Global

Details

  • Service: Tax, Global Compliance Management Services, International Tax
  • Type: Regulatory update
  • Date: 11/22/2013

Singapore - Taxation of benefit-in-kind of employer-provided accommodation 

November 22:  The Inland Revenue Authority of Singapore released guidance summarising significant changes to the taxation of accommodation benefits.

The changes signal an end to the favourable tax treatment of employer-provided accommodation, with a move to what is described as a more equitable method of taxing accommodation benefits (in contrast to the preferential tax legislation on housing benefits, which is still practiced in other Asian countries such as Malaysia, Hong Kong, and China).


Effective 1 January 2014, the new rules will mean that affected taxpayers could be subject to greater taxation, and employers will need to devote more administrative time to obtain the annual value of the accommodation.


Read a November 2013 report [PDF 274 KB] prepared by the KPMG member firm in Singapore: Taxation of Benefit-in-Kind – Accommodation Provided to Employees




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