Welcome to the September 2024 issue of Tax News. This publication aims to share bite-sized information and updates from Singapore and around the region.
Some of the updates in the period 1 June 2024 to 31 August 2024 include:
- The Ministry of Finance published the draft Income Tax (Amendment) Bill 2024 and the draft Multinational Enterprise (Minimum Tax) Bill 2024 (the draft MMT Bill) and subsidiary legislation for public consultation.
- The Inland Revenue of Authority of Singapore (IRAS) has issued revised transfer pricing guidelines.
- The IRAS announced InvoiceNow requirements for businesses applying for voluntary GST registration.
- The OECD released guidance related to Pillar Two GloBE and Pillar One Amount B
- The Indian Union Budget for 2024–25 and South Korea’s tax reform proposals for 2024 have been announced.
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