Tax Services

• Transfer pricing perspectives: The emerging perfect storm of transfer pricing audits and disputes
• Regional Perspectives on Transfer Pricing
• FSTP Perspectives, July 2008
• The MAS issues new circulars:

  • Enhancements to the Financial Sector Incentive (FSI)
  • Tax concessions to promote Islamic financial services
  • Enhancements to the qualifying debt securities (QDS) scheme
  • Enhancements to the tax incentive scheme for approved special purpose vehicles engaged in asset securitisation transactions
  • Tax incentive scheme for the offshore insurance broking business

• The EDB and the Ministry of Law issue circulars on the tax incentive for international arbitration
• IRAS updates:

  • New circular on the tax treatment of an approved sub-trust of a real estate investment trust (REIT)
  • Revised supplementary circular on the tax exemption for foreign-sourced dividends, branch profits and service fee income
  • New basic record-keeping guide for small businesses
• The MOF issues a press statement on the 2008 Budget changes to the Supplementary Retirement Scheme (SRS) and updates the SRS website to include FAQs and a flowchart illustrating the transitional concessions.
• IRAS issues a letter to ICPAS on announcing a change to the renewal process for the Major Export Scheme and revises the following GST circulars:

  • GST Guide to Property Developers
  • General Guide for GST Group Registration
  • Partially Exempt Traders And Input Tax Recovery
  • GST Requirements for Cash Transactions
  • GST Advance Ruling System (Appendix 2)
  • GST Guide For Charities And Non-Profit Organisations
  • GST General Guide for Traders
  • How do I keep records and accounts
  • GST and the Retailers
  • Transfer of Business as a Going Concern

  For further details, please call your usual PricewaterhouseCoopers contact.

Revenue legislation updates

• Revenue legislation updates include:
• Commencement of sections 12(8), 12(9) and 45H of the Income Tax Act which impose withholding tax on commission or other payments to non-resident junket promoters for arranging a junket with a casino operator in Singapore
• The Income Tax (Concessionary Rate of Tax for Approved Global Trading Companies) (Amendment) Regulations 2008
• The Income Tax (Further Deduction for Expenses Incurred in Relocation or Recruitment of Overseas Talent) (Amendment) Regulations 2008
• The Income Tax (Deductible Borrowing Costs) Regulations 2008
• The Goods and Services Tax (General) (Amendment) Regulations 2008
• The Goods and Services Tax (Application of Legislation relating to Customs and Excise Duties) (Amendment) Order 2008
• Updates on exemption of foreign income, to the list of approved banks and notices of appointments

For further details, please call your usual PricewaterhouseCoopers contact.

Articles of Interest