Latest Updates

15 Jul 2024: 

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

• Updated the e-Tax Guide based on the current e-Tax Guide format.
• Updated paragraph 1.2 to state who this e-Tax Guide applies to.
• Amended paragraphs 4.3(a)(i), 4.3(a)(ii), 4.3(b) and 4.3(e) to replace the term “loss reserves” with “claim liabilities” and replaced “Fifth Schedule to the Insurance (Accounts and Statements) Regulations”, which has since been revoked, with “Regulation 19 of the Insurance (Valuation and Capital) Regulations 2004”.
• Replaced the term “loss reserves” with “claim liabilities” and removed the reference to “(amended in 2005)” in paragraph 4.3(c).
• Amended footnote 2 of Annex 1 to update the reference made from “section 37(1)(b)” to “section 95(1)(b)” as the provision has been renumbered in the 2020 Revised Edition of the Insurance Act 1966.

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

Updated scenario 6.1B as follows:

• Included a shipment label as a valid transport document.
• Removed the requirement for the transport document to be endorsed.
• Included a new transaction document that exporters must maintain, in the form of a proof of delivery from the postal/ courier company that shows that the goods have reached the overseas customer.

The above webpage has been updated to include:

• References to the Transfer Pricing Guidelines (7th Edition).
• Other amendments to reflect the updates and amendments made in the Transfer Pricing Guidelines (7th Edition).

The main updates and amendments to the e-Tax Guide are:

• Added a frequently asked question regarding the making of working capital adjustment in section 5.
• Updated section 6 to include:
  • New exemption rules for related party domestic loans entered into on or after 1 Jan 2025.
  • Increase in the threshold for exemption from TP documentation for certain transactions from S$1 million to S$2 million.
  • Clarification on stating the date of completing a simplified TP documentation in the
  • New FAQ regarding TP documentation for long term loans and provision of information to supplement an existing TP documentation.
• Updated the TPA process in section 7.
• Amended section 8 to:
  • Enhance the example in paragraph 8.8.
  • Include guidance on transfer pricing adjustment relating to capital transactions.
• Updated section 9 regarding the circumstances under which partial or full remission of the surcharge under Section 34E of the ITA will be given.
• Updated section 11 and Annex B2 to remove the requirement for pre-filing meeting for MAP application.
• Updated the guidance on strict pass-through costs in section 14.
• Updated section 15 to include:
  • New rules for related party domestic loans entered into on or after 1 Jan 2025.
  • Guidance on base reference rates with IBOR reform.
• Inserted a new section 18 to cover government assistance.

• Paragraph 5.5(f) – Updated to clarify that the remitted income (net of qualifying expenses) must be passed through to the S-REIT in the form of dividends/trust distributions.

• Paragraph 8.1 – Updated mode of submission.

• Annex 4 – Updated paragraph 7 of the instruction and the declaration on section 5 of the Section 13(12) Declaration Form.