Several measures aim to mitigate the widespread financial impact of COVID-19
The Singapore Budget 2021 was unveiled by the deputy
prime minister and finance minister, Heng Swee Keat, on February 16 2021. Some
of the salient tax changes proposed in Budget 2021 are summarised below.
Extension of Budget 2020 tax measures
Several tax and non-tax measures were introduced in Budget 2020 to mitigate the widespread financial impact of COVID-19 on businesses and workers. As there is still no sight to the end of COVID-19 and certain sectors of the economy are still languishing from the effects of the pandemic, some of the relief measures have been extended. The following are three temporary tax measures that were extended.
Singapore Explains Changes To 2021 Tax Filing Rules
Singapore Explains Changes To 2021 Tax Filing Rules
by Mary Swire, Tax-News.com, Hong Kong
03 March 2021
The Inland Revenue Authority of Singapore (IRAS) has said that it will be sending tax bills directly to certain taxpayers this tax filing season and will be simplifying filing arrangements for the self-employed.
IRAS is introducing a Direct Notice of Assessment (D-NOA) initiative for taxpayers on the No-Filing Service (NFS), which will mean that they receive their tax bills directly from May 2021. IRAS said that this is possible as more information is automatically included and tax reliefs can be pre-filled for taxpayers. Taxpayers can still object to the assessment if they wish to make changes to their reported income and relief claims.
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Cryptocurrency investors who profited from selling their bitcoin last year may be worried about the prospect of taxation on their gains. However, only active traders of the cryptocurrency actually fall into that category.
According to the Inland Revenue Board of Malaysia (LHDN), active traders of cryptocurrencies have to declare their gains to be taxed. An active trader is one who trades frequently with an intent to profit, among other things.
“LHDN referred to Section 3 of the Income Tax Act 1967 and mentioned that it would apply the same tax treatment on income earned from conventional businesses to income earned from digital platforms. This means gains or profits from trading in cryptocurrencies, if it is revenue in nature for the investor, will be viewed as taxable income under the Act,” says Koh Leh Kien, partner at Ernst & Young Tax Consultants Sdn Bhd.