Corporate Tax

Date Category Update
 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 2019Updated 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 2019Updated 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) (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) (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) (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) (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) (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) (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 (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) (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) (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

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

e-Services for Companies/ Tax Agents

- FAQs on CorpPass for Companies and Tax Agents have been uploaded onto the above webpage 

 3 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  (535 KB)

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  (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

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 Forms 

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 (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) (188KB)
Research and Development (R&D) Claim Form (YA 2019 and onwards) (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) (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) (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 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)” (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

 - 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 (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

20 Dec 2017 Updated 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 2017 New 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 2017 Updated 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 2017 Updated 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 2017 Updated 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 2017 Updated Content

Foreign Tax Credit

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

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

 22 May 2017 Updated 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 2017 New 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 2017 Updated 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 2017 Updated 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 2017 Updated 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 2017 Updated 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 2017 New Content Budget 2017 - Overview of Tax Changes
 7 Feb 2017 Updated 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 2017 Updated 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 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
 4 Jan 2017  New Content BIPS 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