Insights

The OECD/G20 Inclusive Framework announced more details in the implementation of the two-pillar solution to address the tax challenges arising from the digitalisation of the economy. In this article, we explain what's been agreed to as part of the implementation plan and how each pillar may impact Singapore.

In the OECD’s latest announcement, the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting has released more details on the implementation of the two-pillar solution to address tax challenges arising from the digitalisation of the economy. The Two-Pillar Solution is aimed at ensuring multinational enterprises (MNEs) will be subject to a minimum tax rate of 15%, and will re-allocate profit of the largest and most profitable MNEs to countries worldwide.

In this piece, we highlight the new articles introduced in the updated Avoidance of the Double Tax Agreement (DTA) between Singapore and Indonesia. These updates will be effective from 1 January 2022.

This update focuses on GST on services provided remotely and the resulting compliance obligations and GST treatment. This is part of the extension of the Singapore regime for Goods and Services Tax and will take effect from 1 January 2023.

New transfer pricing guidelines have been published in Singapore, consolidating earlier guidance. Munjal Almoula of Grant Thornton Singapore looks at the amendments and updates, including a significant change which seems to indicate an increased focus by the Inland Revenue Authority on transfer pricing issues.

This update focuses on GST on low value goods and the resulting compliance obligations and GST treatment. This is part of the extension of the Singapore regime for Goods and Services Tax and will take effect from 1 January 2023.

This article looks at the scope of the impairment review (ie the types of assets that are included) and how it is structured (ie the level at which assets are reviewed).

This article explains if and when a detailed impairment test as set out in IAS 36 is required.

This article provides an ‘at a glance’ overview of IAS 36’s main requirements and outlines the major steps in applying those requirements.

On 10 August 2021, the Inland Revenue Authority of Singapore released an update to its transfer pricing e-Tax Guide. In this piece, we highlight significant changes in the updated guide and how it impacts your business.

The Inland Revenue Authority of Singapore (IRAS) has underlined how the GST treatment of media sales will change with effect from 1 January 2022. The changes are outlined in the e-Tax guide published on 11 June 2021, 'GST: Guide for Advertising Industry (Third Edition)'.

With “working from anywhere” becoming more commonplace, this two-part webinar series breaks down potential corporate and personal tax risks. From permanent establishments to where your employees need to pay tax, find out how you can mitigate the risk or limit their impact.

Find out more about the OECD’s statement on a two-pillar solution to address tax challenges arising from digitalisation of the economy

As markets emerge from COVID-19 lockdowns, the financial services sector is taking stock of the pandemic’s impact, and future working practices. Against this backdrop, female Grant Thornton partners working with financial services clients around the globe share their perspectives on advancing female leaders in the sector, and enabling financial services businesses to realise the performance benefits of an inclusive culture.

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

This webinar breaks down what you need to know about Missing Trader Fraud - from the Knowledge Principle, what IRAS expects of you with regards to your input tax claims, and how to protect yourself.