of Equity Investments (Third Edition)

The e-Tax guide has been updated with the following amendments:

- Inserted paragraph 2 to provide the tax treatment at a glance

- Amended paragraph 5.1 and footnote 3 to reflect the extension of the scheme announced in Budget 2020

- Inserted paragraph 6 and Annex C to reflect refinements in the scope of exclusion and provide details of the tax change announced in Budget 2020

- Renumbered the Annexes

- Made conforming edits to other paragraphs and Annex B, such as to update the references to new and renumbered paragraphs


Taxable and Non-taxable Income

- To provide clarity on the non-taxation of Companies' Gains on Disposal of Equity Investments under Section 13Z as announced in Budget 2020.

9 Dec 2020New Content

About The International Compliance Assurance Programme (ICAP)

- The ICAP is a voluntary risk assessment and assurance programme developed by the Organisation for Economic Co-operation and Development to facilitate co-operative multilateral engagements between multinational enterprises and tax administrations. IRAS is participating in ICAP from 2021.

7 Dec 2020 Updated Content

Income Tax Treatment of COVID-19-Related Payouts to Businesses and Individuals

- The table has been updated to include information on the tax treatment of the Jobs Growth Incentive and Construction Restart Booster

7 Dec 2020
Updated Content

Digital Taxes

- To provide clarity on the deductibility of the unilateral digital taxes imposed by other jurisdictions.

1 Dec 2020Updated Content  

Summary of Income Tax Advance Rulings

Ruling summaries on:

- Characterisation of hybrid instrument and related issues;

- Withholding tax on payments made pursuant to license agreement; and

- Withholding tax on art performance fees.
25 Nov 2020Updated Content

Dormant Companies

-  Updated the FAQ on “Can a dormant company make a claim for donations?” to clarify that such company should e-File their Corporate Income Tax Return using the File Form C-S/ File Form C-S (Lite).  
20 Nov 2020 New Content

Connecting Tax Software Providers and Tax Agents with IRAS’ Digital Solutions:  

- Our digital solutions make filing of the Corporate Income Tax Returns (Form C-S/ C) easier and more convenient for tax professionals and companies

11 Nov 2020 Update Content

Request for Filing Extension for YA 2020 Corporate Income Tax Return (Form C-S/ C) 

- Companies with financial years ending in Oct to Dec 2019 may complete and submit the “Request for Filing Extension for YA 2020 Corporate Income Tax Return” by 27 Nov 2020 if they face genuine difficulties in preparing and e-Filing the YA 2020 Corporate Income Tax Returns (Form C-S/ C) by the filing due date. An extension till 15 Jan 2021 to file the returns can be granted.

2 Nov 2020  Updated Content

Summary of Income Tax Advance Rulings 

- Ruling summary on whether the use of unremitted foreign sourced income towards capital reduction constitutes deemed remittance into Singapore. 
28 Oct 2020Updated Content

Tax Residence Status of a Company and Permanent Establishment

- The qualifying conditions for the Permanent Establishment concession under the COVID-19 Tax Guidance has been updated. 

28 Oct 2020
e-Learning Video

e-Learning

- IRAS has published an e-Learning video on the Taxability of Income.

19 Oct 2020Updated Content

Applying for COR/ Tax Reclaim Form

- To clarify that the company may start to apply for a COR for one advance calendar year from October to December of the current calendar year.

25 Sep 2020 Updated Content 

e-Learning

- IRAS has published an e-Learning video on the Corporate Tax Filing Obligations and Basis of Assessment.

17 Sep 2020 Updated Content

Shipping Companies

- To provide clarity on the application of section 13A(11) when a ship ceases to be a Singapore ship (a ship registered with the Singapore Registry of Ships).

1 Sep 2020 Updated Content

Summary of Income Tax Advance Rulings

Ruling summaries on:

- Income tax issues relating to a foreign Limited Partnership; and 

- Characterisation of hybrid instrument and related issues.   

20 Aug 2020New Content

Seamless Filing

A digital solution that helps companies automate the preparation of information required for submission of Form C-S is now available.

17 Aug 2020Updated e-Tax Guide

Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Third Edition)

The e-Tax guide has been updated with the following: 

(a) Insert paragraphs 7.4 and 7.5 for the introduction of de-minimis limit to allow businesses to treat foreign exchange differences on foreign currency bank accounts as revenue in nature when capital transactions are within the limit.

(b) Insert paragraphs 7.6 on the non-applicability of the de-minimis limit.

(c) Summarise the tax treatment of foreign exchange differences arising from the revaluation of foreign currency bank accounts in paragraph 7.7 with effect from YA 2020

(d) Insert paragraph 7.8 on the circumstances giving rise to the cessation of the designated bank account treatment.

(e) Insert paragraph 7.9 for the administrative procedures for businesses that adopt the de-minimis limit.

(f) Include examples in Annex B on the application of the de-minimis limit.

17 Aug 2020Updated Content

Requesting a Copy of the Notice of Assessment (NOA) and Other Documents

- Only documents for advanced Year of Assessment (YA), current YA and up to 4 back YAs are available for request.
7 Aug 2020
Updated Content

Country-by-Country Reporting (CbCR)

- Added Belize

3 Aug 2020Updated Content

Summary of Income Tax Advance Rulings

Ruling summaries on characterisation of hybrid instrument and related issues.

30 Jul 2020 New Content 

Form C-S (Lite)

From YA 2020, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below have the option to file Form C-S (Lite), a simplified version of Form C-S.

20 Jul 2020
Updated Content 

COVID-19 Support Measures

Information on the following measures is now available:

  1. Income tax treatment of COVID-19 related payouts to businesses and individuals
  2. Point-to-Point Support Package
  3. Property owners’ obligations to pass the property tax rebate on to tenants

Exemption for employment benefits for accommodation, food, transport and daily living expenses

     

    30 Jun 2020      

    Updated Content 

    Taxable and Non-taxable Income

    Budget 2020 - Overview of Tax Changes

    - The following webpages have been updated to inform taxpayers that IRAS will provide further details of the Budget 2020 changes for S13Z by end 2020.
    30 Jun 2020Updated Content

    Summary of Income Tax Advance Rulings

    Ruling summaries on:

    - Tax treatment of expenditure incurred to acquire a new business;

    - Tax treatment of exchange fee paid pursuant to exchange of Notes; and   

    -  Characterisation of hybrid instrument and related issues.  
    26 Jun 2020Updated e-Tax Guide

    Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trust (PDF, 618KB)

    The e-Tax Guide has been updated with the following change:

    - Amended paragraphs 17 to 19 in view of the further extension of time for distribution of taxable specified income for REITs and their approved sub-trusts.

    1 Jun 2020Updated Content

    Corporate Tax Filing Season 2020

    A dedicated webpage for Corporate Tax Filing Season 2020 is now available.   
    22 May 2020Updated e-Tax Guide

    Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trust (PDF, 598KB)

    The e-Tax Guide has been updated with the following changes:

    - Made editorial amendments to paragraph 6.2; and

    - Inserted a new section D to cover "COVID-19 Support Measures and Tax Guidance".

    20 May 2020e-Services  

    e-Filing

    - e-Filing services for YA 2020 Form C-S and Form C are now available.  
    11 May 2020Updated Content  

    Payments That Are Subject to Withholding Tax

    - The flowcharts on the ‘General Overview of Withholding Tax on Income Deemed to be Sourced in Singapore under Sections 12(6) and 12(7) of the Income Tax’ and the “Payments Made for Management Services or Assistance in the Management of Business” have been updated according to the DTA between Singapore and Republic of Korea.

    - The FAQ section on ‘Services’ has been updated according to the DTA between Singapore and Republic of Korea 
    8 May 2020

    Updated Content

    Updated e-Tax Guide  

    Loss Carry-back Relief

    - To clarify that companies can elect for either the current carry-back relief system or enhanced carry-back relief system for YA 2020.

    - To provide information on the administrative requirement for the carry-back relief for YA 2020.

    Carry-back Relief System (PDF, 760KB)

    The e-Tax Guide has been updated with the following changes:

    - Paragraph 2.2 to make reference to the e-Tax Guide on “Enhanced Carry-back Relief System” for YA 2020

    - Deletion of paragraphs 2.7 and original paragraph 7.6 due to the phasing out of spousal transfer scheme from YA 2016. Example 1A in Annex G is amended accordingly; and

    - Paragraphs 9.3 and 9.9 to incorporate clarifications on the documents to be submitted

    Enhanced Carry-back Relief System (PDF, 533KB)

    The e-Tax Guide has been updated with the following changes:

    - Updated paragraph 1.1 to refer to the revised e-Tax Guide on Carry-back Relief System published on 8 May 2020

    - Updated paragraphs 2.1 to 2.3, 4.2 and section 7 to clarify that:

       (a) taxpayers can elect to carry-back the estimated or actual amount of QD under either the enhanced carry-back relief system or current carry-back relief system for YA 2020; and

       (b) taxpayers can revise their election if they had made an election after the 2020 Budget Statement but prior to 8 May 2020 as stated in paragraph 7.6

    - Updated footnote 2 to clarify the documents not required for submission by taxpayers who had filed Form C-S

    - Updated paragraphs 3.1 and 6.1 to remove reference made to spousal transfer which has been phased out with effect from YA 2016

    - Consequential editorial amendments made to paragraphs 5.1 and 8.1  

    8 May 2020Updated Content

    Double Tax Deduction for Internationalisation Scheme

    - To clarify that the total amount of qualifying expenses allowed as a further/ double deduction under Sections 14K and 14KA shall not exceed $1 million per approved entity per YA. 
    8 May 2020Updated Content

    Shipping Companies

    - General review and update of the content to align with the wordings in the Income Tax Act.
    6 May 2020Updated Content

    Transfer Pricing

    - With effect from YA 2020, the Form for Reporting Related Party Transactions (RPT) is available as part of the Income Tax Return (Form C).

    - The FAQs on Reporting RPT have also been updated.

    Overview of Form C-S/ C
    Dormant Companies

    - With effect from YA 2020, a dormant company is not required to complete the Form for RPT, notwithstanding the value of the company’s related party transactions disclosed in the financial statements for the financial period exceeds S$15 million. Therefore, dormant companies which are qualified to file Form C-S or Form C for Dormant Company can continue to use Form C-S or Form C for Dormant Company.

    4 May 2020Updated Content  

    Country-by-Country Reporting (CbCR)

    List of jurisdictions that have exchange relationship with Singapore:

    - Added Bahamas, British Virgin Islands, Saudi Arabia and Seychelles 
    30 Apr 2020 Updated Content  The YA 2020 Basic Corporate Tax Calculators for companies/ tax agents filing Form C-S/ C are now available

    30 Apr 2020

     New Content

    Summary of Income Tax Advance Rulings

    Ruling summaries on characterisation of hybrid instrument and related issues
    28 Apr 2020Updated ContentCOVID-19 Support Measures
    Companies with financial years ending on Jan and Feb 2020 will continue to enjoy instalments (PDF, 63KB) to settle their estimated tax on YA 2021 ECI e-Filed by the extended due date of 30 Jun 2020, if they are on GIRO.  
    23 Apr 2020Updated Content Extension of the Estimated Chargeable Income (ECI) Filing Deadline
    - Companies with Financial Years ending in Jan and Feb 2020 will be granted an automatic extension till 30 Jun 2020 to file their YA 2021 ECI. 
    20 Apr 2020

    Updated Content

    e-Tax Guide

    Income Tax Treatment of Digital Tokens

    - Updated content to replace the term “virtual currencies” with “digital tokens”.

    The e-Tax Guide on the Income Tax Treatment of Digital Tokens (PDF, 302KB) is now available.
    17 Apr 2020Updated ContentApplying for Income Tax Advance Ruling

    Updated mode of submission of income tax advance ruling applications.


    Application Form for Income Tax Advance Ruling (DOCX, 160KB)
    The revised form is to be used for the submission of income tax advance ruling applications with effect from 17 Apr 2020.

    16 Apr 2020Updated Content

    Paying Corporate Income Taxes

    Filing Estimated Chargeable Income (ECI) and Paying Estimated Taxes

    Resilience Budget - Support Measures for Taxpayers

    Call Us

    - The above webpages have been updated to provide information for companies who wish to opt out of the CIT payment deferment
    6 Apr 2020 New Content

    COVID-19 Support Measures and Tax Guidance

    Companies who have been affected by the travel restrictions due to COVID-19 can refer to the COVID-19 Support Measures and Tax Guidance for more information.

    4 Apr 2020New Content  

    IRAS Extends Tax Filing Deadlines; Taxpayer Counter Services by Appointment Only

    IRAS has published a media advisory, which aims to support taxpayers in light of the latest measures to manage the COVID-19 situation.
    2 Apr 2020Updated Content

    Filing Estimated Chargeable Income (ECI) and Paying Estimated Taxes

     - Updated content to provide more worked examples on the new dates for GIRO instalment payments with the CIT payment deferment.
    1 Apr 2020Updated e-Tax Guide

    Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises (PDF, 320KB)

    The e-Tax Guide has been updated with the following changes:

    - Incorporated the tax change announced in Budget 2020 (i.e. allow a taxpayer the option to claim qualifying R&R costs incurred in the basis period for YA 2021 in one year instead of over three years) by:

    (a) inserting paragraphs 2.3 and 4.2 
    (b) inserting paragraph 9.1 
    (c) updating example 3 in Frequently Asked Questions of the Annex

    - Removed references relating to time-barred YAs.
    1 Apr 2020Updated Content

    Land Intensification Allowance (LIA)

    - Update on the new application requirements for applicants who receive their "URA's Grant of Written Permission" / "JTC Consent as Landowner (URA Plan Lodgement Scheme) on or after 1 Apr 2021.
    26 Mar 2020New Content  Resilience Budget and Solidarity Budget - Support Measures for Taxpayers
    5 Mar 2020Updated Content

    Country-by-Country Reporting

    List of jurisdictions that have exchange relationship with Singapore:

    - Added Anguilla.

    - Updated effective year of exchange for Turks & Caicos Islands.

    How to Submit the CbC Report:

    - Added OECD’s CbCR XML Schema v2.0, OECD’s User Guide for Tax Administrations for CbCR XML Schema v2.0 and IRAS’ Supplementary Instructions for Preparing CbCR Reporting Data File for CbCR XML Schema v2.0.
    5 Mar 2020 Updated Content

    Loss Carry-Back Relief

    To clarify which document type under the 'Submit Document' e-Service companies should be using to submit the election form and revised tax computations.
    24 Feb 2020

    Updated Content

    e-Tax Guide

    Loss Carry-Back Relief
    The Election Form for Companies for Carry-Back of Estimated Capital Allowances and Trade Losses (For Year of Assessment 2020) is now available.

    The e-Tax Guide on the Enhanced Carry-back Relief System (PDF, 428KB) is now available.
    24 Feb 2020Updated Content

    Apply for Waiver to Submit Tax Return (Dormant Company)

    This e-Service is now available to companies and tax agents. 
    19 Feb 2020 New Content  Budget 2020 - Overview of Tax Changes
    3 Jan 2020New Content  

    Construction Companies

    - New section that sets out common scenarios of income and expense items, and the corresponding tax treatment to determine the taxable profits of construction companies. It also covers the record-keeping requirements for these companies.
    2 Jan 2019 Updated Content

    Transfer Pricing

    - IRAS has updated the indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million during the period from 1 Jan to 31 Dec 2020.
    13 Dec 2019 Updated Content  

    Business and IPC Partnership Scheme (BIPS)

    - Updated content on qualifying expenditure and how to claim BIPS. 
    12 Dec 2019Updated e-Tax Guide

    Pioneer Incentive: Tax Treatment of Gains and Losses from a Separate Trade (Third Edition) (PDF, 193KB)

    The e-Tax Guide has been updated and re-written as follows:

    a) To define statutory income in paragraph 3.5;

    b) To clarify that the statutory income, and not the adjusted profit, of the separate trade of the pioneer enterprise or pioneer service company is deemed to be 5% of the gross revenue for the purpose of section 8(3) of the EEIA by amending paragraph 5.2. The application of this change will take effect from Year of Assessment 2020; and 

    c) To streamline the considerations for waiver of sections 8(2) and 8(3) requirements under paragraph 6.

    13 Nov 2019

    Updated Content

    Updated e-Tax Guide

    Adopting Financial Reporting Standard (FRS) 39 and 109 and its Tax Implications

    - To clarify that FRS 109 tax treatment also applies to entities that adopt SFRS(I) 9.

    - Added a footnote 3 to clarify that non-credit-impaired financial instruments include trade receivables, contract assets and lease receivables where the impairment losses of such receivables and assets are measured using the simplified approach provided under FRS 109.

    Income Tax: Income Tax Treatment Arising from Adoption of FRS 109 – Financial Instruments (Second Edition) (PDF, 919KB)

    - Please refer to Page 30 of the e-Tax Guide on the updates and amendments.
    11 Nov 2019 Updated Content  Applying for Income Tax Advance Ruling

    Updated IRAS' bank account details for payments made from 18 Nov 2019 onwards.

    Application Form for Income Tax Advance Ruling (DOCX, 120KB)

    The revised form is to be used for the submission of income tax advance ruling applications with effect from 11 Nov 2019.
    30 Oct 2019Updated Content

    Country-by-Country Reporting (CbCR)

    - Added United Arab Emirates.
    29 Oct 2019
    Updated Content  

    Applying for COR/ Tax Reclaim Form

    - User Guides for company and tax agents, as well as FAQs have been updated.
    25 Oct 2019
    Updated Content  

    Shipping Companies

    - FAQs have been added onto the webpage for clarity.
    23 Oct 2019Updated Content 

    Research and Development (R&D) - How to claim R&D tax benefits

    - Updated the statistics based on 2018 data pertaining to the number of companies who have claimed R&D benefits.
    23 Oct 2019  New Content

    Investment Holding Companies

    - Added a new FAQ on how an investment holding company that also provides routine support services to its related companies should prepare its tax computation.
    21 Oct 2019
    Updated Content  

    Taxable and Non-taxable Income

    - Updated content on income received from abroad.

    - Added new FAQs on the use of foreign-sourced offshore income and whether they will be considered as received or deemed received in Singapore under section 10(25).
    21 Oct 2019 Updated e-Tax GuideIncome Tax Treatment of Hybrid Instruments (Second Edition) (PDF, 212KB)

    The e-Tax Guide has been updated with the following changes:

    - The tax treatment of hybrid instruments issued by REITs in the hands of the issuer and the investor (i.e. sections 2.1 and 8.4 in this guide);

    - That the dividend stopper/ restrictive clause in the terms of a hybrid instrument may tilt an instrument towards being a debt in the context of a listed company/ a REIT issuer (i.e. section 5.3e in this guide);

    - The timing of deduction on interest payments by the issuer on hybrid instruments treated as debt for tax purposes, and the application of sections 34A and 34AA of the ITA which allows issuers and investors to adopt the FRS 39 or FRS 109 accounting treatment for tax purposes (i.e. section 9 in this guide);

    - That all issuers (whether Singapore-based or foreign) of hybrid instruments can apply the factors discussed in the guide to determine the debt or equity characterisation of the instruments, and they should clearly communicate the tax treatment of the instruments to the investors whether or not an advance ruling is made (i.e. sections 2.4 and 10.1 in this guide);

    - The case facts of the examples in Appendices 1 and 2; and

    - The treatment of a hybrid instrument issued by a REIT as a new case example in Appendix 3.

    Income Tax Treatment of Real Estate Investment Trusts and Approved Sub-Trusts (Fifth Edition) (PDF, 336KB)

    The e-Tax Guide has been updated with the insertion of footnote 20 to paragraph 8.1 to make clear that treatment described in Section 8 does not apply to the distributions received by security holders of hybrid securities issued by a REIT that are regarded as equity instruments for tax purposes.

    22 Aug 2019  Updated Content

    Country-by-Country Reporting (CbCR)

    - Added Andorra, Hong Kong, Monaco, Peru, San Marino and Turks & Caicos Islands.

    - Updated effective year of exchange for Czech Republic, Portugal and Qatar.
    5 Aug 2019
     Updated Content

    Applying for COR/ Tax Reclaim Form

    - Updated content on applying for COR.

    Tax Residence Status of a Company

    - Updated content on foreign-owned investment holding companies and added a new FAQ on scenarios whereby the control and management of a business is considered to be not exercised in Singapore.
    30 Jul 2019 Updated Content 

    Overview of Form C-S/ C
    Dormant Companies

    The above webpages are updated with the following content: 

    - For YA 2019, if the value of the dormant company’s related party transactions disclosed in the financial statements for the financial period exceeds $15 million, the company should submit Form C by Form C (Upload) mode instead of Form C-S or Form C for Dormant Company. 
    26 Jul 2019 Updated Content  Country-by-Country Reporting (CbCR)
    Created a new section on Notification of Filing Obligation
    22 Jul 2019  New Content

    Filing Estimated Chargeable Income (ECI)

    - Added a new FAQ on how to compute the ECI if there is a claim for relief.
    3 Jun 2019
    Updated Content

    Recognition of Tax Agent Firms who e-File for Their Clients for YA 2018

    Recognition of External Value Network (EVN) tax agent firms and the top 30 e-Filing tax agent firms who have strongly supported the e-Filing initiative.
    23 May 2019
    Forms

    Corporate Tax Forms

    - YA 2019 Form C-S and Form C are now available

    e-Filing

    - e-Filing services for YA 2019 Form C-S and Form C are now available
    2 May 2019Updated Content
     The YA 2019 Basic Corporate Tax Calculators for companies/ tax agents filing Form C-S/ C are now available.
    26 Apr 2019Updated e-Tax Guide

    Tax Framework for Corporate Amalgamations (Third Edition) (PDF, 911KB) 

    The e-Tax Guide has been updated with the following changes:
    - The footnote 1 is replaced with headers of sections 215B to 215G of Companies Act.

    - The original footnote 3 is removed resulting in the renumbering of the rest of the footnotes.

    - Annex A is updated as follows:
    Section B
    1) The expenditure cap on qualifying renovation and refurbishment.
    2) The footnote 7 is replaced with section 14Q expenditure cap.
    Section C
    A summary of the land intensification allowance is inserted.
    Section D, E and F
    1) The following sections are removed as they are no longer relevant:
    a) Research and Development Allowance [section 37G];
    b) Concessionary Rate of Tax for Offshore Leasing of Machinery and Plant [section 43I];
    c) Concessionary Rate of Tax for Members of Commodity Futures Exchange [section 43K]; and
    d) Cash Grant for Research and Development Expenditure for Start-Up Company [section 37H].
    2)  A summary of the FRS 109 tax treatment is inserted.

    - The original Annex D is now known as Annex C

    - All the illustrations are updated to recent YAs

    15 Apr 2019Updated Content

    Tax Treatment of Business Expenses (S - Z)
    - Updated content to inform that with effect from YA 2020, the payer may be required upon request by the Comptroller of Income Tax, to provide documents to substantiate that he is contractually liable to bear the withholding tax.

    12 Apr 2019
    Updated Content

    Tax Treatment of Business Expenses (I - P)

    - Updated content to provide clarity that employees’ income tax borne by the employer is a type of benefits-in-kind.
    9 Apr 2019
    Updated e-Tax Guide

    Carry-back Relief System (Fourth Edition) (PDF, 1.37MB)

    The e-Tax Guide has been updated with the following change:
    - Paragraph 9.3 amended to incorporate changes to the administrative requirements in making the election.
    5 Apr 2019

    Updated Content

    New Content

    Applying for Income Tax Advance Ruling
    After Applying for Income Tax Advance Ruling
    Publication of Income Tax Advance Rulings

    Summary of Income Tax Advance Rulings Issued

    The above webpages are updated with the following information for ruling applications made on or after 1 May 2019:

    - Revisions made to application fee and hourly charge; 
    - Applicants are required to pay the fees as estimated by IRAS to provide a ruling, when accepting IRAS’ offer to rule; and
    - IRAS will be publishing summaries of advance rulings issued by the Comptroller of Income Tax in an anonymised form (except for rulings for advance pricing arrangement for transfer pricing) on the IRAS website, if the applicant has given consent for the publication of the rulings.

    Application Form for Income Tax Advance Ruling (for application made on or after 1 May 2019) (DOCX, 116KB)
    This revised form is to be used for the submission of income tax advance ruling applications made on or after 1 May 2019.
    4 Apr 2019
    Updated Content

    Corporate Income Tax - Objection and Appeal Process (Second Edition) (PDF, 898KB)

    The e-Tax Guide has been updated with the following changes:

    - Inserted footnote 6 to document the previous deadline to file a Notice of Objection

    - Added 2 new common objection scenarios in Annex B

    - Made editorial changes to paragraphs 2.1, 4.3.1, 4.3.2 and 8

    1 Apr 2019Updated Content

    Loss Carry-Back Relief

    The Election Form for Companies for Carry-Back of Capital Allowances and Trade Losses has been removed with effect from 1 Apr 2019.

    Companies that wish to elect for Loss Carry-Back Relief should indicate the election in their Income Tax Return (Form C) and the tax computation for the relevant YA at the time of filing the Form C.
    29 Mar 2019
     e-Tax Guide

    Group Relief System (Second Edition) (PDF, 885KB)

    The e-Tax Guide has been updated with the following:
    - Revised former paragraphs 10.1(d) and deleted paragraphs 10.1(e) and 10.3(a), (c) and (d) relating to repealed EEIA provisions;
    - Amended paragraph 12.2 to clarify that GR is allowed before loss carry back relief; and 
    - Amended paragraph 14.2 and 14.3 to reflect the changed timelines for filing of new/revised Form GR-A or GR-B, which had been aligned with the time frame for objection against tax assessment.
    14 Mar 2019 e-Tax Guide 

    Income Tax Treatment of Foreign Exchange Gains or Losses for Businesses (Second Edition) (PDF, 709KB)

    The e-Tax Guide has been updated with the following:

    - specified Section 34AB of the Income Tax Act, which provides for the legislative basis to accept the accounting treatment adopted by businesses for revenue foreign exchange differences;

    - specified the exclusion from the default capital tax treatment for bank accounts;

    - clarified when a bank account will not be regarded as a designated bank account; and

    - clarified the administrative requirements for businesses that wish to claim the revenue tax treatment for designated bank accounts.

    20 Feb 2019Updated Content

    Country-by-Country Reporting (CbCR)

    - Updated effective year of exchange for Austria, Estonia and Indonesia
    18 Feb 2019
     New Content Budget 2019 - Overview of Tax Changes
    14 Feb 2019Updated e-Tax Guide

    Tax Deductibility of General Insurers’ Reserves Against Incurred But Not Reported Claims (IBNR Claims) Third Edition (PDF, 591KB)

    - The e-Tax Guide has been updated with the insertion of foot note 1 in Annex 1
    11 Feb 2019 Updated Content  

    Tax Treatment of Insurance Policy Premium

    - With effect from YA 2019, the premiums paid on group term life insurance policy where the employer is the named beneficiary and there is no contractual obligation to on-pay the insurance payout to employee, will be allowed a deduction.

    - Accordingly, the insurance payout received by the employer arising from group insurance policies will be taxable in full. This takes effect from YA 2019.
    11 Feb 2019Updated Content

    Companies under Liquidation/ Judicial Management/ Receivership

    - Updated FAQ on how the appointed liquidator or official assignee can access the company’s tax portal.
    25 Jan 2019 Updated Content

    Applying for COR/ Tax Reclaim Form

    - IRAS no longer accepts any requests to certify Singapore tax residency on DGT Forms with effect from 1 Feb 2019. Companies can submit a COR together with a completed DGT Form to the Indonesia Tax Authority to claim treaty benefits under the Singapore-Indonesia DTA.

    23 Jan 2019 

    New Content

    Updated e-Tax Guide

    Tax Exemption of Foreign-Sourced Income

    - A new section entitled ‘Foreign Headline Tax Rate of at least 15% Condition’ has been added to provide guidance on how to determine the country of source if the foreign dividend-paying company is listed on the stock exchange in one jurisdiction but a tax resident in another jurisdiction.

     

    Tax Exemption for Foreign-Sourced Income (Third Edition) (PDF, 614KB)

    - The e-Tax Guide has been updated with the following changes:

    • Revision to Paragraph 2.3 due to the deletion of S13(8A) to S13(8D) of the Income Tax Act;

    • Insertion of footnote 2 to Paragraph 3.4;

    • Insertion of footnote 6 to Paragraph 8.2(c); and

    Editorial changes to Paragraphs 2.1, 3.2, 3.3, 3.4, 4.2, 8.1, 8.2, 8.3, 8.4, 9.1 and 9.2.
    23 Jan 2019  New Content

    Tax Treatment of Business Expenses (S - Z) 

    - A new section ‘Withholding Tax on the Interest Payments Borne by Companies on-behalf of non-residents’ has been added to provide clarity on the tax treatment.
    21 Jan 2019Updated Content

    Interest Incurred on Loans to Re-finance Prior Loans or Borrowings

    - Update in the tax treatment of interest incurred on a re-financing loan that is taken out and the money from the loan is used solely to repay a prior loan.
    16 Jan 2019 Updated Content 

    Dormant Companies

    Companies Applying for Strike off

    Dormant companies that use the Apply for Waiver to Submit Tax Return (Dormant Company) e-Service can enjoy the convenience of e-Filing their Income Tax Returns (Form C-S/ C), accounts and tax computations up to the date of cessation of business, including for advance Years of Assessment where the e-Filing services for Form C-S/ C are not yet available. Companies must e-File their outstanding Income Tax Returns within 21 days from the date of application.
    This e-Service can also be used by companies that wish to apply for strike off and need to submit the advance Year of Assessment returns.
    8 Jan 2019 Updated e-Tax Guide

    Income Tax Treatment of a Trust registered under the Business Trusts Act (Second Edition) (PDF, 486KB)

    The e-Tax Guide has been updated with the following changes:
    - revision to paragraph 3.8 to reflect the changes announced in Budget 2015 to extend the M&A  Scheme for another 5 years;
    - insertion of the word “business” under paragraph 7.3(b); and
    - deletion of the word “Second Edition” under footnote 4.
    2 Jan 2019 Updated Content

    Country-by-Country Reporting (CbCR)

    IRAS Supplementary Instructions for Preparing CbCR Reporting Data File for CbCR XML Schema v1.0.1 has been updated to include the following instructions:

    -XML CbC reports must be encoded with the UTF-8 format

    -Format of the new DocRefld for correction files.
    2 Jan 2019  Updated Content

    Transfer Pricing

    - IRAS has updated the indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million during the period from 1 Jan to 31 Dec 2019.
    2 Jan 2019  New Content

    Rental of Business Premises

    - New write-up to clarify on the tax treatment for a lessee.