It has been a busy first quarter of 2019, with much buzz before the Singapore Budget and an energetic conversation on the measures announced.
Singapore Budget 2019 is a forward-looking statement with a strong underlying tone of optimism. In the same way that the Singapore government adopts a forward-looking stance in its Budget, businesses must similarly plan ahead, prepare for digital disruption and stay up to date with the latest developments in the new world order of taxation.
Tax developments, regulatory changes and technological advancements across the globe continue to change the way businesses and tax authorities function and interact. In this issue, we explore some of the hot topics in the international tax landscape that companies should be acutely aware of, including those relating to having adequate economic substance and the current digital tax debate.
On the local tax scene, the Income Tax (Transfer Pricing Documentation) Rules 2018 have also come into effect for the Year of Assessment (YA) 2019 and every subsequent YA. Revenue authorities are focusing more widely and intensely on transfer pricing issues and Singapore is no exception. We reflect on how Singapore’s transfer pricing landscape has evolved over the past 10 years.
With the Budget measures unveiled, we look at the various schemes that SMEs can tap on to help them innovate and grow. We also discuss what more can be done to further encourage SMEs to make use of these opportunities.
Articles in this issue include:
- Economic substance: when more is merrier
- Indonesia’s Controlled Foreign Corporations rule: practical challenges
- How the digital tax debate is paving the way for major cross-border tax change
- How the Singapore transfer pricing landscape has evolved over a decade
- Budget 2019: helping SMEs grow, for the long term
- Taxing wealth
