Complexity of GST-registered Insurance Products
The GST treatment of the various products offered by the insurance industry is complex and specialised.
You will find insights on various topics by our Forvis Mazars tax professionals. For more information, please contact Gene Kwee, our Head of Tax, APAC.
Navigating Singapore’s Section 10L
As of 1 January 2024, gains received in Singapore from the sale of foreign assets by non-exempt Singapore entities of certain multijurisdictional groups will be subject to tax if the entities lack adequate economic substance in Singapore.
Updates on IRAS Transfer Pricing Guidelines
The recent Singtel transfer pricing case in Australia, resulting in a hefty A$400+ million bill, serves as a stark reminder of the scrutiny placed on intercompany loan arrangements. This landmark case, a prime example of transfer pricing risks for multinational companies, underscores the need for meticulous structuring and documentation of intra-group financial transactions.
Changes to Taxation in Singapore
Currently, gains derived by a company from the disposal of ordinary shares that occurs during 1 June 2012 and 31 December 2027 are potentially exempt from Singapore corporate tax if it has legally and beneficially held at least 20% of the ordinary shares in the investee company continuously for at least 24 months immediately prior to the disposal. In addition, generally capital gains are generally...
Convention of Taxation of Large global MNEs
Base Erosion and Profit Shifting (“BEPS”) Pillar One aims to reallocate a portion of the consolidated profit of large multinational enterprises to jurisdictions where sales arise regardless of their physical presence (Amount A).
Transfer Pricing - Safe harbour rules
In the complex landscape of multinational corporations and conglomerates, the provision of various technical, administrative, and support services within a group of companies is a common practice.
Transfer Pricing for Single Family Office
Family offices can be either multi-family offices (“MFOs”) or single-family offices (“SFOs”).
ACAP and ASK
Are you a GST-registered business in Singapore seeking to proactively manage your GST risks? Learn more about ACAP and ASK.
Singapore tax incentives for foreign businesses
Singapore is known to have one of the most attractive corporate and personal tax systems not only in Asia but in the world. We have also established ourselves as a wealth management hub backed by economic stability and strong financial infrastructure for foreign investments.
Withholding Tax (WHT)
Under Section 45 of the Income Tax Act, it is the responsibility of the payer (person who make the payment) to withhold tax when payment of a certain nature (i.e. royalty fees, interest, technical assistance, director’s fees etc.) was made to a non-resident company/ individual of Singapore. The payer needs to withhold a percentage of the payment and pay the tax withheld to IRAS which is known as Withholding...
Pillar 2 - 15% Minimum Corporate Tax on Large MNEs
Pillar 2 aims to ensure income of large Multinational Enterprises (MNE) pay a minimum effective tax of 15%.
FSI-ST Incentive in Singapore
The Monetary Authority of Singapore (MAS) administers several tax incentives under the Financial Sector Incentive (FSI) Scheme for the financial services sector to develop key financial services and banking activities in Singapore. Under the scheme, approved Financial Institution(s) (FI) such as a licensed bank, may enjoy a concessionary tax rate on certain income generated from qualifying activities.
Family offices in Singapore
Due to the high demand of wealth management and diversification of investments by high-net-worth families, the number of family offices has grown rapidly in Singapore over the past few years.
Importance of Tax Due Diligence
Tax due diligence is an important step in any merger and acquisition. Understanding what buyers will be paying for upon acquisition of shares/businesses and the potential tax exposures they will be inheriting post acquisition is critical. Going into a deal without understanding what the buyers will be in for can potentially overpay for an acquisition.
Goods and Service Tax (GST) rate changes from 2023
In the Singapore 2022 budget statement, the Minister for Finance announced that the Goods and Service Tax (GST) rate will be raised under two trenches: 1. Increase from 7% to 8% with effect from 1 Jan 2023; and 2. 8% to 9% with effect from 1 Jan 2024.
Tax considerations involving digital tokens
As digital tokens gain popularity in Singapore, it is important to be aware of the key tax considerations of digital tokens and their complexities.
Budget 2022 Wish list
Accelerating sustainable growth: What are some of the measures that we might expect in Budget 2022?
Tax Planning for Businesses Affected by Covid-19
As we enter the third year of the global pandemic, the far-reaching implications of COVID-19 on businesses are far from over. Many organisations are left wondering how to effectively manage their tax losses arising from this period of uncertainty.
Singapore Budget 2022 Commentary - A Bold Budget
On 18 February, Finance Minister Mr. Lawrence Wong delivered the much-anticipated Budget 2022 speech. The Budget remains expansionary, with an estimated ministry spending of S$102.4 billion, marking a 4.1 percent increase from the total expenditure in the previous year.
CRS Obligations of SG Financial Institutions
The CRS calls on participating jurisdictions to exchange financial account information to enable tax authorities to combat offshore tax evasion.
Our experts
Gene Kwee Partner, Head of Tax APAC - Singapore
