Latest Updates

• Case Escalation FormSG (Income Tax for Individuals) has been added.
• Case Escalation FormSG (Income Tax for Self-employed and Partnerships) has been added.

• Removed the following as they are no longer relevant:
  • “incorporated before 1 January 2003” in paragraph 3.4;
  • “incorporated on or after 1 January 2003” in paragraph 3.7; and
  • paragraph 3.6 on “Franked dividend”

• Updated footnote 2 to indicate s62B of ITA will not apply to company licensed under the Insurance Act 1966 to carry on insurance business in Singapore in respect of accounting periods beginning on or after 1 January 2023.
• Inserted new paragraphs 5.12 and 5.13 on “Election of section 25 for transfer of property”.
• Removed paragraphs 5.23 and 5.25 as payment of dividends under the imputation system is no longer relevant.
• Inserted new paragraph 5.25 on Singapore interest / distributions from REIT.
• Updated Table 2 - Summary of translation method in para 5.29 to incorporate the above changes.
• Updated examples in the Annex to more recent YAs.
• Made editorial changes to various paragraphs.

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

• Incorporated the tax change announced in Budget 2023 (i.e. taxpayer is given the option to claim qualifying R&R expenditure incurred in the basis period for YA 2024 in one year instead of over three years) by updating paragraphs 2.3 and 4.2.
• Incorporated the tax changes announced in Budget 2024 with effect from YA 2025 (i.e. expand the scope of qualifying R&R expenditure to include designer fees or professional fees that do not affect the structure of the business premises, fix the relevant three-year period for claiming R&R expenditure for all taxpayers and allow a taxpayer the option to claim qualifying R&R expenditure incurred in one year instead of over three years) by:
  • Inserting a table in paragraph 2.6 to show the change in tax treatment for qualifying R&R expenditure incurred from YA 2025 onwards.
  • Inserting paragraphs 2.5 and 5.3 to 5.5.
  • Updating paragraphs 2.3, 4.2 and 8.3. 

• Inserted paragraph 2.4 to include the expenditure cap and relevant three-year period.
• Updated examples in the Annex to more recent YAs.
• Inserted examples in the Annex to show how the relevant three-year period is identified from YA 2025.
• Made editorial changes to various paragraphs. 

22 Jul 2024:

15 Jul 2024: 

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

• Updated the e-Tax Guide based on the current e-Tax Guide format.
• Updated paragraph 1.2 to state who this e-Tax Guide applies to.
• Amended paragraphs 4.3(a)(i), 4.3(a)(ii), 4.3(b) and 4.3(e) to replace the term “loss reserves” with “claim liabilities” and replaced “Fifth Schedule to the Insurance (Accounts and Statements) Regulations”, which has since been revoked, with “Regulation 19 of the Insurance (Valuation and Capital) Regulations 2004”.
• Replaced the term “loss reserves” with “claim liabilities” and removed the reference to “(amended in 2005)” in paragraph 4.3(c).
• Amended footnote 2 of Annex 1 to update the reference made from “section 37(1)(b)” to “section 95(1)(b)” as the provision has been renumbered in the 2020 Revised Edition of the Insurance Act 1966.