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IRAS has recently entered into agreements with Australian and United Kingdom tax authorities on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”). The CRS is an internationally agreed standard for AEOI, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes… Continue reading Automatic Exchange of Information and Sharing of Data to Combat Tax Evasion

Malaysia’s Customs Department has announced that with effect from 23 August 2016, GST registrants that want to amend their GST Return are required to observe the regulations and procedures in accordance with Regulation 69 of the GST Regulation 2014. The amendment can be made online via Taxpayer Access Point (TAP). The regulation stated that there… Continue reading Amendment to Malaysia’s GST Return

It is important to note that, unlike the export of goods, not all services supplied outside of Singapore can be zero-rated. This is because Singapore’s GST Act states that zero rating can only apply to services that fall within the description of international services under Section 21(3).  What this means is that even if your supply… Continue reading GST Zero Rating on Supply of Services

On 29th August, IRAS announced the conviction of the sole proprietor of Kay Lee Roast Meat Joint for tax evasion, by knowingly under-declaring Kay Lee’s total sales income for two years of assessments in his income tax return submission to IRAS. He was found to have provided estimated monthly sales, from which their accountant would… Continue reading Correct and complete income tax return

Notwithstanding that the company is no longer in operation or has ceased business activities, a dormant company has to file its annual return with ACRA. It also must submit its Income Tax Return unless the company has been granted a waiver. A dormant company has to notify ACRA of changes in the company, e.g. the appointment or cessation of directors, change in the… Continue reading Dormant Companies

As announced earlier by the Finance Minister in his maiden Budget 2016 speech that with effect from 1 Aug 2016, the Productivity and Innovation Credit (PIC) cash payout rate is to be reduced to 40% of qualifying expenditure subject to a total expenditure cap of $100,000 across the six qualifying activities. Before this change, the rate was 60%. In addition,… Continue reading Productivity and Innovation Credit Scheme: Cash Payout Rate at 40% from 1 Aug 2016

In Malaysia, every GST-registered person is required to submit the Form GST-03 return to Malaysian Customs either every 1 month or 3 months, depending on the annual revenue of all taxable supplies of the GST-registered person. A GST-registered person has to submit Form GST-03 return every 1 month if it has an annual revenue of… Continue reading Malaysia’s GST Return Submission

If you wish to close a company, an application is required to be submitted to ACRA to strike off its name from the Company Register. Before ACRA can approve the application for striking off, the company must satisfy the following criteria: • It has not commenced business since incorporation or has ceased trading • It has no assets and liabilities (current/future) • Its directors… Continue reading Striking off a local company

The rental income that a property owner received from their tenant is a taxable income and therefore subject to income tax in Singapore. In order to arrive at the taxable net rental income, a property owner (whether an individual, company or another form of legal entity) is required to declare the gross rent received and… Continue reading Rental Income and Expenses

In the course of conducting your business activities, you may have incurred GST input tax through purchases of goods or services from GST-registered suppliers or importing goods into Singapore. If your business is a GST-registered business, you are able to claim this input tax incurred when submitting the monthly or quarterly GST Return to IRAS.… Continue reading Disallowed GST Input Tax Claims