Insights

The APA is an extremely progressive mechanism available to taxpayers to get certainty on their transfer pricing arrangements over a long-term period. The process and approach taken in Singapore are consistent with international standards, making it easy to implement and conclude with countries with whom Singapore has a DTA.

If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period. However, to the extent that the widespread impact of COVID-19 occurred during the entity’s ‘subsequent events period’ (ie the period between the end of the reporting period and the date when the financial statements are authorised for issue), management must determine how material developments after the year-end should be reflected in the entity’s financial statements for the period under audit or review.

Our Head of Tax David Sandison will be leading a session on the fundamentals and building blocks for International structuring. To help you navigate tax structuring, David will be covering: what are the different bases of taxation in an international context, and how do they interact? what is the importance (or otherwise) of tax residence? how can tax treaties help me? what are the building blocks of structuring cross-border investments? what are the current trends in tax planning, and does it have a future?

The COVID-19 pandemic is requiring those responsible for the preparation of financial statements to reconsider whether assumptions and assessments previously made are still valid and appropriate which in turn is creating an additional burden on entities all over the world. In particular, IFRS 16 has become an area of focus for entities and the International Accounting Standards Board (IASB). The IASB has therefore added a practical expedient to provide relief for lessees from lease modification accounting for rent concessions related to COVID-19. We explain the current accounting requirements, the practical expedient and how to apply it.

Is your business substantially involved with the import of goods into Singapore? Are you unnecessarily paying import GST and having to wait to file your GST return before you claim input tax credit for the import GST paid to Singapore Customs?

This article covers the recent amendments to FRS 116 to provide practical expedients for lessees to account for rent concessions during the COVID-19 pandemic and certain GST related matters.

The economic ramifications of the COVID-19 pandemic are huge, diverse, and far-reaching. When uncertainty is the new normal, standing still isn’t an option. Grant Thornton has summarised the five areas that businesses need to focus on during this unprecedented time.

In this volatile environment, any impairment of goodwill and other long-lived assets has the potential to materially reduce reported earnings. While impairment losses provide only a lagging indicator of negative developments, this does not reduce the importance of ensuring that the reported values for goodwill and other intangibles reflect an appropriate value. This includes any impairment in value reflecting the economic impact of COVID-19.

The new leasing standard becomes effective for fiscal years beginning on or after 1 January 2019 and requires all leases to be accounted for 'on balance sheet', a major departure from the requirements of FRS 17 in respect of operating leases.

The Inland Revenue Authority of Singapore (IRAS) has recently issued two guides on the topic, one for GST, the other for Income Tax. We now have the full set, hence the purpose of this article. The aim is not to explain the detail. Rather it is to set the context in which the detail is applied.

COVID-19 has grounded thousands of planes, but the aviation industry can still take important steps to keep business alive.

Mr Heng Swee Keat, the Deputy Prime Minister and Minister for Finance, delivered the Fortitude Budget on 26 May 2020, a week before transiting into Phase 1 of the post COVID-19 circuit breaker measures.

As we are aware that the COVID -19 pandemic has had business make significant changes in the way they operate which will directly impact revenues and profits of an organization. Considering the cross border nature of global operations, any such adverse impact on revenues and profits of an organization would have transfer pricing related consequences. With this in mind, our tax leaders take this opportunity to discuss in detail some of these transfer pricing issues emanating from such business slowdowns as well as guide you on potential and practical resolution matters.

The COVID-19 outbreak since the start of 2020 has had an impact on almost all entities either directly or indirectly. Some of the worst-hit sectors are aviation, hospitality, and retail with more and more sectors coming under its radar with widespread lockdowns being enforced across the world. This webinar identifies key financial reporting areas that entities need to consider when determining the impact on their business, and on the results, financial position and disclosures in their financial statements.

Think of COVID-19 what you will, there is no doubt that the reactions to it by various governments around the world are going to have massive, possibly unprecedented, economic implications in due course.

We cover the 3 budgets the Singapore Finance Minister has delivered in the recent months. These measures will ease cash flow for companies, allow more time to meet compliance obligations, and provide clarity on permanent establishment and tax residency issues.