Transfer Pricing for Single Family Office
Family offices can be either multi-family offices (“MFOs”) or single-family offices (“SFOs”).
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.
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...
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...
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.
Updated conditions for tax exemption of funds
The Monetary Authority of Singapore (“MAS”) has announced the updated conditions for family offices to receive tax incentives in Singapore, effective 18 April 2022.
Tax Governance Framework and Tax Risk Management
To encourage Singapore companies to adopt good tax governance and tax risk management practices so as to give confidence to its stakeholders and the general public that it is transparent in its tax matters and is contributing its fair share of taxes, the Inland Revenue Authority of Singapore (IRAS) recently introduced two new voluntary tax compliance initiatives:
Singapore seeks to explore 15% METR
Singapore is looking to update its corporate tax system to account for global tax developments relating to BEPS 2.0.
FATCA Obligations in Singapore
FATCA is a regulatory requirement for all Financial Institutions (FIs) outside the United States (US) to report, on a regular basis, information about Financial Accounts held by US persons to the US Internal Revenue Service (IRS).
Mazars integrates with IRAS’ dedicated network
Mazars in Singapore joins 5 other professional services firms in the country to be recognised by IRAS for the integration.
Increased economic substance rules in tax havens
Tax havens requiring businesses to demonstrate economic substance
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.
CbCR for Singapore-headquartered 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.
Taxation of certain foreign sourced income in HK
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.
Transfer Pricing in Asset Management
Singapore serves as a global gateway for asset managers and investors to tap the region’s growth opportunities.
Tax Implications of Funds managed by SG Fund
Offshore or onshore funds managed by a Singapore fund manager will cause the gains/income of the funds to be taxable in Singapore even for offshore funds. However, specified income derived by these funds from designated investments [1] can be exempt from Singapore tax provided certain conditions are met under the tax incentive schemes below.
OECD Guidance on Transfer Pricing implications
On 18 December 2020, the Organisation for Economic Co-operation and Development (OECD) issued the much-awaited guidance on Transfer Pricing implications of Covid-19 pandemic that provides broad principles for taxpayers in reporting the financial periods affected by the pandemic and for tax administrations in evaluating the implementation of taxpayers’ Transfer Pricing policies.
How to avoid tax traps when relocating?
Relocation is a factor that can drive M&A transactions. There may be many non-tax reasons for enterprises to relocate, but there will always be tax consequences to consider. In this article, we outline the possible tax traps and opportunities for this type of activity.
Making sense of tax systems in a digitalised world
How do we develop a global tax system that takes into account business innovation and the digitalised economy, yet is fair to all stakeholders? It’s a debate world governments continue to grapple with as they consider radical reforms to adapt century-old tax rules to the 21st-century digital economy.
Singapore Budget 2021 - Emerging stronger together
2020 was a year like no other. Singapore's show of resilience, solidarity, and fortitude paid off: we were able to reopen the economy successfully. While the nation is on its way to economic recovery, the fight against COVID-19 is not over. To thrive in a post-pandemic world, we will have to be agile and resourceful, as a small open economy.
The impact of Covid-19 on transfer pricing
The Covid-19 pandemic has far-reaching consequences, and will have serious implications on transfer pricing for many multinational enterprises (“MNEs”). This is particularly challenging for businesses to manage due to the current lack of guidance from the OECD.
Covid-19 support measures on Transfer Pricing
The Inland Revenue Authority of Singapore (“IRAS”) has regularly been publishing updates on tax considerations related to the Covid-19 measures. Recently, the IRAS had published some which are specifically related to Transfer Pricing. Many taxpayers have been affected by the ongoing pandemic in terms of their business operations or revenues/profitability and how would such impact the...
A summary of the Fortitude Budget 2020
On 26 May 2020, Deputy Prime Minister and Minister for Finance Heng Swee Keat announced the “Fortitude” Budget.
The Covid-19 outbreak and its TP implications
The COVID-19 pandemic which was first reported in China in the latter half of December 2019 has now become a constantly evolving global health crisis and is creating several complex challenges for individuals and businesses around the world. As the world governments strive to take unprecedented actions and measures to prevent the spread of the virus, companies of all scale (whether large,...
Transfer Pricing in 2020
The Covid-19 pandemic has caused states to close entire sectors of the economy for the first time. As the virus fuels economic crises around the world, serious questions have arisen over how transfer pricing policies of multinational companies will be affected.
Solidarity Budget 2020
In the wake of the COVID-19 outbreak, the Singapore Government has implemented various measures to assist the enterprises in Singapore as well as providing for individuals impacted in the following budgets:
BEPS 2.0 – Advancing to the next level
The Base Erosion and Profit Shifting (BEPS) 2.0 programme was introduced in May 2019. The underlying objective of this ambitious plan is to achieve greater tax certainty and transparency and avoid any potential tax disputes, thereby, ensuring tax certainty, efficacy and transparency for all the companies operating across the globe.
Resilience Budget 2020
Deputy Prime Minister Heng Swee Keat has today on the 26th March 2020, in addition to the Unity Budget presented on 18 February 2020, announced an additional set of measures known as Singapore’s Resilience Budget. This supplementary budget is valued at S$48.4 billion. It is intended as a bulwark and provides support measures to taxpayers and citizens against the brutal impact from the global...
Singapore Budget 2020
Deputy Prime Minister Heng Swee Keat has set forth an expansionary Budget 2020. The goal was amongst others to provide a sizeable fiscal boost to the economy to counter the negative impact of the outbreak of the COVID-19, helping businesses, workers and students by giving vouchers, cash payouts, bursaries and (re-)training arrangements to facilitate all to enjoy a better tomorrow.
2021 Singapore Tax Facts
A handy guide of Singapore Tax facts, to keep you up to date of the tax rates and conditions.
Public consultation on the draft Income Tax Bill
The Ministry of Finance has published the draft Income Tax (Amendment) Bill 2021 (the draft Bill) for public consultation. The draft Bill incorporates proposed legislative amendments to the Income Tax Act to effect tax measures announced in the 2021 Budget Statement and changes arising from the periodic review of the tax system.
GST Treatment in Transfer Pricing (TP) Adjustment
It is common for a business to make TP adjustments to comply with the arm’s length principle for income tax purpose. However, such TP adjustments may have GST impact. The Inland Revenue Authority of Singapore (IRAS) recently updated the e-Tax guide that clarifies the GST treatment for TP adjustments and provided an administrative concession.
Tax Issues relating to SPAC
The Singapore Exchange Securities Trading Limited (SGX-ST) is the first bourse in Asia to allow the listing of special-purpose acquisition companies (SPAC).
BEPS 2.0: The future impact on businesses
Rapid digitalisation and globalisation have led to significant changes in business operations. The digital economy has also uncovered vulnerabilities in the basic rules that have governed global taxation in the past, creating opportunities for profits to be “shifted” to lower taxed jurisdictions and sparking debates surrounding a 'fair’ allocation of taxing rights.
Steering Clear of Missing Trader Fraud
Increasing market and regulatory complexities pose a challenge for businesses to fulfill their tax obligations in the day-to-day operations. The COVID-19 crisis has impacted the sourcing of business, leaving companies at higher risk of falling victim to fraudulent activities.
Tax incentive for headquarters activities
Considering moving your regional or global hub to Singapore? Singapore continues to be an attractive location for many companies looking to springboard into new markets in the region and across the world. The city-state is known for its strategic location, business friendly legislation and significant tax incentives.
Tax Framework for the Singapore VCC
A Variable Capital Company (“VCC”) is a legal entity form for Singapore investment funds which can be set up as a single fund or an umbrella fund with 2 or more sub-funds, holding different assets.
Transfer Pricing 2019 - Annual Review
“Globalisation and the close integration of world economies have made the transfer pricing landscape quite complex for any multinational enterprise (MNE) engaged in cross-border transactions. Following the implementation of the Organisation for Economic Co-operation and Development’s (OECD’s) Base Erosion and Profit Shifting (BEPS) initiative, there has been an increased focus on transfer...
GST on the import of Digital Services
With the omnipresence of digital services and platforms, there is a trend of businesses and consumers who are increasingly procuring services from overseas service providers.
10 things you should know about Tax in Singapore
Interested in TAX? Check out the latest handy guide of Singapore tax facts, to keep you up to date:
Tax - A Matter of Moral or Rule of Law?
In the course of running a business, having to pay taxes is a testimony that one has done well in the business. That said, it has always been a taxpayer’s right to arrange its business within the framework of the law to minimize the tax burden. Some tax payers have taken this to a great distance and they have successfully created and implemented elaborate schemes with the use of entities in...
Mazars Merges with Kwee & Co. Holding Pte. Ltd.
Mazars is excited to announce the merger with Kwee & Co. Holding Pte Ltd extending a warm welcome to Gene Kwee LL.M. as our new Director of Tax.
IRAS announces administrative changes
The Inland Revenue Authority of Singapore (IRAS) implemented some changes to the corporate income tax objection and appeal process. Prior to 1 January 2014, a written Notice of Objection must be lodged within 30 days from the date of Notice of Assessment if the taxpayer is not agreeable to the tax adjustment made by the Comptroller of Income Tax – the process now has been revamped.
Beware: Singapore's GST price display requirements
The Mazars’ team has noticed that many retailers in Singapore have yet to comply with IRAS price display requirements, effective 1 April 2015. The changes were made to ensure that consumers would know, upfront, the final price they need to pay for a good or service.