Updates on Hand-Carried Export Scheme (HCES)
The IRAS made the following updates on their e-tax guides “GST: Guide on Hand-Carried Export Scheme” and “Guide on Exports” on 18 February 2021-
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Extension of Concessionary Tax Treatment for Registered Charities and IPC
The IRAS has updated the e-Tax Guide on “Tax Treatment on Donations with Benefits” on 19 March 2021.
Should You Participate in GST ACAP?
GST Assisted Compliance Assurance Programme (“ACAP”) is a compliance initiative introduced by the IRAS…
Updates on 6 GST E-Tax Guides by IRAS
Of course, you should know by now that the two GST changes that were announced by Minister Heng last week,…
Section 33(1) Agent and the Importation of Controlled Goods
The IRAS has published the sixth edition of the GST guide on imports, on 20 January 2021.
GST E-Tax Guide For Property Owners & Property Holding Companies
Key update to this e-tax guide is that an overseas principal who is registered for GST in Singapore…
Entering Invoicing Details Into The Customer’s Platform And Self-billing Arrangement – A Cut From The Same Cloth
The Inland Revenue Authority of Singapore (“IRAS”) has recently updated their GST e-tax guide on “Record Keeping Guide for GST…
NEW! GST E-tax Guide on Transfer Pricing Adjustment
The IRAS has published the first edition of the GST e-tax guide on transfer pricing on 9 November 2020.
Claiming Of Input Tax On Expenses Incurred During The COVID-19 Pandemic: The Devil Is In The Detail
The IRAS has updated their website on 1 September 2020 and provided guidance on whether expenses incurred for employees to support them during the Covid-19 pandemic can be claimed as input tax.
This is a welcome move by the IRAS as it provides clarity on the claiming of input tax. However, before you go around and tell your colleagues to submit or put in the claim through the company’s claim system, one has to be mindful of the conditions involved and put in a process to ensure that the conditions are met and proper documentation is maintained.
In the said guidance, GST incurred on the employees’ utilities bills and house telephone bills can be claimed by taking the difference in the amount of expenses your employee incurred before and after working from home AND apportion it equally among the working individuals in the same household.
Furthermore, the utilities bill must be contracted in your employee’s name and not any other person living in the same household.
If you are the one deciding whether it is worthwhile to set up a process to claim the GST incurred on employees’ utilities bill during this Covid-19 period, you should say “Thank you very much, but I will pass this time round.”
But if your company has more than 1,000 employees and is willing to pay a service fee, we may have a solution for you.
Contact us if you are interested to find out more.
[SCTP] GST Risks and Controls Series: Self-Billing Arrangement
The IRAS has updated their website content on self-billing arrangement on 6 August and they have provided two