Insights

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.

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

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

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

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).

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.

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

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

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.

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.

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.

Following the announcement of Budget 2022, our experts discuss the outcomes and tax changes announced in this year’s Budget and look beyond Budget 2022.