Latest Updates

With effect from 1 Nov 2022, the following administrative concessions, which provide for a waiver of withholding tax for payments made to:

• Related non-resident company for management service or assistance in the management of business rendered in Singapore under a cost pooling arrangement; and
• Non-resident company for reimbursement of accommodation, meals and transportation expenses in relation to the provision of technical or management services in Singapore,

will be withdrawn.  

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

• Updated paragraph 5.2 to explain the tax treatment of monies paid to SAL as stakeholding monies.
• Inserted paragraphs 17.5 and 17.6 to update the tax treatment on the appropriation of trading stock for non-trade or capital purposes and conversion of non-trade or capital asset to trading stock.
• Removed paragraph 18.6 and Annex on transitional rules for one-project concession.
• Updated the renumbered provisions based on the Income Tax Act 1947.
• Updated the numbering of the footnotes.

FAQs updated to include the income tax treatment involving an appropriation of trading stock for non-trade or capital purposes.

New content on the computation of balancing adjustment when an asset is converted to trading stock.

1. The service standard for the application review process has been revised. 

2. Summary of Income Tax Advance Ruling (1 Apr 2022)