taxBytes@iras

Corporate Tax Filing Season 2019

The Corporate Tax Filing Season 2019 is here! All companies, including those with no business activities or those in a loss position, are required to file their YA 2019 Form C-S/ C by the e-Filing due date of 15 Dec 2019.Do you need help preparing the tax computation? If so, you can check out the Basic Tax Calculator.

GST on Imported Digital Services

Come 1 Jan 2020, sales of digital services by overseas suppliers to Singapore consumers will be subject to the Goods and Services Tax (GST). Digital services include software programs and applications, downloadable digital content and subscription-based media.

Overseas digital service providers will be liable to register for GST and be required to charge and account for GST on such services under the Overseas Vendor Registration (“OVR”) regime. They will need to register for GST if their annual global turnover exceeds or is expected to exceed S$1 million and their annual value of digital services made to non-GST registered customers (“B2C supplies”) in Singapore exceeds or is expected to exceed S$100,000.

Electronic marketplace operators who supply digital services or facilitate such sales on behalf of overseas suppliers will also be subject to the regime, under certain conditions.

Read IRAS’ e-Tax Guide or view video for more information on OVR.

Tips on record-keeping for commission agents

If you are a commission agent, proper record-keeping could save you lots of time and effort when it comes to reviewing your records. Plus, it only takes a few simple tips!

Watch this video to learn more!

We continue to work with strategic partners like the Institute of Valuers and Appraisers, Singapore (IVAS) and International Valuation Standards Council (IVSC) to raise awareness of the latest developments in business valuation so firms can leverage these insights to increase their investment opportunities and remain competitive to the world.

Find out more on the conference here!