Latest Updates

Added Greenland to the list of jurisdictions that have exchange relationships with Singapore

Updates are made to clarify the following:

• Related parties also include individuals such as shareholders or directors who fall within the definition of “related party” under Section 2 of the Income Tax Act 1947.
• The value of Related Party Transactions (“RPT”) for reporting in the RPT Form excludes director fees.

Added a new ongoing area of focus for compliance on the timely and accurate filing of Form for Reporting Related Party Transactions (RPT Form).

Page has been enhanced for readability and included the following standard sections for each of the areas of audit:

1. What you should do
2. Consequences of involvement/errors 

Page has been enhanced for readability and included a new section on common fringe benefits including:

• Accommodation and related household benefits
• Transport and related benefits
• Meals and gifts
• Clothing, accessories and personal grooming benefits