Tax
You will find insights on various topics by our Mazars tax professionals. For more information, please contact Gene Kwee, our Head of Tax and Elaine Chow, Partner in Tax.
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.
Financial Sector Incentive (Standard Tier) 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.
Are you ready for the 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.
1. Increase from 7% to 8% with effect from 1 Jan 2023; and
2. 8% to 9% with effect from 1 Jan 2024.
Transfer Pricing in Asset Management
Singapore serves as a global gateway for asset managers and investors to tap the region’s growth opportunities.
Proposed changes to taxation of certain foreign sourced income in Hong Kong
Multinational groups of companies with Hong Kong (HK) holding companies (TopCos or intermediate HoldCos) should be aware of the proposed changes that will affect the tax treatment of offshore income that they derive which may currently be exempt from HK tax. This may no longer be the case under the new regime if legislated.
Country-by-Country Reporting (CbCR) for Singapore-headquartered multinational enterprises (MNEs)
It was recently announced that for Financial Year beginning on or after 1 January 2022, qualifying Singapore MNE Groups are also required to notify the tax authority of their obligation to file a CbCR, within 3 months from the end of that relevant Financial Year. Furthermore, there are new updates on the information required to be included in the CbCR.
Introduction to Operational Transfer Pricing
Data accuracy, consistency and quality play a critical role in managing Transfer Pricing related (TP) risks. Explore the key benefits of Operational Transfer Pricing and how it helps you to implement and streamline the Group Transfer Pricing policies effectively.
