Singapore

Tax Alert 

KPMG's Tax Alert examines and discusses the recent tax developments in Singapore and the implications thereof.
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    2015
    September
  • September 2015 - Issue 15 (PDF, 401KB) New
    The Need for More Effective Tax Compliance Strategies
    Keeping up with the constant flow of international tax developments can be a real challenge for companies. Companies face major tax changes such as the extensive exchange of information amongst tax authorities and the greater emphasis and audit efforts by tax authorities on compliance accuracies.

    In confronting these challenges, companies should be paying more attention to enhance their tax governance and compliance strategies to ensure that tax risks/exposures are well managed. Furthermore, stakeholders are expecting companies to do more with less resource - by optimising resources to achieve tax efficiency and effectiveness, and by designing compliance processes that provide opportunities and drive value for the business.

  • July
  • July 2015 - Issue 14 (PDF, 404KB)
    Enhanced support for Singaporean PMEs
    To strengthen the Singaporean core of Professionals, Managers and Executives (PMEs), the Ministry of Manpower (MOM) has introduced stricter requirements for firms hiring highly-skilled foreigners. .

    Singaporeans aspiring for PME jobs will form a critical and growing core of our workforce as the education profile of Singaporeans improve, with an increasing proportion completing tertiary education.

    The measures announced will enhance employment and career opportunities for Singaporean PMEs by strengthening the Singaporean core of PMEs, enhancing the quality assessment of foreign PME applicants, and expanding coverage of dispute resolution for Singaporean PMEs.

  • July 2015 - Issue 13 (PDF, 441KB)
    Expanding Beyond Singapore's shores
    As some businesses mature, they develop plans to create a global presence. The Singapore Government has recognised the high costs of expanding overseas and has recently introduced and enhanced incentives to help businesses manage their costs.

    In Budget 2015, the Singapore Government introduced the International Growth Scheme (IGS) and enhanced the Double Tax Deduction (DTD) for Internationalisation scheme to provide greater support for businesses expanding overseas as well as create more skilled jobs and opportunities for Singaporeans to work overseas.

    In this issue of Tax Alert, we highlight tax considerations that businesses should take note of when venturing abroad, and key features of the IGS and the enhanced DTD for Internationalisation scheme.

  • July 2015 - Issue 12 (PDF, 301KB)
    Investment Allowance for Energy Efficiency Scheme
    In Singapore Budget 2015, the Minister for Finance announced the consolidation of two investment allowance schemes: Investment Allowance for Energy Efficiency (IA-EE) scheme and IA-EE for Green Data Centres scheme.

    Previously, the IA-EE scheme was administered by both the Singapore Economic Development Board (EDB) and the National Environment Agency (NEA) and IA-EE for Green Data Centres scheme was administered by the Infocomm Development Authority of Singapore.


  • July 2015 - Issue 11 (PDF, 334KB)
    Budget 2015 Updates
    Singapore Budget 2015 is focused on building Singapore’s future and strengthening social security. Aimed at both individuals and businesses, a host of tax changes were introduced, some of which are pending further details to be released by the relevant government agencies at a later date.

    In this issue, we summarise the details released by the relevant authorities on the following four tax changes


  • June
  • June 2015 - Issue 10 (PDF, 364KB)
    Extension of the Enhanced-Tier Fund Tax Exemption Scheme
    The Enhanced-Tier Fund Tax Exemption Scheme (commonly known as Section 13X Scheme) was first introduced in 2009 to provide Singapore-based fund managers with greater flexibility in sourcing for mandates.

    The Section 13X Scheme provides for tax exemption on specified income derived from designated investments by an approved fund.


  • June 2015 - Issue 9 (PDF, 345KB) Owners of Rental Property Can Claim Deemed Expenses Now
    The Singapore Government first announced in Budget 2015 that property owners who derive passive rental income from residential properties can elect to claim rental expenses on a 'deemed' basis in lieu of actual expenses in determining net taxable income. The rationale behind the deemed expense deduction is to simplify the tax filing process and alleviate the burden of record keeping for taxpayers.

    In response to Budget 2015, the Inland Revenue Authority of Singapore (IRAS) has published an e-Tax Guide providing additional guidance. This tax alert summarises the deemed expense election rule.


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