The Inland Revenue Authority of Singapore (IRAS) has recently made amendments concerning income tax advance ruling applications.
The IRAS has decided to implement the publication of advance rulings, based on feedback received on their “Survey on the Publication of Advance Rulings”, conducted from 19 March 2018 to 30 April 2018.
The application fee and hourly charge will be increased, and applicants will also be required to pay the fees upfront when accepting IRAS’ offer to rule.
Similar amendments have been made in relation to goods and services tax (GST) advance ruling applications.
This alert provides a summary of the key changes that will have effect for ruling applications made on or after 1 May 2019.
