Latest Updates

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

• Requirement for an ultimate parent entity of a Singapore-headquartered multinational enterprise group that is required to submit a Country-by-Country (CbC) Report to notify IRAS of its filing obligation from financial year beginning on or after 1 Jan 2022 (FY 2022), within 3 months from the end of that FY
• Requirement to prepare CbC Reports in CbCR XML Schema format and submit the CbC Reports based on instructions on the IRAS CbCR webpage
• Penalties for non-compliance
• Updates to the frequently asked questions, including:
  • Question 2 – With effect from FY 2022, the definition of consolidated group revenue for the purpose of determining whether a Singapore MNE group is required to file a CbC Report should include extraordinary income and gains from investment activities.

The implementation of Singapore’s notification requirement from financial year beginning on or after 1 Jan 2022, penalties for non-compliance and e-Tax Guide on CbCR have been updated. 

28 Oct 2022

• Amended question 1.11 to provide more clarity.
• Added question 1.18

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

• Amended paragraph 1.1 to highlight that for the tax treatment of an insurer for its financial years beginning on or after 1 Jan 2023 or such earlier period as may be approved by CIT, to refer to the e-Tax Guide “Taxation of Insurers Arising from Adoption of FRS 117 – Insurance Contracts.”
• Amended paragraph 8 to update the tax treatment for insurers following the de-recognition of reinsurance arrangements between a Head Office and its branch in Singapore from 1 Jan 2022.
• Inserted paragraphs 21 to 24 in Annex A on the application of the offsetting rules for par fund surplus or loss apportioned to policyholders.
• Made editorial changes as RBC 2 took effect in 2020 after the issuance of the e-Tax guide (First Edition).