Updates on tax and financial reporting matters

Get updates on tax and financial reporting matters for clients in the real estate, hospitality and construction sector.

Singapore announced in its Budget 2023 that it plans to implement the Global Anti-Base Erosion (GloBE) rules (i.e., Income Inclusion Rule (IIR), Undertaxed Profits rule (UTPR)) and Domestic Top-up Tax (DTT)) for businesses starting from financial year beginning on or after 1 January 2025. Nevertheless, multinational enterprises in Singapore could be impacted by the GloBE rules earlier as major economies are implementing these rules a year ahead of Singapore. We will share an overview of the GloBE rules and some of the action plans and steps to take to address the challenges of this new tax regime.

The Singapore Government has also proposed a new legislation to tax gains derived from the sale or disposal of foreign assets by businesses without economic substance in Singapore upon remittance of such gains to Singapore. The new legislation is to align with the requirements of the EU Code of Conduct Group to address international tax avoidance risks. At this seminar, we will provide an overview of the new legislation and the potential tax implications that may arise.

As well, we will discuss the deferred tax considerations in relation to the above topics from a financial reporting perspective.

Speakers

• Toh Ai Tee, Partner, Tax (Real Estate, Hospitality & Construction), Ernst & Young Solutions LLP
• Tay Wen Zheng, Director, Tax (Real Estate, Hospitality & Construction), EY Corporate Advisors Pte. Ltd.
• Tan Seng Choon, Partner, Assurance, Ernst & Young LLP

This event is now over. For enquiries, please contact the organizer.