Insights

A handy guide of Singapore Tax facts to keep you up to date of the tax rates and conditions in Singapore.

All related party transactions should be conducted at arm's length, ie as if parties were unrelated.

Goods and Services Tax (GST) is the principal indirect tax in Singapore (akin to value-added tax in other countries).

Withholding tax is generally a final tax where the income in question is not derived from the provision of services.

Property tax is a tax levied on property ownership. The annual tax payable is a percentage of the annual value of the property, which is the gross amount for which the property is expected to be let out in that year.

Under the modified territorial basis of taxation, companies in Singapore are subject to tax on income accruing in or derived from Singapore and foreign income received or deemed received in Singapore from outside Singapore.

Individuals (resident and non-resident), are only liable to income tax in respect of income accruing in or derived from Singapore. The tax year is the calendar year.

The International Accounting Standards Board (IASB) has introduced IFRS 18, Presentation and Disclosure in Financial Statements, which replaces IAS 1, aiming to improve communication and comparability in financial statements. Effective for reporting periods beginning on or after 1 January 2027, IFRS 18 introduces substantial changes, particularly in the statement of profit or loss, to address the lack of detailed guidance in the previous standard.

Transfer pricing regulations by the Organisation for Economic Cooperation and Development (OECD) and Singapore have specific provisions to talk about intercompany service transactions. This article delves into what Singapore taxpayers need to know about service transactions under these regulations and highlights typical mistakes businesses may make.

In this webinar, learn about the key trends, strategies and best practices shaping the future of finance. Our expert speakers will share their knowledge and experience, offering practical advice on how to navigate these challenges and position your organisation for success.

Grant Thornton leaders from around the world will provide an update on the status of the OECD's Pillar 2 Global Minimum Tax project. Our experts will discuss recent developments from the OECD and local taxing authorities and provide meaningful insights to organisations grappling with this new regime.

In this insightful webinar, we delved into the essentials of consolidation focusing on the intricacies of the Foreign Currency Translation and its impact. Our experts also provided valuable insights into the latest technological advancements that can simplify complex consolidation tasks and ensure compliance with regulatory requirements.

The release of the 7th edition of the Singapore Transfer Pricing Guidelines on 14 June 2024 signifies a substantial advancement in the efforts of the Inland Revenue Authority of Singapore (IRAS) to enhance clarity and rigour in the Singapore transfer pricing (TP) landscape. This edition introduces both minor and major updates across nine sections of the Guidelines, reflecting an evolving and more sophisticated approach to TP analysis and compliance with the arm’s length principle.

If you are planning on doing business in Singapore, this guide provides an overview of Singapore's investment environment. Learn more about common issues companies might face when expanding into Singapore and get insights on navigating the country's legal, accounting and tax landscape.

In this 1-hour webinar playback, our experts shared insights on model monitoring and validation methodologies, best practices, and key challenges, all aimed at providing you with actionable strategies to adeptly navigate through the complexities.

On 2 May 2024, the long-awaited and highly anticipated interoperability guidance has been jointly issued by the IFRS Foundation and European Financial Reporting Advisory Group (EFRAG).