Tax
You will find insights on various topics by our Mazars tax professionals. For more information, please contact Gene Kwee, our Head of Tax.
Public consultation on the draft Income Tax (Amendment) Bill 2021
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.
2021 Singapore Tax Facts
A handy guide of Singapore Tax facts, to keep you up to date of the tax rates and conditions.
Singapore Tax Implications of Funds managed by Singapore Fund Managers
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 of Covid-19 pandemic
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 to Singapore?
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 in a post-COVID-19 world
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.
Impact of Covid-19 and 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 interpretation of current or past data in regards to the Transfer Pricing Documentation for past years and or for Financial Year 2020, the appropriate consideration of testing of the related party transaction and the impact on Advanced Pricing Agreement etc.
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.