Singapore

Tax Alert 

KPMG's Tax Alert examines and discusses the recent tax developments in Singapore and the implications thereof.
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    2014
    November
  • November 2014 - Issue 24 (PDF, 249KB) New
    Gearing up for Malaysia GST
    On April 1, 2015, Malaysia will replace its sales and services tax with a goods and services tax (GST). As another source of revenue, it may help to address the persistent budget deficit and growing debt that Malaysia faces today.

    However, current projections suggest collections from the GST next year will amount to only RM690 million (S$267 million). This is after considering various government reliefs and a growing list of items to be zero-rated and exempt under the new GST regime to help lower-income Malaysians cope with a rising cost of living.

    More noteworthy is that Malaysia is bringing forth radical changes to its tax landscape, shifting from a reliance on direct to indirect tax for tax revenues similar to most countries in the region.

  • October
  • October 2014 - Issue 23 (PDF, 180KB)
    OECD's proposed system needs government, taxmen on board
    The Organisation for Economic Co-operation and Development (OECD)'s base erosion and profit shifting (BEPS) initiative seeks to create a tax system based on concepts reflecting years of financial and technological innovation so that countries can effectively tax the economic activity of global business. While its intent centres on promoting greater tax transparency, getting into the details around BEPS quickly brings the discussion into the realm of incomprehensible tax jargon for many people.

  • October 2014 - Issue 22 (PDF, 221KB)
    Deduction for Statutory and Regulatory Expenses
    On 12 September 2014, the Inland Revenue Authority of Singapore published an e-Tax Guide relating to the "Deduction for Statutory and Regulatory Expenses". The e-Tax Guide provides some clarity to the proposed Section 14X of the Income Tax Act, as set out in the draft Income Tax (Amendment) Bill that was issued on 4 July 2014. In this issue, we highlight the salient parts of the e-Tax Guide.

  • September
  • September 2014 - Issue 21 (PDF, 157KB)
    Making the most of Australian rental property
    AUSTRALIA is one of the most popular destinations for Singapore investors looking to buy properties overseas.

    However, the tax implications associated with foreign investment in Australian rental properties - a residential property used for rental purposes - can be onerous, especially given the multiple Australian taxes that may apply.

  • September 2014 - Issue 20 (PDF, 166KB)
    BFC v Comptroller of Income Tax [2014] SGCA 39
    In this case, BFC (Appellant) appealed to the Court of Appeal against the decision of the High Court.

    The Appellant sought the confirmation of the Court of Appeal that discounts and redemption premiums relating to the issuance of certain bonds were tax-deductible.

    However, the Court of Appeal held that the discounts and redemption premiums were not "interest" under Section 14(1)(1) of the Income Tax Act, and were not tax-deductible.

  • September 2014 - Issue 19 (PDF, 340KB)
    Updated R&D Tax Incentive guidelines
    The R&D Tax incentive was introduced to encourage Singapore companies to undertake more R&D activities and improve their business capabilities and global competitiveness. It was intended to be a pervasive scheme to cover all industries. From the Years of Assessment 2013 to 2018, taxpayers who conduct eligible R&D activities can claim up to 300% enhanced tax deductions on the qualifying R&D expenditure under the Productivity & Innovation scheme.

    Following announcements by the Ministry of Finance earlier this year that it was reviewing the guidelines for the R&D Tax Incentive, the Inland Revenue Authority of Singapore has now issued the revised guidelines.

  • September 2014 - Issue 18 (PDF, 624KB)
    IRAS Releases Public Consultation Paper on Transfer Pricing Documentation The Inland Revenue Authority of Singapore (IRAS) released a public consultation paper on 1 September 2014, setting out additional guidance on transfer pricing documentation. The public is invited to provide commentary on IRAS’ viewpoints in the consultation paper by 24 September 2014.

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