Official Notices
32 notices published
IRAS AIS: 123K Employers Must Submit Employee Income by 1 Mar 2026
IRAS requires 123,000 AIS employers, including over 11,000 new ones, to submit 2025 employee income data by 1 March 2026 to enable pre-filled tax returns for 2 million workers. Enhanced digital tools simplify compliance, but non-filers face fines up to $5,000 and directors up to $10,000 or jail. Businesses must act now to avoid penalties and errors like omitting benefits-in-kind.
IRAS Charges MLM Agent for $323K Tax Evasion: Compliance Alert for Sales Distributors
IRAS has prosecuted a sales distributor for falsifying tax returns, evading $323,631 in income tax for YA 2016-2019. This stems from intensified audits on MLM and commission agents, recovering $1.66M in taxes. Businesses must prioritize accurate commission reporting and verifiable expenses to mitigate prosecution risks.
Singapore-Taipei 2026 Tax Agreement Enters Force: Lower Withholding Taxes
The new 2026 Tax Agreement between Singapore's Trade Office in Taipei and Taipei's Representative Office in Singapore replaces the 1982 pact, slashing withholding tax rates on cross-border income to boost trade and investment. Businesses engaging in bilateral activities will benefit from reduced tax leakage and simplified compliance. This development signals stronger economic ties amid evolving global tax landscapes.
MAS Urges Alternative Verification for Medically Vulnerable Bank Customers
MAS has responded to a parliamentary query by affirming banks' obligations to provide alternative identity verification methods for medically vulnerable customers unable to use standard digital processes. This clarification emphasizes customer-centric compliance amid rising digital KYC adoption. Businesses in finance must review verification protocols to avoid exclusion risks and enhance inclusivity.
MAS Rules on Insurance Sales via E-commerce Platforms Clarified
MAS affirms that insurance distribution through e-commerce requires licensed intermediaries, emphasizing consumer protection and compliance. E-commerce platforms must partner only with licensed entities and ensure proper disclosures. Businesses should review partnerships to avoid regulatory risks.
MAS Clarifies Credit Card Fraud Liability & Dispute Rules
MAS's parliamentary reply outlines the existing framework for credit card fraud liability, emphasizing prompt customer notification to limit personal losses. Banks must resolve disputes within 30 days under the Code of Banking Practice. Businesses should review payment processes to mitigate fraud risks and enhance customer trust.
MAS Monetary Policy Statement - January 2026
The Monetary Authority of Singapore released its January 2026 Monetary Policy Statement. It highlights that government agencies communicate exclusively via official .gov.sg websites, such as go.gov.sg/open. Businesses should rely on trusted websites for authentic regulatory updates.
MAS: Official Govt Communications via .gov.sg Websites
MAS emphasizes that Singapore government agencies communicate through .gov.sg websites, such as go.gov.sg/open. Businesses must use trusted websites to access authentic official notices. This advisory helps verify genuine regulatory information.
ACRA Promotes Accountancy as Rewarding Career with Growth Opportunities
ACRA highlights accountancy as a dynamic, rewarding career essential for business integrity and public interest. It emphasizes progression in emerging fields like sustainability reporting and IT audit. Students and professionals are encouraged to pursue qualifications such as the Singapore Chartered Accountant Qualification (SCAQ).
ACRA Financial Reporting Practice Guidance for FY2025 Statements
ACRA's resource page details directors' duties, the Financial Reporting Surveillance Programme, and relief applications for financial statements. It provides downloadable Practice Guidance No. 1 of 2025 focusing on review areas for FY2025, plus prior years' documents from 2024 to 2012. Businesses should consult these to ensure compliant financial reporting.