Latest Updates

Updated FAQ to clarify the tax treatment of Foreign Worker Levy Rebate.

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

• Requirement for an ultimate parent entity of a Singapore-headquartered multinational enterprise group that is required to submit a Country-by-Country (CbC) Report to notify IRAS of its filing obligation from financial year beginning on or after 1 Jan 2022 (FY 2022), within 3 months from the end of that FY
• Requirement to prepare CbC Reports in CbCR XML Schema format and submit the CbC Reports based on instructions on the IRAS CbCR webpage
• Penalties for non-compliance
• Updates to the frequently asked questions, including:
  • Question 2 – With effect from FY 2022, the definition of consolidated group revenue for the purpose of determining whether a Singapore MNE group is required to file a CbC Report should include extraordinary income and gains from investment activities.