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

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

• Paragraph 3.4 – Included a new paragraph on the refinement for S-REITs as announced in Budget 2025.
• Paragraph 5.2 – Updated the tax treatment of S-REITs prior to YA 2024.
• Paragraphs 2.1(b), 5.3(b), 5.5(f), 5.6, 5.8, example 2 in Annex 2 and Annex 4 – Removed the requirement for the company to be incorporated in Singapore with effect from 19 February 2025.
• Paragraph 5.4 – Updated to include foreign-sourced rental and ancillary income remitted into Singapore from 19 February 2025.
• Paragraph 5.5 – Updated the header of the table to include foreign-sourced rental and ancillary income.
• Paragraph 5.5(d) – Updated to clarify that the funds channelled out of Singapore may be used to finance investments in overseas property.
• Paragraph 5.5(f) – Updated that the remitted income (net of qualifying expenses) can be passed through to the S-REIT in the form of repayment of shareholder loans and return of capital, and that Singapore sub-trust can deduct other operational expenses against its income before remitting the remaining amount to the S-REIT. This change took effect from 19 February 2025.
• Paragraphs 5.8 and 6.7 – Updated the extension of the section 13(12) tax exemption for S-REIT and qualifying offshore infrastructure project/asset.
• Annex 4 – Removed footnote 1 and updated section 3 of the Section 13(12) Declaration Form.