New e-Tax Guides Published by IRAS on 6 September 2011


Dear Valued Clients and Readers

You may wish to note that the Inland Revenue Authority of Singapore had issued new e-Tax Guides on the following subject matters on 6 September 2011:

a) Foreign-Sourced Income Exemption Rule

b) Ascertainment of Income From Business of Making Investment – Section 10E

c) Group Loss Relief System

The above are in line with IRAS’ effort in educating taxpayers and increasing their understanding of the tax law so as to comply in full with their income tax reporting obligation.

As stated in IRAS’ website, IRAS adopts a risk-based approach of identifying compliance risk and prioritising and tailoring specific compliance programmes with a view to

1.  Identifying taxpayers who have made mistakes in their tax returns;

2.  Creating an audit presence in the community to deter non-compliance by other taxpayers;

3.  Educating taxpayers on their tax obligations and how to comply; and

4.  Identifying tax laws, policies and processes where the tax system can be simplified.

The above means that IRAS is expecting an even higher level of compliance with the tax obligations by taxpayers and less tolerance level in the event that taxpayers file incorrect tax returns or are negligent in dealing with their tax affairs.  Accordingly, taxpayers should be proactive in seeking advice from tax advisors if the inability to take such action could result in potential penalty to be imposed by IRAS.

As always, we are pleased to assist you or your company in resolving any potential tax issues.  Please contact us at jack.wong@whm-consulting.com if you would like to discuss any of your/ your company’s concern on tax issues.

Best regards
Jack HM Wong
Founder and Lead Business & Tax Advisor
WHM Consulting Pte Ltd
E-mail: jack.wong@whm-consulting.com

Advertisements

Leave a Reply

Please log in using one of these methods to post your comment:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s