Author Archives: Wee Kong Eng

More stringent criteria for Section 13O and 13U schemes wef 18 April 2022

The family office schemes are administered by the Monetary Authority of Singapore (MAS) which has announced more stringent criteria for the family office incentive schemes. These new requirements for new applications under section 13O (previously section 13R) and section 13U (previously section 13X) will be effective from 18 April 2022 onwards. The updated criteria relate

Tax Changes Arising from Budget 2022

There were significant changes in various taxes arising from the 2022 Budget announced by the Minister for Finance on 18 February 2022. The key changes include increases in Goods and Services Tax (GST) rates, individual income tax rates for higher income brackets and property taxes on residential properties. These changes will affect a number of

GST: Missing Trader Fraud Arrangements wef 1 January 2021

What is a Missing Trader Fraud (MTF) Arrangement? As indicated by its name, the objective of such an arrangement is to defraud the tax authority (Inland Revenue Authority of Singapore, or “IRAS”) and cause loss of public (tax) revenue. In a typical Missing Trader Fraud (MTF) arrangement illustrated by IRAS, a trader (the Missing Trader)

Singapore’s Nationwide E-Invoicing Initiative

What is the nationwide e-invoicing initiative? The Singapore nationwide e-invoicing initiative was started by the Government to encourage businesses to send and receive invoices electronically. Under this arrangement, invoice data is exchanged between suppliers and customers in a standardised electronic format based on PEPPOL specifications. The invoice will be automatically entered into the accounting system