Official Notices
14 notices published
Businessman in Pre-Owned Luxury Watch Trade Convicted of Income Tax and GST Offences
07 Sep 2026 Pang Chuan Wah (“Pang”), a 61-year-old businessman involved in the operations of K.B. Luxury Watch and Jewellery (“KBLW”), has been convicted of Income Tax and Goods and Services Tax...
IRAS Annual Report FY2025/26
04 Sep 2026 $97.3 billion in tax revenue collected to support Singapore’s growth, with strong compliance and low arrears $1.2 billion in enterprise grants processed to support over 126,000...
MINDEF-IRAS Clarification on Correction of NSman Tax Relief Records
03 Sep 2026 The Singapore Ministry of Defence (MINDEF) has worked with the Inland Revenue Authority of Singapore (IRAS) to rectify incorrect NSman tax relief amounts that were granted to...
Owner of Eminent Frog Porridge Restaurant Charged with $3.8 Million Tax Evasion, Money Laundering
03 Jul 2026 Buntono, 49, who runs Eminent Frog Porridge (Ming Hui Food Porridge) (“Eminent Frog Porridge”) and Eminentseafood, was charged in Court today with Income Tax and Goods and Services Tax...
Key Member Behind Goods and Services Tax Missing Trader Fraud Syndicate Sentenced to Six Years' Imprisonment
29 Jun 2026 On 29 June 2026, Giam Zi Hin, Luke (“Giam”) was sentenced to six years' imprisonment for fraudulent trading under Section 340(5) of the Companies Act. Giam was a key member of a criminal...
Accountant Sentenced to 30 Weeks’ Imprisonment for Submitting Fictitious Documents to IRAS
21 May 2026 Daniel Chun Ling Ping (“Chun”), a 50-year-old accountant, was convicted after trial for furnishing fictitious invoices and transaction listings during a Goods and Services Tax (“GST”)...
Singapore Signs GloBE MCAA: Easing Pillar Two Filing for MNEs
Singapore's signing of the MCAA on GloBE Information Exchange enables central filing of GloBE Information Returns, slashing compliance burdens for Singapore-headquartered MNEs under OECD Pillar Two rules. This move positions Singapore as an efficient tax hub while upholding data safeguards. Businesses should assess their in-scope status to leverage reduced filing obligations.
IRAS GST Refund Fraud Crackdown: Raids, Arrests & $1M Seizures Alert Businesses
IRAS conducted island-wide raids on over 20 locations, arresting one suspect and seizing luxury watches worth over $1 million in a major GST refund fraud operation. Businesses face heightened audits recovering $100M+ in 2025, with severe penalties for fraud including triple tax penalties and up to 7 years jail. Companies should prioritize GST compliance reviews and voluntary disclosures to mitigate risks.
IRAS YA2026: 1M Taxpayers Get Direct Tax Bills from Mid-March
IRAS expands Direct Notice of Assessment (D-NOA) for YA2026, delivering pre-computed tax bills to 1 million taxpayers from mid-March, reducing filing needs for most. Businesses must ensure accurate AIS submissions to support this while prioritizing verification and timely payments to avoid $5M+ penalties seen in YA2025. Strategic GIRO setup offers cash flow relief via interest-free instalments.
Singapore-Cambodia DTA Second Protocol Enters Force: BEPS Anti-Abuse Rules
The Second Protocol to the Singapore-Cambodia Double Taxation Agreement (DTA) entered into force on 6 March 2026, introducing BEPS-compliant measures to prevent treaty abuse via a new Article 28. Businesses engaging in cross-border activities between the two nations must review eligibility for treaty benefits to avoid unexpected tax exposures. This update strengthens fiscal integrity while preserving legitimate tax relief for compliant operations.