The Inland Revenue Authority of Singapore (IRAS) on 9 November 2020 released a new e-Tax Guide “GST: Transfer Pricing Adjustments.” The guide explains the goods and services tax (GST) treatment of adjustments to the transfer price of transactions made between related parties. On or about 23 July 2019, the Inland Revenue Authority of Singapore (IRAS) has published the e-Tax Guide on the Common Reporting Standard (CRS). Keep up-to-date on significant tax developments around the globe with EY’s Global Tax Alert library. In general, this Tax Guide does not reflect any COVID-19 tax policy measures. On 1 January 2013, the Inland Revenue Authority of Singapore (IRAS) issued an updated edition of the e-Tax Guide, “IRAS’s Voluntary Disclosure Programme (VDP)”. 1 This e-Tax Guide replaces the IRAS’ e-Tax Guide “GST: Specialised Warehouse Scheme and Zero-rating of Supplies (Second Edition)” published on 23 Oct 2012. The CRS is an internationally agreed standard for the automatic exchange of financial account information between jurisdictions for tax purposes, to better combat tax evasion and ensure tax compliance. Businesses can refer to the e-Tax Guide “GST: Guide on Exemption of Investment Precious Metals (IPM)”1 for the definition of IPM. 2 This is provided under Section 21(3)(g) of the GST Act. On 1 January 2013, the Inland Revenue Authority of Singapore (IRAS) issued "IRAS's Voluntary Disclosure Programme (VDP)", an updated edition of the e-Tax Guide, which provides guidance on the conditions for a voluntary disclosure to qualify under the VDP. For the latest developments, access the EY Tax COVID-19 Response Tracker. See section 8 of Pub. sep iras SIMPLE IRAs IRA stands for Individual Retirement Account, and it's basically a savings account with big tax breaks, making it an ideal way to sock away cash for your retirement. Submit e-applications to IRAS to enjoy instant approval by the bank: Through myTax Portal (for DBS/POSB and OCBC account holders applying for Individual Income Tax and Property Tax only) Through DBS/POSB , OCBC or UOB Internet banking websites (for Individual Income Tax and Property Tax only) The VDP applies to income tax, GST, withholding tax and stamp duty. Taxpayers should also remember that they can make contributions to traditional IRAs until April 15, 2021, and still deduct that amount on their 2020 tax return, if eligible. To avoid IRAS queries, it is recommended to carry out a voluntary disclosure to IRAS. The supply of IPM for export continues to be zero-rated, provided that the relevant export documents are maintained2. 2.2 Concurrently from 1 Oct 2012, the ARCS will be introduced. As an ARCS The content is current on 1 January 2020, with exceptions noted. certain criteria. before IRAS questions you on the same matter/issue. 15-A, Employer’s Supplemental Tax Guide, for information about withholding on pensions (including distributions from tax-favored retirement plans), annuities, and individual retirement arrangements (IRAs). The conditions are that the VDP must be timely, accurate, complete and self-initiated, i.e.
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