Category: Tax

IRAS has flagged over 3,000 taxpayers for false, incorrect or unsupported employment expense claims. Some advice circulating online and through messages is misleading. Can I Claim a Percentage of Meals or Entertainment? No. Employment expenses are deductible only if they are wholly and exclusively incurred in performing your job, not reimbursed by your employer and…

GST-registered businesses may claim input tax before paying their suppliers. However, if a supplier is not paid within 12 months from the payment due date, the input tax claimed must be repaid to the Comptroller of GST. Partial Payment Only the input tax on the unpaid portion must be repaid, calculated as: Unpaid GST-inclusive amount…

Singapore Budget 2026, delivered on 12 February 2026, focuses on easing business costs and accelerating AI adoption. Key highlights: Corporate Tax Relief CIT Rebate (YA 2026): 40% of tax payable, capped at S$30,000 (YA 2025: 50%, cap S$40,000). CIT Rebate Cash Grant: S$1,500 for companies that employed at least one local employee in 2025, including…

The Inland Revenue Authority of Singapore (IRAS) continues to place significant audit focus on Missing Trader Fraud (MTF), a GST risk area that can result in the denial of input tax claims, penalties, and interest. Businesses may be exposed even where transactions are commercially genuine if adequate due diligence has not been performed. Our firm…

InvoiceNow Requirements in Singapore: Key Updates and Effective Dates Singapore is progressing steadily toward nationwide e-invoicing adoption through InvoiceNow, built on the Peppol network. As implementation milestones take effect, businesses—especially new GST registrants—must prepare for both e-invoicing and GST compliance requirements. Who Must Comply and When? (GST-Related InvoiceNow Requirements) IRAS has outlined when voluntary GST…

Singapore Budget 2025, delivered on 18 February 2025, provided further cost relief while supporting workforce and business transformation. Key measures for businesses: Cost Support CIT Rebate (YA 2025): 50% of tax payable, capped at S$40,000. CIT Rebate Cash Grant: Minimum S$2,000 for active companies that employed at least one local employee in 2024. Progressive Wage…

Singapore Budget 2024, delivered on 16 February 2024, focused on helping businesses manage costs, transform and grow. Key measures for businesses: Cost Support Corporate Income Tax (CIT) Rebate (YA 2024): 50% of tax payable, capped at S$40,000. CIT Rebate Cash Grant: Minimum S$2,000 for companies that employed at least one local employee in 2023, including…