Accounting Firm In Singapore | Singapore Corporate Service Provider: Taxation

All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017

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All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017</h2>
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In line with Government’s direction to harness technology for enhanced productivity, all <a href="https://www.3ecpa.com.sg/services/taxation/singapore-certificate-of-residence-application-cor/" title="Singapore Certificate of Residence Application COR">COR</a> applications have to be e-Filed via myTax Portal from <span class="aBn" data-mce-tabindex="0" data-term="goog_500772892">1 Jun 2017</span>. Paper applications will no longer be accepted from this date onwards.</div>
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<u>Online via myTax Portal</u><br />Log in to <a href="http://mytax.iras.gov.sg/" target="_blank" title="Tax Portal">mytax.iras.gov.sg</a> to apply.</div>
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You can apply for COR online for:<br />a. the current Year of Assessment (YA);<br />b. the next YA; or<br />c. up to two previous YAs.</div>
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For example, in the year 2017, the company may apply COR for YA 2017, YA 2018, and YAs 2015 to 2016.</div>
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Company staff or tax agents must first be authorised for '<a href="https://www.3ecpa.com.sg/services/taxation/company-income-tax/" title="Company Income Tax">Corporate Tax Matters</a>' via the e-Services Authorisation System (EASY) to log in and apply for COR on behalf of the company.</div>
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IRAS will process your application within 7 working days of receiving the application and mail the COR to the company's registered address. Please allow up to 4 working days to receive it in your mail.</div>
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Once your application is processed (within 7 working days), a duplicate copy of the approved COR will be made available in <a href="http://mytax.iras.gov.sg/" target="_blank" title="Tax Portal">mytax.iras.gov.sg</a>. You will also have the option to print or download the approved COR.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/all-cor-applications-have-to-be-e-filed-via-mytax-portal-from-1-jun-2017/" target="_blank">All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-cor-applications-e-filed-via-my-tax-portal-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-cor-applications-e-filed-via-my-tax-portal-1200x628.jpg" width="320" /></a></div>
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All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017

All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017 In line with Government’s direction to harness technology for en...

Indicative Margins for Related Party Loans

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Indicative margins for related party loans</h2>
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IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this table:</div>
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Related party loan not exceeding S$15 million obtained or provided during the period 1 January 2017 to <span class="aBn" data-mce-tabindex="0" data-term="goog_757669310">31 December 2017</span> - Indicative margin is + 250 bps (2.50%)</div>
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IRAS will update the indicative margin at the beginning of each calendar year.</div>
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The indicative margin is not mandatory. It gives taxpayers an alternative to performing detailed transfer pricing analysis in order to comply with the arm’s length principle for their related party loans.</div>
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If taxpayers choose to apply the indicative margin, they will apply the indicative margin on the appropriate base reference rate selected for the related party loan.</div>
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If taxpayers choose not to apply the indicative margin or if it is not applicable to them, they will have to apply an interest rate in line with the arm’s length principle and maintain contemporaneous <a href="https://www.3ecpa.com.sg/services/taxation/transfer-pricing/" title="Transfer Pricing">transfer pricing</a> documentation.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/indicative-margins-for-related-party-loans/" target="_blank">Indicative Margins for Related Party Loans</a></div>
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Indicative Margins for Related Party Loans

Indicative margins for related party loans IRAS has introduced an indicative margin which taxpayers can apply on each related party loan...

Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements

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Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements</h2>
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We would like to bring your attention on the following matters:</div>
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Unauthorised Charging of GST</h3>
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Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST to their customers. Offenders face a penalty of 3 times the tax wrongfully charged and a fine of up to $10,000.</div>
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It has come to IRAS attention that some businesses have been wrongly advised that they can charge GST before their application for GST is approved and IRAS would backdate their GST registration to the date when GST was first charged on their sales. This is a misconception. IRAS would only backdate the registration of businesses that are required under the law to be GST-registered (i.e. compulsory registrants) earlier. The backdating of GST registration does not ratify the wrongful act of charging GST before a business is registered for GST. The business would still have committed an offence for charging GST for the backdated period prior to IRAS’ backdating of its registration.</div>
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Price Display</h3>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/goods-services-tax-gst-unauthorised-charging-gst-price-display-requirements/" target="_blank">Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-unauthorised-charging-of-gst-and-price-display-requirements-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-unauthorised-charging-of-gst-and-price-display-requirements-1200x628.jpg" width="320" /></a></div>
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Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements

Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements We would like to bring your attention on the f...

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force</h2>
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The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016.</div>
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The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries.</div>
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The full text of the DTA is available <a data-mce-href="https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/" href="https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/" target="_blank" title="International Tax">here</a>.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/singapore-laos-avoidance-of-double-taxation-agreement-enter-into-force/" target="_blank">Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-singapore-laos-avoidance-of-double-taxation-agreement-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-singapore-laos-avoidance-of-double-taxation-agreement-1200x628.jpg" width="320" /></a></div>
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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force The new Singapore-Laos People’s Democratic Republic Avoidance of D...

Transfer Pricing Administration

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Transfer Pricing Administration</h2>
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From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the <a href="https://www.3ecpa.com.sg/services/taxation/company-income-tax/" title="Company Income Tax">submission of Form C</a>. The RPT data will help IRAS in assessing transfer pricing risks and selecting appropriate cases for transfer pricing consultation.</div>
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<a href="https://www.3ecpa.com.sg/services/taxation/transfer-pricing/" title="Transfer pricing">Transfer pricing consultation</a> allows IRAS to assess taxpayers' compliance with the transfer pricing guidelines and identify areas in which IRAS can advise taxpayers on good practices in transfer pricing.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/transfer-pricing-administration/" target="_blank">Transfer Pricing Administration</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-transfer-pricing-administration-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-transfer-pricing-administration-1200x628.jpg" width="320" /></a></div>
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Transfer Pricing Administration

Transfer Pricing Administration From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (R...

All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017

Indicative Margins for Related Party Loans

Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

Transfer Pricing Administration

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