Latest Updates

The content of the website has been revised to include the following:

• Revised the sample Statement of accounts template for sole-proprietorship and self-employed person
• Added a new sample Statement of accounts template for partnership
• Made clear that Statement of accounts comprises both the Profit and loss statement as well as the Balance sheet
• Clarified how taxpayers should submit their certified Statement of accounts to IRAS if their annual business revenue is $500,000 or more

• Insert paragraph 8 on the other administrative matters
• Insert additional questions to the Frequently Asked Questions in Annex C
• Editorial changes

The e-Tax Guide has been updated with the following changes:

• Footnote 1 is inserted to incorporate change to the tax treatment of group insurance policies where employers are the beneficiaries of the policies and there are no contractual obligations to pass the payout to employees; and
• Editorial changes to various paragraphs.