WTS in Singapore

News on tax developments affecting the international Financial Services industry.

The Inland Revenue Authority of Singapore (IRAS) released the 7th edition of its Transfer Pricing Guidelines on 14 June 2024. To assist taxpayers to understand the changes and assess their impacts, this article summarizes the main changes to the guidelines for Singapore taxpayers.

Indonesia's new transfer pricing guidelines are enshrined in the Minister of Finance Regulation 172/2023 ("MoFR-172").

Ship pooling arrangements have become more common as shipowners seek greater efficiencies in the deployment of their vessels.

Asia has been actively entering into Free Trade Agreements (“FTAs”) since the 1980s. This trend shows no sign of abatement.

Moving to Singapore: 5 areas we can help with

The new Singapore-Indonesia Double Tax Agreement (DTA) took effect as of 1 January 2022, thirty years after the previous DTA entered into force.

On 18 March 2022, the Inland Revenue Authority of Singapore (“IRAS”) introduced two new voluntary corporate income tax (“CIT”) compliance initiatives.

Taxise Asia LLC (WTS Taxise) has been ranked Band 3 for Singapore Tax in the 2022 edition of Legal 500 Asia Pacific. This latest recognition marks the Firm’s entry into the Legal 500 rankings for the first time.

To ensure that Singapore’s Goods and Services Tax (‘GST’) system remains fair and resilient as the digital economy grows, Singapore’s tax authority (‘IRAS’) will extend the application of GST 

The common theme throughout Budget 2022 is the pressing need for the Government to raise more revenue to fund its growing spending needs, particularly, in healthcare and social programmes in the face of the ongoing COVID-19 pandemic, a rapidly aging population, and its long-term climate goals of achieving net-zero emissions. 

To ensure that Singapore’s Goods and Services Tax (“GST”) system remains fair and resilient as the digital economy grows, Singapore’s tax authority (“IRAS”) will from 1 January 2023 extend the application of GST to: (i) low value goods worth S$400 or less (approximately US$295 or EUR 250) imported into Singapore by air or post; and (ii) imported B2C non-digital services.

Tax executives lead the way to resilience and recovery.

Watch the acceptance speech of the co-founder and managing director of WTS Taxise here. 

Taxise Asia LLC proudly announces that principal and co-founder, Eugene Lim, has been shortlisted for the International Trade Lawyer of the Year award category at The Asia Legal Awards 2021.

Budget 2021 was delivered on 16 February 2021 and signals a shift from containing COVID-19 to restructuring and preparing Singapore’s economy and workforce for the post-pandemic world.

New regimes have been implemented in domestic and foreign service supply.

Starting January 1 2020, Singapore provides for Goods and Services Tax (GST) exemptions for digital payment tokens that satisfy certain criteria.

A Simplified Regulatory Regime for Managers of Venture Capital Funds

The Companies (Amendment) Act 2017 introduced an inward re-domiciliation regime in Singapore, allowing foreign corporate entities (FCE) to transfer their registration to Singapore.

On 28 February 2022, Singapore’s Minister for Foreign Affairs announced that Singapore would join other like-minded countries to impose sanctions and restrictions against Russia.