Latest Updates

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

• Updated the renumbered provisions based on the Income Tax Act 1947 
• Updated Footnotes 7 and 8 with the revised e-Tax Guide titled “Tax Treatment of Employee Stock Options and Other Forms of Employee Share Ownership Plans (Third Edition)” that was published on 25 Feb 2022. 
• Updated the dates in the examples in the Annexes 1 to 4. 

The YA 2022 Basic Corporate Income Tax Calculators for companies filing Form C-S/ Form C-S (Lite)/ Form C are now available.

With effect from 1 Nov 2022, the following administrative concessions, which provide for a waiver of withholding tax for payments made to:

• Related non-resident company for management service or assistance in the management of business rendered in Singapore under a cost pooling arrangement; and
• Non-resident company for reimbursement of accommodation, meals and transportation expenses in relation to the provision of technical or management services in Singapore,

will be withdrawn.  

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

• Updated paragraph 5.2 to explain the tax treatment of monies paid to SAL as stakeholding monies.
• Inserted paragraphs 17.5 and 17.6 to update the tax treatment on the appropriation of trading stock for non-trade or capital purposes and conversion of non-trade or capital asset to trading stock.
• Removed paragraph 18.6 and Annex on transitional rules for one-project concession.
• Updated the renumbered provisions based on the Income Tax Act 1947.
• Updated the numbering of the footnotes.

FAQs updated to include the income tax treatment involving an appropriation of trading stock for non-trade or capital purposes.