Latest Updates

• Eligible businesses that wish to start using the GMS from 1 Jul 2025 no longer need to obtain IRAS’ approval. Consequential amendments have been made to reflect this change. The form “Self-Review of Eligibility and Declaration on Use of Gross Margin Scheme Form” is replaced by a “Self-Review of Eligibility to Use the Gross Margin Scheme (GMS)” checklist.
• Other editorial changes were made.

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

• Inserted paragraphs 3.1 and 3.2, and amended paragraphs 3.10, 5.2, 7.1, 7.2, 8.3 and Annex 1 to reflect the tax changes announced in Budget 2025
• Updated paragraph 3.3 and Annex 2 to include section 13OA of the ITA and the expansion of scope under section 13V of the ITA
• Amended paragraphs 6.2 and 6.7 to make clear the tax treatment of distributions out of tax deferred distributions and anticipated income
• Updated paragraph 8.1 to highlight that incorrect distribution disclosure affecting the tax liability of the unit holders constitutes an offence under section 95 of the ITA
• Updated paragraph 14.1 on the requirement to include a distribution schedule in the tax computation
• Updated the numbering of the footnotes

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

• Inserted paragraphs 3.2 and 3.3, and amended paragraphs 3.10, 7.1, 7.2, 8.3, 10.1 and Annex 1 to reflect the tax changes announced in Budget 2025
• Updated paragraph 3.4 and Annex 2 to include section 13OA of the ITA and the expansion of scope under section 13V of the ITA.
• Updated paragraph 6.8 to highlight that incorrect classification of distribution that should be treated as a return of capital is not regarded as difference to be included as RIA
• Updated paragraph 8.1 to highlight that incorrect distribution disclosure affecting the tax liability of the unitholders constitutes an offence under section 95 of the ITA
• Amended paragraphs 8.2, 8.7 and 15.1 to make clear the tax treatment of distributions made out of tax deferred distributions, anticipated income and distributions in excess of available income
• Deleted footnote in paragraph 6.4a and previous paragraph 8.8 as they are no longer relevant
• Inserted footnote 35 to make clear the tax treatment of a REIT’s share of tax transparent income of its approved sub-trust when there are changes in its unitholding
• Inserted footnote 37 to make clear that the source of surplus cash must be funds from the core activities of the S-REIT and it excludes gains from disposal of immovable property
• Updated paragraph 16.1 on the requirement to include the distribution schedule in the tax computation and inserted Annex 6 to include a template of REIT Distributions Tracking Schedule
• Updated the numbering of the footnotes