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)