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Goods and services given free to employees as part of their overall remuneration package are known as fringe benefits. The GST treatment for fringe benefits is explained in the following paragraphs.
Feb 10, 2021 · 2.1 Fringe benefits refer to non-wage benefits provided by employers to their employees. These benefits are given to employees as part of their overall remuneration packages and can take the form of either goods or services.
Flexible Benefits Scheme or Cafeteria Benefits. Under the flexible benefits scheme (also known as cafeteria benefits), staff are given a flexible benefits budget and can choose their own benefits from a range of benefits.
These are some of the common questions raised when assessing the GST implications of fringe benefits provided by employers to their employees. It is essential for businesses to understand the GST reporting obligations of when input tax is claimable and when to account for output tax in this regard.
In this issue, we discuss the revised e-tax guide on Fringe Benefits from the Inland Revenue Authority of Singapore (IRAS). The IRAS released its revised e-tax guide on Fringe Benefits on 16 May 2016. It has formulated the framework on GST claim on fringe benefits by providing guidance of what constitute business purposes.
The Singapore tax authorities (IRAS) has revised its e-Tax guide on fringe benefits with effect from 16 May 2016. The guide sets out a new test for input tax claims, which now require a much closer link between the cost and the business reason for incurring the cost.
In this issue, we update and discuss the salient changes to the recently updated GST e-Tax Guides for Fringe Benefits and the Logistics Service Industry. The Inland Revenue Authority of Singapore (IRAS) did a major revamp of the GST Fringe Benefits e-Tax Guide in its 16 May 2016 publication.
Apr 29, 2022 · As a general rule of thumb, GST-registered employers can claim input tax incurred on fringe benefits given to employees, provided that these fringe benefits are incurred for the purpose of their business.
Feb 3, 2022 · Generally, the IRAS is expected to tax all the profits and gains employees earn due to their employment contracts in Singapore. That includes even the corresponding remuneration benefits. Thankfully, however, there are exemptions. It just so happens that the IRAS allows you to exclude some of the employee benefits from your income tax declarations.
The Inland Revenue Authority of Singapore (“IRAS”) has provided clarifications with respect to GST on fringe benefits and introduced certain new administrative concessions in its recently updated e-Tax guide on Fringe Benefits (Second edition). The key changes in the updated e-Tax guide are summarised as follows:
