(September 12, 2014)

On September 12, 2014 the Inland Revenue Authority of Singapore (IRAS) have released 2 E-tax guides. The first one is titled: "Tax Treatment of Director's Fees and Bonuses from Employment (Second Edition)" the second e-Tax Guide is titled: "Deduction for Statutiry and Regulatory Expenses".

Tax Treatment of Director's Fees and Bonuses from Employment (Second Edition)

This e-tax Guide replaces the IRAS e-Tax Guide on "New Tax Treatment of Director's Fees and Bonus from Employment" published on November 2, 1993. This e-Tax Guide is meant for individuals deriving director's fees or bonuses from employment and companies/entities paying director's or bonuses to their employees. The e-Tax Guide discusses a.o. subjects like: taxation of director's fees and bonuses from employment; deductibility of director's fees and bonuses from employment; and administrative procedures.

Deduction for Statutory and Regulatory Expenses

This e-Tax Guide explains the rationale and scope of the deduction allowed for qualifying statutory and regulatory expenses. This e-Tax Guide is relevant to you if you have incurred such expenses during the basis periods for Year of Assessment 2014 and subsequent Years of Assessment.

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