Singapore: Updates to tax guidance and e-Tax Guides

Tax authority has released new and revised guidance on GST registration, foreign tax credits, VCCs, and equity gains exemptions.

The Inland Revenue Authority of Singapore has issued several updates to its tax guidance and e-Tax guides.

Recent updates to goods and services tax (GST) registration guidance clarify that taxable turnover, not sales, should be considered for GST registration liability, and out-of-scope supplies are excluded from taxable turnover.
Updated guidance on the foreign tax credit (FTC) includes a flowchart to help companies assess eligibility for claiming FTC for foreign tax paid on foreign-sourced income and clarifies time limits for claiming the FTC.
The third edition of the e-Tax Guide for Variable Capital Companies (VCCs) includes updates on non-deductible expenses, qualifying preference shares, and details on the corporate income tax rebate and cash grant from Budget 2025.
The fourth edition of the e-Tax Guide on non-taxation of equity gains expands the scope of the Section 13W exemption and removes the scheme's sunset date to make it permanent.

For more information, contact a KPMG tax professional in Singapore:

Audrey Wong | audreywong@kpmg.com.sg

Han Swee Peng | sweepenghan@kpmg.com.sg

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