Singapore – Guidance Issued by IRAS on Taxation of Accommodation Benefits

Singapore – Guidance Issued by IRAS on Taxation o...

KPMG in Singapore examines recently released guidance summarizing significant changes to the taxation of accommodation benefits.

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The guidance, issued by the Inland Revenue Authority of Singapore (IRAS), indicates that effective from year of assessment (YA) 2015 (calendar year 2014), employers are required to apply new rules to report accommodation benefits provided. Under these new rules, affected taxpayers are very likely to face a higher tax bill and employers may incur more administrative time in order to obtain the Annual Value (AV) of the accommodation. The rationale behind the changes is to tax accommodation benefit in a more equitable manner as the current valuation methods have remained unchanged since the 1960s and under-valued the actual benefits received by the employees.

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