A strong reciprocal relationship has existed between Singapore Company Law (“SCL”) and the economy since Independence in 1965. Swift Parliamentary responses to economic events and successful implementation of Government policies has made it possible to clearly attribute cause and effect to...

As taxpayers in Singapore deal with a radically changed business environment due to COVID-19, there is a need to make non-routine decisions quickly. These decisions can have significant tax implications, which will likely manifest themselves later as the economy recovers. It is critical for...

In the Draft Goods and Services Tax (Amendment) Bill 2020 (the “Draft Bill”), Singapore proposes a new framework to deal with the problem of MTF. The approach is neatly summarized by a document released by the Singapore Ministry of Finance: “Annex: Proposed Changes to the Goods and...

The issue of whether the incorporating of companies by professionals in Singapore constitutes tax avoidance has attracted considerable attention. The recent case of GCL v. CIT provides some guidance in this area. It reaffirms the general two-part test in CIT v. AQQ, requiring one to first apply...

With the rapid development of the digital economy and the increasing importance of GST as a source of tax revenue, the Singapore Government has proposed several reforms to tighten the collection of tax revenue and tap its tax base more efficiently. The reforms focus on activating the currently...

Section 10(1) of the Income Tax Act (Cap. 134, 2014 Rev. Ed.) (“ITA”) is the charging provision which provides for income tax to be payable for each year of assessment (“YA”) upon the income of any person. Income is taxable if it falls within one of the enumerated heads of charge under...

The advent of the digital economy has had profound implications for taxation. Tax systems have been forced to adapt as they become increasingly unsuited for the realities of modern commerce. While Singapore has largely followed international developments, particularly in the area of...

This article sets out the tax landscape for philanthropic giving in Singapore in detail. Notably, Singapore recently enacted a new s 10J that governs appropriations of trading stock for purposes outside the ordinary course of business (which might be seen as somewhat of a codification of the...

Singapore’s Finance Minister Heng Swee Keat announced tax changes in his 2019 budget statement, which was delivered in Parliament on February 18 2019. These changes need to be appreciated in the broader context of the need for ongoing transformation of Singapore’s economy to capture...

In light of the recent debate on whether Singapore should consider imposing wealth and inheritance taxes on ultra-high net worth individuals, this article seeks to address two key questions: whether wealth should be taxed and how it should be taxed. The first question is one of moral philosophy...