Latest Updates

The e-Tax Guide has been updated with the following changes: 

• Renumbered provisions in the Income Tax Act 1947 (2020 Revised Edition)
• Addition of “a body of persons” in paragraph 7.1 and footnote 4 to incorporate the changes under section 37D(4AA) with effect from YA 2023. The subsequent footnotes were renumbered
• Editorial changes to footnote 6 and paragraph 9.4

The e-Tax Guide has been updated with the following changes: 

• Updated the renumbered provisions based on the Income Tax Act 1947
• Updated the citation of Acts

The e-Tax guide has been updated with the following changes: 

• Replaced the “Introduction” section with “Aim” and “At a Glance” sections
• Added footnote 2 on FRS 109 replacing FRS 39 for annual periods beginning on or after 1 January 2018
• Updated footnote 10 and row 2(b) in Annex 2 with 11 March 2005 being the issuance date of the MAS Notices 612, 1005 and 811 relevant to the FRS 39 regime
• Amended paragraph 4.7 with the renamed section 14G of ITA 1947
• Updated paragraph 4.15 with 2017 volume of FRS 32
• Amended paragraph 4.19 by deleting the wordings “without adjustment for any provisions made and valuation surplus/deficit” to make clear that for TAM, the value of financial assets refers to the value reported in the balance sheet.
• With the above changes, consequential re-numbering is made to all paragraphs and footnotes.

The e-Tax guide has been updated with the following changes: 

• Updated footnote 1 to expand the definition of taxpayers to include certain trusts with effect from 22 March 2023, removed footnote 6 on NOAs issued before 1 January 2014 and removed footnote 9 abbreviations.
• Removed the table of information showing the administrative procedures prior to 1 January 2014 and inserted paragraphs 2.1 to 2.5 for the current administrative procedures
• Removed the wordings “Court of Appeal” in the litigation process as the High Court is now the final tier of appeal
• Updated the dates for the examples
• Made editorial changes to paragraphs 3.3, 4.3.1, 4.3.3, 4.4.1, 4.4.2, 4.5.1, 4.5.5, 4.6.1, 5.2.1, 5.4.1, 5.4.2, 6.2, and 9
• Updated the renumbered provisions based on the Income Tax Act 1947
• Removed the sample Form for Filing the Notice of Objection and sample acknowledgment letter in the Annex

The e-Tax guide has been updated with the following changes:

• Renumbered Section 10D with Section 10C based on the Income Tax Act 1947
• Added Appendix 2 in paragraph 7.6 to summarise the tax treatment for subleases
• Added footnote 4 to paragraph 8.5 to provide clarity on withholding tax exemption for specific MSI recipients
• Inserted a new paragraph 10 to explain the tax treatment of foreign exchange differences
• Renumbered paragraphs 10 to 15 to 11 to 16 and Appendix 2 to Appendix 3
• Numbered the requirement to provide a reconciliation of the contractual lease payment and expenses reflected in profit and loss account in paragraph 13.1 as part (a) and added in part (b) the requirement to provide a reconciliation of the amount of contractual lease payment to the cash flow statement
• Added footnotes 9 and 10 in Appendix 1, Example 1 to clarify how the figures should reconcile to audited accounts
• Inserted the tax treatment on the interest expense and depreciation in Appendix 1, Example 1 to make clear that they are not tax deductible

• Update paragraph 2.2 and FAQ 10.1 to clarify that TAM as described under paragraph 5 is the default method to be applied.
• Update paragraph 2.3 on the effective date of aligning the methodology for TAM.
• Update paragraph 3.2 to clarify that:
  • Specific interest expense includes interest expense arising from ROU assets treated as sale agreements for tax purposes (including assets under hire purchase agreements).
  • Interest expense for the purpose of TAM excludes non-deductible interest expense and interest expense on ROU asset regarded as an operating lease or a finance lease not treated as a sale agreement for tax purposes. Footnotes 1 and 2 are added.
• Update footnote 6 in paragraphs 5.1 and 5.4 to clarify the value of the cost of assets to be used for the purpose of TAM.
• Update footnote 7 in paragraphs 5.1 and 5.4 to clarify the meaning of total assets and cost of total assets.
• Update paragraph 8, add footnote 9 and update footnote 10 for consequential changes arising from the adoption of FRS 109 tax treatment.
• Add new FAQ 10.8 to clarify that interest expense includes foreign exchange differences on interest incurred for the purpose of TAM.
• Add new FAQ 10.9 to clarify the costs to be excluded from the denominator of TAM formula.
• Add new FAQ 10.10 to provide more examples of non-financial assets that are not covered under FRS 109 as mentioned in paragraph 8.1.