Insights

Following the announcement of Budget 2023, we discuss the outcomes and tax changes announced in this year’s Budget.

The Singapore Budget 2023 was announced by Deputy Prime Minister and Minister for Finance Lawrence Wong on 14 February 2023. Our tax experts share insights on the Budget announcement that businesses should know about.

In this webinar, our Employer Solutions team cover questions regarding the tax clearance process, exemptions, payments from involuntary terminations and equity compensation, as well as common errors in the Form IR21.

This publication is designed to give preparers of IFRS financial statements a high-level awareness of recent changes to International Financial Reporting Standards. It covers both new Standards and Interpretations that have been issued and amendments made to existing ones.

In this webinar, our Employer Solutions team discuss the common challenges and misconceptions around long-term incentive plan (LTIP) reporting, and share how this can be better managed within an organisation for employer tax reporting purposes.

In this 1-hour webinar playback, our Employer Solutions team will go through the Top 5 areas of contention in payroll reporting that you may face, and the questions to ask to help you manage these.

We are pleased to share Example consolidated financial statements 2022 to assist you in your preparation of your financial statements inline with the latest International Financial Reporting Standards (IFRS) changes.

The Tax Risk Management & Control Framework for Corporate Income Tax, also known as CTRM, is meant for companies to voluntarily review their internal controls and risk management processes.

On 17 February 2022, the IRAS introduced the Tax Governance Framework ("TGF"), alongside the Tax Risk Management & Control Framework for Corporate Income Tax (“CTRM”) for companies to demonstrate their good tax governance policy for corporate income tax, GST and withholding taxes. It is a voluntary compliance initiative that a company may participate in to demonstrate that it has good tax governance and tax risks management

Digital tokens, such as cryptocurrencies and NFTs, have established themselves as a new asset class in less than a decade. In this webinar, a panel of Grant Thornton tax Partners from Singapore, Australia, Hong Kong and India will discuss the impact digital tokens are having on tax (and vice versa) in their jurisdictions, and try to help decode some of the fundamental tax and accounting issues for players operating in this new universe.

The Monetary Authority of Singapore (MAS) announced that single family offices will have to meet stricter criteria in order to qualify for the tax exemptions under sections 13O and 13U of the Income Tax Act (ITA). These new criteria will take effect for applications received from 18 April 2022 onwards.

This article focuses on part of this step; reversing impairment losses.

An overview of IAS 36’s main requirements and an outline of the major steps in applying them in practice.

This article focuses on part of this step; recognition of impairment losses. For reversing impairment losses refer to our article ‘Insights into IAS 36 – Reversing impairment losses’.

This article discusses when there are exceptions to the rule of comparing recoverable amount with carrying amount, which is step 5 in the impairment review process.

Singapore will be implementing a points-based evaluation system for Employment Pass (EP) applications starting from September 2023 under the new Complementarity Assessment Framework (Compass) which assesses applicant- and employer-based criteria such as salary, qualifications, diversity and support for local employment.