Corporate Tax

Date Category Update
30 Jun 2020Updated 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 2020
Updated 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 2020 Updated Content

Corporate Tax Filing Season 2020

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

e-Filing

- e-Filing services for YA 2020 Form C-S and Form C are now available.  

11 May 2020 Updated 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 Guides

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 2020 Updated 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 2020 Updated Content

Shipping Companies

- General review and update of the content to align with the wordings in the Income Tax Act.

6 May 2020
Updated 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 2020 Updated 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 2020 Updated Content COVID-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 2020 Updated 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 2020 Updated Content Applying 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 2020 Updated 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 2020 New 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 2020 Updated 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 2020 Updated 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 2020 Updated 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 2020 New Content Resilience Budget and Solidarity Budget - Support Measures for Taxpayers
      5 Mar 2020 Updated 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 2020 Updated 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 2020
      New 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 2020 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 2019 Updated 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 2019
      Updated 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 2019 Updated 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 Guide

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

      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 2019
      Updated 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 2019 Updated 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 2019 Updated 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 2019 Updated 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 2019  Updated 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.
      26 Nov 2018 Updated Content

      Corporate Tax Filing Season 2018

      Companies/ Tax Agents

      Call Us

      We have uploaded the following onto the above webpages:

      - CorpPass Simplified Guide for Companies;

      - Guide on How to Log In to myTax Portal Using CorpPass; and

      - Login/ e-Filing Issues Encountered at myTax Portal.
      21 Nov 2018 Updated Content

      Enhancement to COR e-Service

      - Allows companies claiming benefits under Limited Treaties to apply for COR via myTax Portal and removes the need to confirm that the foreign-sourced income is remitted or going to be remitted into Singapore.
      19 Nov 2018 Updated Content

      Reporting of Related Party Transactions

      - The FAQs on the Related Party Transaction requirement have been updated.
      16 Nov 2018 Updated Content

      Country-by-Country Reporting (CbCR)

      - Updated list of exchange relationships
      5 Nov 2018 Updated Content

      Indonesia’s Tax Reclaim Form (Form – DGT 1/ DGT 2)

      - With effect from 1 Feb 2019, IRAS will not accept any request to certify on the DGT Forms. Companies can apply for a COR via myTax Portal and submit the COR together with the completed DGT Form to the Indonesian Tax Authority to claim treaty benefits under the Singapore-Indonesia DTA.
      1 Nov 2018 Updated Content

      New Company Start-Up Kit

      - To update on the enhancements for the New Company Start-Up Kit in Oct 2018.
      19 Oct 2018 Updated Content

      e-Services for Companies/ Tax Agents

      - A step-by-step guide on setting up CorpPass for foreign entities has been uploaded onto the above webpage.
      18 Oct 2018 Updated Content

      Basic Guide for New Companies and Removal of Form for ‘Request for Income Tax Return (Form C-S/ C) and Notification of New Financial Year End’

      -  New companies that 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 can e-File their first Form C-S / C. They no longer need to submit a form to IRAS to request for an Income Tax Return.

      -  Removed the form ‘Request for Income Tax Return (Form C-S/ C) and Notification of New Financial Year End’.
      19 Sep 2018 Updated Content Capital Allowances and Who Can Claim
      Updated content to provide clarity on when companies can claim capital allowances for assets purchased for use by subcontractors and other parties.
      18 Sep 2018 Form

      Application Form for Income Tax Advance Ruling (DOC, 162KB)

      Updated with details of electronic payment for income tax advance ruling applications. From 1 Nov 2018, only electronic payment (Internet Banking Fund Transfer / Telegraphic Transfer payment) will be accepted.
      14 Sep 2018 Updated Content

      Updating of user guides

      -User guides updated with new CorpPass login screens
       24 Aug 2018 Updated Content

      Country-by-Country Reporting

      - Updated list of exchange relationships
      17 Aug 2018 Updated Content

      Singapore Corporate Access (CorpPass)
      - From 1 Sep 2018, CorpPass will be the only login method for online corporate transactions with the Government. As CorpPass will replace EASY as the authorisation system from 1 Sep 2018, businesses must be authorised via CorpPass to access IRAS’ e-Services.

      Please note that IRAS’ e-Services will be listed in CorpPass from 15 Aug 2018. CorpPass Admin can start to assign IRAS’ e-Services to Entity and User from this date onwards.

      30 Jul 2018 Updated Content

      Country-by-Country Reporting (CbCR)

      Updated with details on CbCR filing for FY beginning on or after 1 Jan 2017:

      - IRAS has sent letters notifying Reporting Entities of their obligation to file a CbC Report for FY 2017;

      - If Reporting Entities have not received the letter by 31 July 2018, they must contact IRAS immediately;

      - Reporting Entities must provide certain information to IRAS at least three months before the filing deadline; and

      - Filing of FY 2017 XML CbC Report must be done via email.
      23 Jul 2018 Updated 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 to reflect the recent mutual agreement between Singapore and Australia.
      - The FAQ section on ‘Services’ has been updated to reflect the recent mutual agreement between Singapore and Australia.
      27 Jun 2018

      New e-Tax Guide

      Updated Form

      Intellectual Property Rights Valuation Report for Purposes of Section 19B of the Income Tax Act (PDF, 535KB)

      This e-Tax guide provides guidance on when an independent valuation report on qualifying intellectual property rights is to be submitted for the purposes of Section 19B of the Income Tax Act and the relevant information to be provided in the valuation report.

      Declaration for the Purpose of Claiming Writing-Down Allowances for Intellectual Property Rights under Section 19B of the Income Tax Act (PDF, 93KB)

      Form has been updated.
      12 Jun 2018 e-Service

      e-Filing

      - e-Service for YA 2018 Online Form C is now available
      1 Jun 2018 Updated Content

      Recognition of Tax Agent Firms who e-File for Their Clients for YA 2017

      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
      1 Jun 2018 Form

      Application Form for Income Tax Advance Ruling (DOC, 152KB)

      Updated to clarify that Part C4 has to be completed if the request falls under any of the 5 categories:

      - Rulings relating to preferential regimes;
      - Cross-border unilateral advance pricing arrangement (UAPA) or other cross-border unilateral rulings in respect of transfer pricing;
      - Cross-border rulings providing for a downward adjustment of taxable profits;
      - Permanent establishment (PE) rulings; or
      - Related party conduit rulings.
      1 Jun 2018 Form

      Corporate Tax Forms

      - YA 2018 Form C-S and Form C are now available

      e-Filing

      - e-Filing for YA 2018 Form C-S is now available
      1 Jun 2018 Updated Content

      Transfer Pricing

      - Updated the Related Party Transactions reporting requirement and frequently asked questions; and

      - Uploaded the Form for Reporting Party Transactions (PDF, 1.29MB)
      30 May 2018 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:
      - Change in replacement text for special character apostrophe (‘);
      - Examples on how to use replacement text for special characters;
      - Special characters disallowed in CbC reports;
      - Clarification on three data elements in the CbC report (Tax Paid, Tax Accrued and Total Revenue);
      - Indicate in Additional Information segment if your financial period is more than or less than 12 months.
      17 May 2018 Updated Content

      Updating of User Guides to include New “Functional Currency” Field

      - File Estimated Chargeable Income (ECI) (company)
      - File Form C-S (company)
      - File Form C (Online) (company)
      - File Form C (Upload) (company)
      - File Form C-S/ C for Dormant Company (company)
      - Update Corporate Profile/ Contact Details (company)
      - Update Corporate Profile/ Contact Details (tax agent)
      2 May 2018 Forms

      Research and Development (R&D) Claim Form (YA 2018 and before) (PDF, 188KB)
      Research and Development (R&D) Claim Form (YA 2019 and onwards) (PDF, 234KB)

      Improvements made to the form to:
      - provide greater clarity and guidance for taxpayers in making R&D claims;
      - incorporate enhancements made to the tax treatment for CSA payment in respect of Section 14D claim with effect from YA 2018; and
      - incorporate changes announced in the Budget 2018.
      2 May 2018 Updated Content

      Waiver to File ECI

      - Updated Examples
      27 April 2018 Updated Content YA 2018 Basic Corporate Tax Calculators for companies/ tax agents filing Form C-S/ C are now available
      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) (PDF, 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 2018 Updated Content

      Filing Estimated Chargeable Income (ECI) and Paying Estimated Taxes

      Call Us

      - 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) (PDF, 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 Updated 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) (PDF, 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 2018 Updated Content

      Transfer Pricing

      Transfer pricing pages have been updated arising from the revision of the e-Tax Guide “ Transfer Pricing Guidelines (Fifth Edition)” (PDF, 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 Content Budget 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

       -The FAQ section on ‘Services’ has been updated according to the DTA between Singapore and Republic of Korea. YA 2019 ECI forms (for company and tax agent) are available for download
      1 Feb 2018 New 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 2018 e-Tax Guide

      Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises (PDF, 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 2018 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 2018