Corporate Tax

Date Category Update
17 April 2018  Updated Content

Change of Company Name and Registered Address

- IRAS will update the change of company name and registered address based on information filed with ACRA weekly instead of fortnightly.

Companies Servicing Only Related Parties 

- To clarify capital allowance on qualifying plant and machinery acquired prior to transition YA.

3 April 2018  Updated Content

YA 2018 Basic Corporate Tax Calculators

- Provided an update on the release date of the YA 2018 Basic Corporate Tax Calculators

2 April 2018  Updated e-Tax Guide

Carry-back Relief System (Third Edition) (460KB)

The e-Tax Guide has been updated to incorporate the following changes:
- deletion of paragraph 1.3 and amendment of paragraph 4.2 due to the expiry of the Enhanced Carry-Back Relief System;
- deletion of paragraphs 7.6 to 7.8 and amendment of paragraph 7.9 to update the Spousal Transfer Scheme;
- revisions to paragraphs 9.3-9.10 on the administrative requirements in making the election. The revisions to administrative requirements for companies take effect from YA 2010;
- removal of the time limit of 7 years for YA 2007 and before in paragraph 11; and
- updating of examples and the Annexes.

 28 Mar 2018Updated Content Filing Estimated Chargeable Income (ECI) and Paying Estimated Taxes

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- In view of the Budget 2018 changes to the CIT rebate for YAs 2018 and 2019, content has been updated to inform affected companies about the revised Notice of Assessments that they will be receiving

 26 Mar 2018 Updated Content

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

- To extend the Pre-claim Evaluation scheme to more taxpayers, the threshold has been lowered from $20 million to $15 million

 20 Mar 2018 Updated Content

Pharmaceutical Manufacturing Industry: Tax Treatment of Research & Development and Intellectual Property-Related Expenditure (Third edition) (292KB)

The e-Tax guide has been updated with:
- the enhancements relating to the tax treatment for payment made under R&D CSA with effect from YA 2018;
- the type of qualifying expenditure for S14D(1) deduction;
- the change in the percentage of tax deduction under S14DA(1) for qualifying R&D expenditure on qualifying R&D undertaken in Singapore with effect from YA 2019; and
- the phasing out of PIC with effect from YA 2019.

 19 Mar 2018 New Content

Taxpayer Survey

- Release of the 2018 Survey on IRAS’ Publishing of Advance Rulings

09 Mar 2018 Updated e-Tax Guide 

Pioneer Incentive: Capital allowances upon Expiry of Tax Relief Period (Third Edition) (251KB)

- The e-Tax guide has been amended by renumbering section 10(3) and section 10(3)(b) of the EEIA to section 10(3A) and section 10(3A)(b) of the EEIA.

02 Mar 2018 New Content 

Property Developers

 - New FAQ to clarify the tax treatment of Additional Buyer's ("ABSD") and interest payable on ABSD

02 Mar 2018Updated Content 

Transfer Pricing

Transfer pricing pages have been updated arising from the revision of the e-Tax Guide “Transfer Pricing Guidelines (Fifth Edition)” (1.46MB) published on 23 Feb 2018. Some of the changes are:

- Taxpayer who have met certain conditions are required to prepare transfer pricing documentation with effect from Year of Assessment (YA) 2019

- Surcharge of 5% on the amount of transfer pricing adjustment will be imposed from YA 2019

- Penalties for non-compliance with transfer pricing documentation requirements may be imposed from YA 2019

28 Feb 2018  Updated Content

Administrative Concession – Lower Withholding Tax Rate on Gross Payment Made for Services Rendered Under Section 12(7)(b) and (c)

-  Due to low adoption, this administrative concession will be withdrawn where the date of payments falls on or after 1 Apr 2018.

 19 Feb 2018 New ContentBudget 2018 - Overview of Tax Changes
 9 Feb 2018 Updated Content

 Companies Servicing Only Related Parties

- To clarify that the "cost plus mark-up" basis of assessment is strictly for service companies that:

  • Provide routine support services as listed in Annex C of the Transfer Pricing Guidelines to only their related parties; and
  • Adopt a 5% mark-up on costs as the arm's length charge for the routine support services  
 2 Feb 2018 Forms

 Estimated Chargeable Income (ECI) Forms

 - YA 2019 ECI forms (for company and tax agent) are available for download 

 1 Feb 2018New Content Adopting Financial Reporting Standards (FRS) 109 and its Tax Implications
- Income tax implications arising from the adoption of FRS 109- Financial Instruments

 25 Jan 2018e-Tax Guide 

Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises (517KB)

Updated the e-Tax guide:
- to clarify that S14Q deduction is not allowable on the costs of renovation or refurbishment works (R&R) incurred to a place of residence for staff
- to add more examples of qualifying R&R costs

 25 Jan 2018 Updated Content

Donations

- To clarify that tax deductions for Approved Donations will be based on information from Institutions of a Public Character (IPCs) and no longer based on donation receipts

11 Jan 2018 Updated Content 

Country-by-Country Reporting (CbCR)

- Updated list of exchange relationships

2 Jan 2018Updated 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 2018

20 Dec 2017Updated Content

 Tax Advisory Panel : How the referral process works

 - Update in the process for referral of R&D projects to the Tax Advisory Panel (TAP)

13 Dec 2017 

Updated Content




e-Tax Guide



Form

Tax Exemption of Foreign-Sourced Income
- Removed the content on Tax Exemption for Foreign-Sourced Income Received from 22 Jan 2009 to 21 Jan 2010 as the scheme has lapsed and is no longer available


- Removed the e-Tax Guide on the Temporary Liberalisation of Income Tax Exemption for Foreign-Sourced Income Received in Singapore From 22 Jan 2009 to 21 Jan 2010


- Removed the form on the Application for Section 13(12) tax exemption on foreign-sourced dividend to be remitted to Singapore from 22 Jan 2009 to 21 Jan 2010

8 Dec 2017New Content

 Calculation of Estimated Chargeable Income

- Added Example 1 on calculation of ECI and updated Explanatory Notes to ECI Form

4 Dec 2017 New Content

Submitting Form C-S/C

Provided examples of when Document Identification Number (DIN) is not issued for a company

1 Dec 2017 Updated e-Tax Guide 

Research and Development Tax Measures (Fifth edition) (1.59MB)

-  Updated the e-Tax Guide on the enhancements made to the tax treatment for CSA payment in respect of Section 14D claim with effect from YA 2018

 29 Nov 2017Updated Content 

Country-by-Country Reporting (CbCR)

- Uploaded revised IRAS Supplementary Instructions for Preparing CbCR reporting Data File for CbCR XML Schema v1.0.1 (includes instructions on using special characters in XML)

 28 Nov 2017Updated Content Business Expenses
Tax Treatment of Business Expenses (I-P)

Tax Treatment of Business Expenses (S-Z)

- With effect from 1 January 2018, the cap of the ad-hoc contributions to employees’ Medisave accounts will be raised from $1,500 to $2,730 per employee per year.

 17 Nov 2017Updated Content 

 Overview of Form C-S/ C

- Content updated to provide clarity on the qualifying condition to file Form C-S

 16 Nov 2017 Updated Content

 Applying for COR/ Tax Reclaim Form

- To clarify processing time for tax reclaim forms and the procedure for obtaining IRAS certification on the new DGT forms

 10 Nov 2017 New Content

 Best Practices when Corresponding with IRAS

- Suggested details to be included when corresponding with IRAS

 9 Nov 2017 Updated Content

 e-Services: Companies/ Tax Agents

- Clarification on authorisation of tax agent for e-Services via the e-Services Authorisation System (EASY)

16 Oct 2017 Updated Content 

Country-by-Country Reporting (CbCR)

- List of jurisdictions with which Singapore has established bilateral AEOI relationships under the MCAA

11 Oct 2017 Updated Content 

Country-by-Country Reporting (CbCR)

- Uploaded OECD CbCR XML Schema v1.0.1 and accompanying User Guide, which contain minor changes to the schema

- Updated IRAS Supplementary Instructions for Preparing CbCR Reporting Data File for CbCR XML Schema v1.0.1 

10 Oct 2017 Updated Content 

De-registration by Singapore Branches of Foreign Companies

- Update on the timeframe to notify IRAS and details to be provided in the written notification to IRAS 

9 Oct 2017Updated Content

Foreign Tax Credit

- FAQ has been updated to clarify that India's dividend distribution tax can qualify for unilateral tax credit

13 Sep 2017Updated Content
Updates to Budget Tax Changes 2017  
- Details of the safe harbour rule for R&D CSA payments will be provided in the revised e-Tax Guide to be released by Nov 2017
- The introduction of the the IP Development Incentive (IDI) has been delayed and the date of introduction will be announced by EDB by the end of 2017
13 Sep 2017Updated Content
 Adoption of new e-Services titles and updating of user guides
- Change in some e-Services titles
- Updated user guides with the new myTax Portal screens
12 Sep 2017 Updated Content 

Overview of Form C-S

- Content updated to provide clarity on the qualifying condition to file Form C-S 

11 Sep 2017
 Updated Content

Revised timeline for the release of the revised Research & Development (R&D) e-tax guide

- More details on the safe harbour rule for R&D cost-sharing agreement (CSA) payments will be released by Nov 2017

5 Sep 2017  Updated Content

Country-by-Country Reporting (CbCR)

- Reporting entities who wish to file their FY 2016 CbC report on a voluntary basis should inform IRAS at least 3 months before the filing deadline by emailing IRAS with relevant details

- Filing of the FY 2016 XML CbC report may be done via email

- IRAS Supplementary Instructions for Preparing CbCR Reporting Data File has been updated to include more comprehensive instructions

21 Aug 2017 Updated Content

Corporate Tax Filing Season 2017

- Content has been updated to provide companies with information on the YA 2017 corporate income tax filing 

18 Aug 2017Updated ContentRemoval of fax numbers 
- Due to low usage, facsimile service will no longer be available. Companies are encouraged to digitally transact with us either via our e-Services in myTax Portal or email us at myTax Mail.
 2 Aug 2017

New Content





Taxable and Non-taxable Income

- New FAQs have been added to clarify the tax treatment on foreign-sourced offshore income that has been used for the payment of one-tier tax exempt dividends

Foreign Tax Credit

- New FAQ to clarify whether double tax relief can be claimed for taxes paid in Malaysia

 

 14 Jul 2017 Updated Content

Essential Information to Note when Filing Form C-S

Essential Information to Note when Filing Form C

- Updated the guides with the latest screenshots and FAQs for the YA 2017 Form C-S/ C

 12 Jul 2017 Updated Content

 Application for Waiver of Income Tax Return (Form C-S/ C) Submission by a Dormant Company

 - Form has been updated on authorised persons who can submit the Form.

11 Jul 2017  Updated Content

Check the status of your PIC Cash Payout

Update content to clarify that the application status of PIC Cash Payout application will continue to be shown as "In Process" until IRAS has completed review of additional information submitted by taxpayer

 7 Jul 2017 New ContentPhasing out of PIC after YA 2018
- Determining when the expenditure is considered incurred for the expiry of PIC scheme after YA 2018
- Examples of when expenditure is considered as incurred and treatment of straddled items for the expiry of PIC scheme after YA 2018
- Clarification on procedures for submission of Application of Approval of IT and Automation Equipment
 4 Jul 2017 Updated Content

 Basic Guide for New Companies

- To clarify procedure for new companies who close their first set of financial statements in the year of incorporation and are required to file an Income Tax Return (Form C-S/C) for the YA following the year of incorporation. 

 3 Jul 2017 Updated Content Interactive user guides (online demo)
- Guides for Tax Agent e-Services, Company Dashboard, e-Filing of Form C-S and Form C will be available by end Jul 2017.
 3 Jul 2017 New Content 

SME Cash Grant Final Payment by 31 Dec 2017

Eligible companies would generally have received their SME Cash Grant for YAs 2011 and 2012. IRAS will process and pay SME Cash Grants to companies till 31 Dec 2017. Any enquiries or appeals regarding SME Cash Grant must also be submitted to IRAS by 31 Mar 2018. 

 22 Jun 2017 Updated Content

Country-by-Country Reporting (CbCR)

Updated on Singapore’s Signing of MCAA for CbCR.

 21 Jun 2017Updated Content 

Application for Certificate of Residence

From Jun 2017, all COR applications have to be e-Filed via myTax Portal. Except for specific circumstances, paper applications will no longer be accepted. 

 7 Jun 2017Updated Content YA 2017 Basic Corporate Tax Calculators for companies/ tax agents filing Form C-S/ C are now available 
 7 Jun 2017Updated Content 

Tax Agent Firms: e-File YA 2017 Form C-S/ C for Your Clients to Enjoy Benefits and Recognition!

Find out how your tax agent firm can be featured on our website by being one of External Value Network (EVN) tax agent firms or top 30 e-Filing tax agent firms. 

 1 Jun 2017New Form 

Corporate Tax Forms

- YA 2017 Form C-S and Form C are now available

e-Filing

- e-Filing for YA 2017 Form C-S and Form C are now available 

 30 May 2017 Updated Content Writing-Down Allowances for Intellectual Property Rights
- Companies filing Form C-S are required to submit the declaration form and valuation report (if applicable) when claiming writing down allowances
 26 May 2017Updated Content

Revised timeline for the release of the revised Research & Development (R&D) e-tax guide

- More details on the safe harbour rule for R&D cost-sharing agreement (CSA) payments will be released by Sep 2017

 22 May 2017Updated Content Adoption of new e-Services titles and updating of user guides
- Change in some e-Services titles
- Updated user guides with the new myTax Portal screens
15 May 2017 New Content 

Update on record keeping obligations for

(i) struck-off and dissolved companies; and

(ii) wound-up companies.  

 28 Apr 2017New Content
Recognition of Tax Agent Firms who e-Filed YA 2016 Form C-S/ C for Their Clients
- 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
 26 Apr 2017Updated Content 

Tax Exemption on Foreign-Sourced Income

- To clarify that for the purpose of the “subject to tax” condition, tax paid or payable on foreign-sourced dividend received in Singapore includes dividend tax and tax paid on the underlying income.
- New FAQ has been added to clarify the “subject to tax” condition on foreign-sourced dividends.

 Taxable and Non-taxable Income

- New FAQ has been added to clarify on the taxability on the gains on disposal of properties

 13 Apr 2017Updated Content 

Country-by-Country Reporting (CbCR)

- Added details on the requirement to submit CbCR report in OECD's XML Schema format

 29 Mar 2017 Updated Content

 Taxable and Non-taxable Income

- Provided clarity on taxability of foreign income which is applied towards overseas investments without being repatriated to Singapore

 20 Mar 2017 New Content

Essential Tax Information for Players of the Sharing Economy

- Information provided on broad segments of activities that typically constitute the sharing economy to help taxpayers better understand their tax obligations 

 7 Mar 2017Updated Content 

Revision of Annual Revenue Threshold for:

- Estimated Chargeable Income (ECI) Waiver and

- Filing Form C-S

To reduce the compliance cost on businesses, IRAS will improve the tax-filing process for companies by increasing the annual revenue threshold for ECI waiver and filing Form C-S from the current $1 million to $5 million.

 22 Feb 2017Updated Content 

Productivity and Innovation Credit (PIC) Scheme

- Added information to clarify that costs incurred by a business in the course of its Intellectual Property registration process will qualify for PIC

 20 Feb 2017New ContentBudget 2017 - Overview of Tax Changes
 7 Feb 2017Updated Content

 Medical Expenses

- Additional example on medical expenses capping when a company makes ad-hoc contributions to its employees' Medisave accounts (subject to a cap of $1,500 per employee per year)

26 Jan 2017 Updated Content Application for Certificate of Residence

- In line with Government’s direction to harness technology for enhanced productivity, all COR applications have to be e-Filed via myTax Portal from 1 Jun 2017. Paper applications will no longer be accepted from this date onwards.

23 Jan 2017 New Content

Spontaneous Exchange of Information on Permanent Establishment Ruling
- Added information on IRAS spontaneous exchange of information on permanent establishment rulings and schedule for exchange.

 Application form for income tax advance ruling
- Form has been updated

23 Jan 2017  Updated Content

Transfer Pricing

The Arm's Length Principle
- To mention profits should be taxed where the real economic activities generating the profits are performed and where value is created.

Overview of Mutual Agreement Procedures (MAPs)
- To mention estimated turnaround time for MAP cases upon submission of complete application.

Overview of Advance Pricing Arrangements (APAs)
- To mention compulsory spontaneous exchange of information on cross-border unilateral APAs with certain jurisdictions.

 12 Jan 2017

Updated Content



Updated e-Tax Guide

Transfer Pricing

IRAS has introduced an 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 2017.

e-Tax Guide on Transfer Pricing

 10 Jan 2017Updated Content

Compulsory e-Filing of PIC Cash Payout

- Content updated to include PIC Cash Payout e-Filing Tips 
- Provided clarity that the PIC Cash Payout application status will be available for viewing via the "View PIC Cash Payout Application Status" e-Service within three days from the date of submission of the PIC Cash Payout application

 4 Jan 2017 Updated ContentAdoption of new e-Services titles and updating of user guides
- Change in some e-Services titles
- Updated user guides with the new myTax Portal screens
 4 Jan 2017 New ContentBIPS Service Giving Declaration Form Submission
- Launch of new e-Service for Institutions of a Public Character (IPCs) to submit the Business and IPC Partnership Scheme(BIPS) Service Giving Declaration Form electronically to IRAS
 30 Dec 2016 New FormEstimated Chargeable Income (ECI) Forms 
- YA 2018 ECI forms (for company and tax agent) are available for download.
- To update that the revenue field in the ECI form will be made a compulsory field with effect from Jan 2017
 19 Dec 2016 Updated Content

Country-by-Country Reporting (CbCR) 

Singapore has decided to implement Voluntary Filing. Affected Singapore-headquartered MNEs may file a CbC Report for FY beginning on or after 1 Jan 2016 to IRAS on a voluntary basis.

 16 Dec 2016 New e-Tax Guide

Total Asset Method for Interest Adjustment (135KB)

This e-Tax guide sets out the application of the total asset method of attributing common interest expense to income producing and non-income producing assets.

 9 Dec 2016 Updated Form

Request for Income Tax Return (Form C-S/ C) and Notification of New Financial Year End

Form has been updated.

22 Nov 2016  Updated e-Tax Guide 

Productivity and Innovation Credit (Fifth Edition) (1.02MB)

The amendments incorporate the Budget 2016 changes such as the expiry of the PIC Scheme in YA 2018, reduction in the PIC cash payout rate and compulsory e-Filing of PIC cash payout applications with effect from 1 Aug 2016.

Other amendments include the removal of information on PIC bonus and the inclusion of the enhancement to allow companies to make an irrevocable election to claim, with effect from YA 2017, writing down allowances over a five, ten or fifteen-year period (on a straight line basis) on capital expenditure incurred in acquiring the IPR.

 7 Nov 2016 Updated Content

 Audit Exemption for Companies

- To update qualifying conditions for audit exemption for small companies

 3 Nov 2016  New Content

Transfer Pricing Administration

- Information on reporting of related party transactions (RPT) and the Form for Reporting of RPT added. 

 31 Oct 2016 New Content

 Dividend payments made on preference shares

- To clarify tax treatment of dividend payments made on preference shares

 28 Oct 2016 Updated Content

 Investment Holding Companies

- Clarified that tax deduction is granted on costs incurred to secure the first tenant of an additional property

 27 Oct 2016 Updated Content

 Reduction in Share Capital

- To clarify that taxpayer is not required to inform IRAS when there is a reduction in share capital

 26 Oct 2016 Updated Content

Business and IPC Partnership Scheme (BIPS)

- To clarify what is meant by “Related expenses incurred only because of the services provided to the IPCs”.
- New FAQs added to clarify whether certain types of expenditure incurred by businesses in the process of volunteering is considered qualifying expenditure under BIPS.

 20 Oct 2016 New Content

 Basic Guide for New Companies

- To help new companies better understand their corporate income tax filing obligations

 19 Oct 2016 New Content

Tax Agent e-Services

- Launch of a one-stop platform that provides tax agents who are authorised through e-Services Authorisation System (EASY) with an overview of their clients’ corporate tax matters

 10 Oct 2016

 New Content



 

 

 New e-Tax Guide

Country-by-Country Reporting (CbCR)

This new page is useful to Singapore MNE groups for which CbCR is applicable. It covers the following:

- Who is required to file CbCR Report

- CbCR filing requirements, e.g. submission deadlines, information to be included

New e-Tax Guide on CbCR

 10 Oct 2016 Updated Content 

Productivity and Innovation Credit Scheme

- Content updated on the case study for companies and sole proprietors

 14 Sep 2016 Updated Content

Research and Development Expenditure

- Content updated to include new examples of qualifying R&D

R&D - How to claim R&D tax benefits

- New content to explain how to claim R&D tax benefits as well as the approved number and amount of qualifying R&D expenditure

 7 Sep 2016 New Content

Document Submission e-Service for Filing of Form C

- User guide for companies and tax agents added

 2 Sep 2016 New Content

Income Tax Advance Ruling

- FAQs added to give examples of when an application for Income Tax advance ruling require IRAS to determine a question of fact and when the application is consider as frivolous or vexatious.

 23 Aug 2016 Updated Content

Land Intensification Allowance

- Clarified that revised circular is available on EDB website

 17 Aug 2016 Updated content  User Guides for online Form C-S and e-Filing of PIC Cash Payout

- Updated user guides for online Form C-S and e-Filing of PIC Cash Payout

 1 Aug 2016 New Content

PIC Cash Payout e-Services

FAQs added for the following three e-Services:
Apply for PIC Cash Payout 
View PIC Cash Payout Application Status
View PIC Cash Payout Correspondences/Notices

 20 Jul 2016 Updated Content

Tax Exemption of Foreign-Sourced Income

- Content updated to include the new administrative concession on administering the "subject to tax" condition for foreign-sourced dividends.

 20 Jul 2016 Updated ContentDetermining the dates that expenditure is incurred for PIC cash payout purposes  
- Provided more examples on how to determine the dates that an expenditure is considered incurred and the applicable cash payout rate.
 15 Jul 2016 Updated Content

Research and Development (R&D) Expenditure

- Updated information on how the referral process to the R&D Technical Advisory Panel works and the availability of the Pre-claim Scheme to provide upfront certainty for large and complex projects.

 8 Jul 2016 Updated Content YA 2016 Basic Tax Calculators for companies/ tax agents filing Form C-S/ C  are now available.
1 Jul 2016 Updated ContentRequesting a Copy of the Notice of Assessment (NOA) and Other Documents 

- Revisions made to fees for duplicate copies of NOA/ other documents

Applying for Income Tax Advance Ruling

- Revisions made to application fee and hourly charge

30 Jun 2016 New Content 

Business and IPC Partnership Scheme (BIPS)  

- Provided more details on the BIPS scheme, including the claim process for BIPS and FAQs.
28 Jun 2016 New Content

Payments That Are Subject to Withholding Tax

- New FAQ added to clarify that early consent fees and normal consent fees paid to non-resident noteholders/ bondholders for voting in favour of subsequent proposed amendments to certain terms and conditions of the notes/ bonds issuance agreements, via a consent solicitation exercise, are not subject to withholding tax

 27 Jun 2016 Updated Content   User Guides for online Form C and Form C (Upload)

- To update the User Guides for online Form C and Form C (Upload)

 1 Jun 2016 New Form

Form C

- YA 2016 Form C is now available

e-Filing

- e-Filing for YA 2016 Form C-S and Form C are now available 

30 May 2016

Updated Content




New Content

Mandatory e-Filing of PIC Cash Payout

- Clarify on claim procedures during the transitional period after e-Filing PIC Cash Payout is made mandatory and PIC Cash Payout conversion rate is reduced from 60% to 40%


Determining when the expenditure is considered incurred for PIC Cash Payout purposes
- Clarify on when expenditure is considered as incurred
- Include examples on when an expenditure is considered incurred and corresponding cash payout rate

19 May 2016 New Form

Form C-S

- YA 2016 Form C-S is now available

- e-Filing of YA 2016 Form C-S will be available from Jun 2016

12 May 2016

Updated Content





New Content 

Non-taxation of Companies’ Gains on Disposal of Equity Investments  

- Updated information on the non-taxability of companies’ gains on disposal of equity investments under Section 13Z of the Income Tax Act, including the extension of the scheme till 31 May 2022 as announced in Budget 2016


Double Tax Deduction for Internationalisation Scheme

- Added information on the double tax deduction for internationalisation scheme, including the extension of the approval window till 31 March 2020 as announced in Budget 2016  

6 May 2016Updated Content

PIC Brochure 2015

- Removed the PIC Brochure from the website as some of the content is no longer relevant.  

22 Apr 2016  New Content

Recognition of Tax Agent Firms who e-Filed YA 2015 Form C-S/ C for Their Clients

- Recognition of External Value Network (EVN) tax agent firms and the top 15 e-Filing tax agent firms who have strongly supported the e-Filing initiative 
8 Apr 2016 Updated Content

 Examples of IT and Automation Equipment Qualifying for PIC (By Industry)

- To clarify that equipment listed are illustrative examples based on previously approved applications. It does not imply that the equipment will be approved for PIC claim for every application, as each application will be reviewed based on each company’s circumstance.

 1 Apr 2016Updated Content

Medical Expenses

- To clarify that companies who make ad-hoc contributions to employees’ Medisave accounts can get an additional tax deduction beyond the 1% limit on the contributions made, even if companies did not adopt any of the portable medical benefits arrangement

 31 Mar 2016 Updated Content Training of Employees 
- new FAQ added to clarify that there is no requirement for external courses or training providers to be approved for PIC scheme
 30 Mar 2016Updated Content

Interest incurred on late CPF contributions

- To clarify that interest incurred on late CPF contributions is not deductible for income tax purposes.

Interest incurred on late payment of fees to a Management Corporation for a Strata Title Plan (MCST)

- To clarify that interest incurred on late payment of fees to a MCST is deductible if it is incurred in the production of income. 

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

- Updated the examples under the FRS 39 tax treatment

 24 Mar 2016New Content Budget 2016 - Overview of Tax Changes
 8 Mar 2016Updated Content

Productivity and Innovation Credit Scheme

Productivity and Innovation Credit (PIC) Disclosure of Error Form

- Form amended to clarify that companies need to submit this form only if they have made errors in their PIC Cash Payout applications. This form is not required for errors made in claims relating to the PIC enhanced tax deductions/ allowances in the Income Tax Returns (Form C-S/ C).

7 Mar 2016 Updated Content

Tax Guide for New Companies (Chinese)

- Updated guide featuring the tax filing obligations and various tax schemes to help companies reduce their tax bills.

 26 Feb 2016 New Content

Filing of Income Tax Computations in Functional Currencies other than Singapore Dollars (S$)

- Information for Companies that prepare their financial statements in non-S$ functional currencies, including:

  • General rules on filing of income tax computations in non-S$ functional currencies; and
  • Impact on Filing of Income Tax Return.
 24 Feb 2016 Updated Content Companies applying for strike-off/ to cease registration 
- To clarify how companies can check for outstanding filing and tax liabilities before striking-off
22 Jan 2016 Updated Content 

Documents to Prepare when Filing Form C-S/ C

- Audit exemption criteria for companies based on ACRA’s “small company” criteria for financial years starting on or after 1 Jul 2015 and 
- Inserted link to ACRA’s sample of audited/ unaudited financial statements. 

13 Jan 2016 Updated Content 

PIC Brochure 2015 Edition (Chinese)

- Updated PIC Brochure (Chinese) for Companies, Sole-Proprietors and Partnerships

8 Jan 2016 Updated Content  

Payments That Are Subject to Withholding Tax

- Content updated and new FAQ added to clarify that payments made to non-resident persons for the rental of movable equipment used in overseas trade fairs and exhibitions are not subject to withholding tax

4 Jan 2016 Updated Content 

Calculating Capital Allowances

- To clarify that companies can defer the capital allowance claim under the two-year write-off method for plant and machinery acquired in the basis period relating to YA 2010 and 2011 (Section 19A)

Deferring Capital Allowance Claims

- Provided an example of deferring capital allowance under the two-year write-off for asset purchased under hire purchase

31 Dec 2015 Updated Content

 Estimated Chargeable Income (ECI) Forms
- YA 2017 ECI forms (for company and tax agent) and explanatory notes to the ECI forms are available for download.

31 Dec 2015 Updated Content 

PIC - Training of Employees

- Inserted new FAQ on claiming PIC enhanced deductions/ cash payout on qualifying expenditure incurred on trainings attended by a director who is also a shareholder of the company.  

30 Dec 2015Updated Content 

Foreign Tax Credit

- New FAQ has been added to clarify that India's dividend distribution tax does not qualify for foreign tax credit.

08 Dec 2015 Updated Content 

Applying for COR/Tax Reclaim Form

- To clarify the procedure for renewing the procedure for renewing the Form – DGT 1. 

07 Dec 2015 Updated Content 

Corporate Tax Forms

- Some corporate tax forms have been converted to fillable PDF format so that they can be opened and used by taxpayers in most platforms. 

04 Dec 2015Updated Content 

Dormant Companies

- To state the qualifying conditions for dormant companies applying for waiver of income tax return (Form C-S/ C)

- New FAQs have been added to clarify whether foreign companies or foreign branches can apply for waiver of income tax return and that companies need not re-apply for the waiver application on a yearly basis. 

02 Dec 2015 Updated Content 

Tax Guide for New Companies (English)

- Updated guide featuring the tax filing obligations and various tax schemes to help companies reduce their tax bills. The Chinese version will be released at a later date. 

23 Nov 2015 Updated Content 

Tax Treatment for Straddled Items

- To clarify the tax treatment in respect of PIC cash payout on expenditure incurred on PIC IT and automation equipment constructed over 2 or more YAs and intellectual property registered over 2 or more YAs.  

20 Nov 2015 Updated Content 

Overview of Form C-S/ C

- New infographic added to summarise which Form companies need to file, the documents to submit with Form C-S/ C and the benefits of e-filing. 
04 Nov 2015Updated Content 

Tax Treatment of Grants/ Payouts Commonly Received by Companies

- Updated the content to clarify that the Temporary Employment Credit (TEC) is taxable as the payout is revenue in nature.

03 Nov 2015 Updated Content 

Administrative Concession for Withholding Tax 

- Extend administrative concession to waive the requirement to withhold tax on the reimbursement of airfare and accommodation based on published rates.    

03 Nov 2015 Updated Content 

Withholding tax > FAQs (For payments made to non-resident companies)

- FAQ amended (under Services) to clarify that for payments made to Singapore branches of non-resident companies for performance of construction contracts and where the branch files an income tax return, IRAS will not appoint the local payer to be a collecting agent for the purpose of advance deduction of tax.

29 Oct 2015 Updated Content 

Mergers and Acquisitions Allowance

- Updated information on deductibility of transaction costs and examples arising from the revision of the e-Tax Guide on "Income Tax and Stamp Duty: Mergers and Acquisitions Scheme (Third Edition)" published on 13 Jul 2015.  

20 Oct 2015 Updated Content 

Companies Applying for Strike off/ to Cease Registration

- To clarify the timeline to complete tax matters for companies who intend to strike off.

20 Oct 2015 Updated Content 

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

- To avoid long waiting time, taxpayers are encouraged to make an appointment with us at least two working days in advance to collect copies of NOA and other documents.

16 Oct 2015 Updated Content 

Applying for Approval of IT and Automation Equipment

- Removed the "basis tool" criteria for Case-by-Case Approval under the PIC scheme based on the Income Tax (PIC Automation Equipment) (Amendment) Rules 2015. 

14 Oct 2015 Updated Content 

PIC IT and Automation Equipment
- Updated one FAQ on development of software and added one FAQ on software/ website development costs.  

12 Oct 2015 Revised Content 

FAQs - Eligibility Criteria for PIC+ Scheme ("Qualifying SMEs" Criteria)

- Revised FAQ to clarify that even if a business could not enjoy the PIC+ benefits in the YA it was assessed to be a qualifying SME as it not incur qualifying expenditure in excess of the normal PIC cap, it will still be eligible to enjoy the benefits under the PIC+ scheme in subsequent YAs.

9 Oct 2015 Updated Content 

Companies Servicing Only Related Companies

- Re-written to provide more clarity on the basis of assessment for companies servicing only related companies

- FAQs have been added   

 

6 Oct 2015


Updated Content




e-Tax Guide

 

Taxable and Non-taxable Income

- Moved relevant information in the e-Tax Guide on “Section 10(25) Of The Singapore Income Tax Act – Interpretation And Practice (Third Edition)” to this page and the FAQs as the e-Tax Guide has been removed 


Removed the e-Tax Guide on “Section 10(25) Of The Singapore Income Tax Act – Interpretation And Practice (Third Edition)”

 1 Oct 2015New Content 

PIC Cash Payout e-Services

- PIC Cash Payout e-Submission video (approx. 7 mins) has been uploaded. This video shows you how to do a quick submission of your PIC cash payout application via myTax Portal. 

 30 Sep 2015Updated Content 

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

- To avoid long waiting time, taxpayers are encouraged to make an appointment with us at least two working days in advance to collect copies of NOA and other documents.

 28 Sep 2015 Updated Content

Taxable and Non-taxable Income

- New FAQ has been added to clarify the tax treatment of donations received by companies

 23 Sep 2015Updated Content 

PIC Cash Payout Processing

- To clarify that if a PIC cash payout application form is selected for audit by IRAS, the processing time may be up to six months from receiving the complete information requested, depending on the complexity of each case. 

 18 Sep 2015Updated Content 

Guidance on Completing Form C-S/ C
Tips on e-Filing Form C

- To remind taxpayers/ tax agents not to upload scanned copy of Form C when using Form C (Upload) to e-File Form C

User Guides for Form C (Upload)

- To update the User Guides for Form C (Upload)

 17 Sep 2015New Content 

Determining the Existence of a Trade

- Added information on the factors to determine the existence of a trade 

 7 Sep 2015e-Tax Guide 

Income Tax Guide on e-Commerce (115KB)

- This e-Tax Guide has been re-written to follow the standard format of presenting the contents of e-Tax Guides in a consistent manner. The contents in this e-Tax Guide remain largely unchanged. 

 3 Sep 2015Updated Content 

Investment Holding Companies
Taxable and Non-taxable Income

- The FAQs have been updated to clarify the tax treatment on income distribution received from REITs


 2 Sep 2015Updated Content

Overview of Form C-S/ C

- New companies who close their first set of accounts in the year of incorporation and have commenced business or were in receipt of income must request for an income tax return filing package by submitting a “Request for Income Tax Return (Form C-S/ C) and Notification of New Financial Year End” formRevised! to IRAS.

 2 Sep 2015Updated Content Tax Deferral Option

Corporate Tax Forms

- The Tax Deferral Form has been removed as the Tax Deferral Option of the PIC scheme has lapsed and is no longer available

 27 Aug 2015Updated Content 

PIC IT and Automation Equipment List

- Updated the PIC IT and Automation Equipment List based on the Income Tax (PIC Automation Equipment) (Amendment) Rules 2015 and included two waste management equipment (serial number 40) – dust screw machine and rotating dust drum machine – with effect from YA 2015. 

 26 Aug 2015Updated Content 

Dormant Companies

- Only directors of dormant companies can apply for e-waiver of income tax return.

- The “Application for Waiver of Income Tax Return (Form C-S/ C) Submission by a Dormant Company" form has been updated.

e-Services for Companies

- User guide for company and Frequently Asked Questions on “Applying for Waiver of Income Tax Return (Form C-S/ C) Submission by a Dormant Company” have been updated. 

 24 Aug 2015Updated ContentRequesting a copy of the Notice of Assessment (NOA) and Other Documents
- To inform that directors or authorised persons may visit us at Revenue House to request for a copy of a NOA/ other documents in person. Such requests can no longer be made over the telephone.
 
 19 Aug 2015 Updated Content 

PIC IT and Automation Equipment 

- Two FAQs have been added on website development costs and cost to revamp an existing website

 14 Aug 2015Updated Content 

Motor Vehicle Expenses

- To clarify that expenses incurred on transportation services (e.g. bookings for SZ-plated or S-plated car via mobile applications) will qualify for tax deduction if such expenses were incurred in the course of business

 14 Aug 2015New Content 

Property Developers

- Inserted new FAQ to clarify that sales commission incurred by property developers in respect of the sale of specific units are only deductible in the Year of Assessment in which the sales proceeds of those specific units are brought to tax. 

 5 Aug 2015e-Filing 

Launch of Form C (Upload)

These guides have been uploaded/ updated to guide you along:

 3 Aug 2015 New Content  Tax Agent Firms: e-File YA 2015 Form C-S/ C for your clients to enjoy benefits and recognition! 
- Initiative launched by IRAS to encourage tax agent firms to e-File YA 2015 Form C-S/ C for their clients
 30 Jul 2015 Updated Content

PIC+ Scheme
- To revise example on "Determining the Type of Entity - Group, Parent, Subsidiary"
- To insert 3 new FAQs under Group 2 - Eligibility Criteria for PIC+ Scheme ("Qualifying SMEs" Criteria)

 30 Jul 2015 New Content  Inserted new FAQ to clarify whether taxpayer  must claim the full combined expenditure cap if he has incurred qualifying costs that are equal to or in excess of the combined expenditure cap in a particular YA.
 29 Jul 2015 Updated Content 

Revised examples on when an expenditure is considered incurred

 29 Jul 2015

 Updated Content

 Getting Companies to Comply
- Updated information on:

  • IRAS' upcoming and ongoing areas of focus for compliance; and
  • Some examples of specific compliance-related mistakes and issues identified from our Compliance Focus Programmes
 28 Jul 2015 New Content   PIC Brochure 2015 Edition

- Updated PIC Brochure for Companies, Sole-Proprietors and Partnerships


 21 Jul 2015  New Content Overview of Corporate Income Tax

- The flowchart, which explains when a company is required to file its first tax return, has been replaced with an infographic.

PIC Cash Payout e-Services
- New infographic has been added.

 25 Jun 2015  Updated Content

New FAQs have been added.

 12 Jun 2015  Updated Content

YA 2015 Basic Corporate Tax Calculators for companies filing Form C-S/ C are now available.  

 12 Jun 2015  Updated Content

Reinstatement Costs

- To clarify that expenses incurred to reinstate premises to its original condition prior to vacating it at the end of the tenancy agreement are deductible if certain conditions are met.

29 May 2015  e-Filing 

Go paperless! All companies can e-File Form C-S/ C from 2 Jun 2015!

Benefits of e-Filing:

  • Extended filing deadline of 15 Dec, instead of 30 Nov
  • On-the-spot guidance as you e-File, with the iHelp facility
  • In-built formulae to auto-compute certain fields
  • Save draft until you are ready to submit
  • Auto-computation of estimated tax payable
  • Receive instant acknowledgement when you have successfully e-Filed

These Guides and FAQs have been uploaded to guide you along:

e-Filing Form C-S

  • Interactive e-Filing Guides (online demo) for Form C-S for YA 2015
  • User Guides for company and tax agent and Frequently Asked Questions on e-Filing of Form C-S for YA 2015

e-Filing Form C

  • Interactive e-Filing Guides (online demo) for Form C for YA 2015 
  • User Guides for company and tax agent and Frequently Asked Questions on e-Filing of Form C for YA 2015

e-Filing Form for Dormant Companies

  • User Guides for company and tax agent and Frequently Asked Questions on e-Filing of Form for Dormant Companies for YA 2015
23 May 2015 Updated and new content

Transfer Pricing

Transfer pricing pages have been updated arising from the revision of the e-Tax guide " Transfer Pricing Guidelines (Second Edition)" published on 6 Jan 2015. Some of the changes are:

- New flowchart on the three-step approach to apply arm's length principle

- Contemporaneous transfer pricing documentation to be maintained by taxpayer

- Types and extent of transfer pricing documentation required at the group and entity levels

- New flowchart on transfer pricing consultation process

- Revised flowchart on the application of the arm's length principle in related party services.

23 May 2015  Updated Content 

Applying for COR/ Tax Reclaim Form

- To clarify:

o   What information you need to provide if you are not claiming benefits under DTA but wish to obtain a letter certifying that the company is a tax resident in Singapore

o   When a COR will be available for viewing via mytax.iras.gov.sg

- To announce that with effect from Oct 2015, there will be no collection of COR by hand. All CORs will be mailed to the company’s registered address. Taxpayers may also choose to print the COR from mytax.iras.gov.sg 
27 Apr 2015  New Forms  Form C-S and Form C
- YA 2015 Form C-S and Form C are now available
- e-Filing of YA 2015 Form C-S and Form C will be available from 2 June 2015  
27 Apr 2015 Updated Content  - Basis Period and Year of Assessment
- Income Tax Return (Form C-S/ C) and ECI Filing Obligations
- How to Obtain Form C-S/ C
- How to File
- e-Services for Companies
- Tips for SMEs on Form C-S/ C Filing 
- What Documents need to be Prepared and Filed
- If your Company is Dormant
- What is a Tax Computation
- Updating Company Particulars

Contents have been updated for YA 2015.  
27 Apr 2015  Updated Form   
- Basic Format of Tax Computation for an Investment Holding Company(60KB)

Form has been updated for YA 2015.  
22 Apr 2015  Updated Content  Tax Reclaim Form
- How to obtain IRAS' certification on a tax reclaim form and how long it will take to get it certified
- Points to note when submitting the tax reclaim form
- Who can collect the tax reclaim form
- IRAS will only endorse one copy of the Form - DGT 1 for each Indonesia Withholding Agent as it has a validity period of 12 months from the endorsement date. 
17 Apr 2015 

Updated Content

Tax Guide for New Companies (Chinese)

- Release of the Chinese version of the Tax Guide for New Companies, which features the tax filing obligations and various tax schemes to help companies reduce their tax bills

10 Apr 2015  Updated Content  Capital allowance for motor vehicles
Clarification - Cost of renewing an existing vehicle's COE qualifies for capital allowance. 
8 Apr 2015  e-Tax Guide Revision of e-Tax Guide on Record Keeping for Non-GST Registered Businesses (Third Edition)  
6 Apr 2015  New Content  Appreciation to Partners of e-Filing in YA 2014
- Featuring the Top 15 Tax Agent firms that embraced e-Filing of Form C-S in YA 2014. This recognition is part of the YA 2014 e-Filing Incentives for Tax Agents which was launched in YA 2014 to encourage Tax Agent firms to e-File Form C-S for their qualifying clients.
31 Mar 2015  Updated Content  Corporate Profile/ Contacts & Alerts
Change in Financial Year End
- Company’s staff or their tax agents who have been authorised with an ‘Approver’ role can update the company’s financial year end via myTax Portal.
19 Mar 2015 New Content PIC IT and Automation Equipment Search
- New PIC equipment search function that will help PIC claimants know whether their equipment qualifies for PIC.  
16 Mar 2015  e-Tax Guide Income Tax Implications Arising From The Adoption of FRS 39 – Financial Instruments: Recognition & Measurement (130KB)
- The e-Tax Guide is updated to include Budget 2015 change on the extension of the deduction for collective impairment allowances made under MAS Notices for another 3 years till YA 2019 or YA 2020, depending on the financial year-end of the claimant. 
16 Mar 2015 

Updated Forms 


Updated Content

Revised form
- Declaration of Receipts and Payments (With Receipts)
- Declaration of Receipts and Payments (With No Receipts) 

Companies under Liquidation

- To update that no tax clearance letter will be issued to companies under members' voluntary liquidation as they can rely on IRAS' documents to confirm that the company has no outstanding tax matter/liability.

5 Mar 2015 Updated Content YA 2014 e-Filing Incentives for Tax Agents 
- To provide details of how Tax Agents can redeem the complimentary seats they have been offered at Budget Seminar 2015
26 Feb 2015

Updated Content

Motor vehicle expenses
Capital allowance claim for motor vehicles

- Moved relevant information in the e-Tax Guide "Changes in Tax Treatment of Motor Cars Consequent to Vehicle Tax 
Rationalisation (Revised edition - 30 Dec 2014)" to these pages as the Guide has been removed

26 Feb 2015 New Content

- To clarify the tax treatment for RU-plated cars

Car Rental Companies
Car Tuition Companies
- Moved relevant information in the e-Tax Guide "Changes in Tax Treatment of Motor Cars Consequent to Vehicle Tax 
Rationalisation (Revised edition - 30 Dec 2014)" to this page as the Guide has been removed

26 Feb 2015 e-Tax Guide Removed two e-Tax Guides "Changes in Tax Treatment of Motor Cars Consequent to Vehicle Tax Rationalisation 
(Revised edition - 30 Dec 2014)" and "Change in Tax Treatment for COE for Motor Vehicle (Updated on 28 Mar 2005)"
23 Feb 2015 New Content Budget 2015 – Overview of Tax Changes
17 Feb 2015 New Content PIC Cash Payout e-Services
- New PIC cash payout e-Services are now available
6 Feb 2015 New Content

Six Qualifying Activities Under PIC 
Application for Approval of Equipment for PIC
- To clarify how capital allowance (base and enhanced) can be claimed for PIC qualifying equipment, including those approved via case-by-case application.

6 Feb 2015 New Content PIC Brochure 2014 Edition (Chinese) (3.95MB)
- Updated PIC brochure for Companies, Sole-Proprietors and Partnerships (Chinese)
6 Feb 2015 Updated Content

Revised "PIC - Application for Approval of Equipment" Form 
- Questions revised to facilitate applicants in providing more precise information on how the equipment automates/ mechanises the business' work processes and enhances the productivity of the business, and 
- Other editorial amendments

Application for Approval of Equipment for PIC 
- Included examples to illustrate how an equipment automates or mechanises the work processes of a business
3 Feb 2015 Updated Content Productivity and Innovation Credit (PIC)
For Vendors
For PIC Consultants
Signs that you could be asked to participate in an unacceptable PIC arrangement
- To provide examples of abusive PIC arrangements
29 Jan 2015 New Content Appreciation to Partners of e-Filing in YA 2014 
- IRAS expresses its appreciation to the public accounting firms and companies who participated in the YA 2014 e-Filing of Form C launch.
26 Jan 2015 Updated Content What is taxable income
- FAQ number 1 revised to add tax treatment of Capability Development Grant
26 Jan 2015 Updated Content  Advance Ruling System
(1)  What is an income tax advance ruling 
(2)  How do I apply for an income tax advance ruling
(3)  What happens after I have submitted the application for an income tax advance ruling
(4)  What happens if I disagree with income tax advance ruling
(5)  Will the income tax advance rulings be published

- Moved information in the e-Tax Guide on “Advance Ruling System (Third Edition)” to these pages as the e-Tax Guide has been removed
- To provide an overview of the expected response time for advance ruling applications 
- To highlight that as a norm, IRAS will not agree to requests for express ruling and have provided examples of reasons where IRAS will not accede to requests for express ruling 
- Revised “ Application form for income tax advance ruling
22 Jan 2015 e-Tax Guide Research & Development Tax Measures (Fourth edition) (628KB) 
- The e-Tax Guide is amended to include Annex H – Food & Beverages (“F&B”) Industry
16 Jan 2015 Updated Content Medical Expense Restriction
- To provide clarification that payouts given to employers (e.g. wage credit, jobs credit, absentee payroll and government-paid child care/ maternity leave etc) need not be offset against "total employee remuneration" for medical capping purposes  
13 Jan 2015 Updated Content Tax Guide for New Companies (English)
- Revised guide featuring the tax filing obligations and various tax schemes to help companies reduce their tax bills. The Mandarin version will be released at a later date. 
12 Jan 2015 Updated Content Income Tax Return (Form C/ Form C-S) Review Process for Companies
- Inserted a flowchart to illustrate the return review process for companies
05 Jan 2015 Forms  -- Estimated Chargeable Income (ECI) Forms 
- YA 2016 ECI forms (for company and tax agent) and explanatory notes to ECI form are available for download.