Dear NBAS Members & friends,
Greetings from NBAS. Here are some news updates from us.
There has been made some changes to the tax treatment of accommodation in Singapore, we hope you will find this information helpful. We would also like to welcome our members to actively use our Job Listing Service on our website.
1.Changes to tax treatment of accommodation and related benefits with effect from Year of Assessment (YA) 2015 (income year starting on 1 January 2014)
From YA 2015 (with effect from the income year starting 1 January 2014), tax treatment of accommodation and related benefits given to an employee (which shall include the director of the company) will be changed. The new tax treatment can be summarised as follows:
i) the taxable value of housing accommodation will be the annual value of the premises, less rent paid by employee. In the past, the taxable value of housing accommodation was computed based on the lower of 10% of employment income, or the annual value of the premises, less rent paid by employee.
ii) the taxable value of hotel accommodation will be the actual cost of the hotel stay benefit provided to the employee. In the past, the taxable value of hotel accommodation was 2% of the basic salary of the employee plus the prescribed value for each occupant during the period of stay.
iii) the taxable value of furniture and fittings will be based on 40% of the annual value (if the premises is partially furnished) or 50% of the annual value (if the premises is fully furnished) of the housing accommodation. Previously, the taxable value of furniture and fittings was based on a prescribed list indicating the taxable value for each item. See the following link for the list of the prescribed value of furniture and fittings: http://www.iras.gov.sg/irasHome/page04.aspx?id=3638
Please see link to http://www.iras.gov.sg/irashome/page04.aspx?id=1758 in respect of the changes in tax treatment.
The above is not a legal or tax advise.
2. Job Listings Service on our website
We would like to welcome our members to actively use our Job Listing Service on the website.
If this service is of interest to your company, send us en email and we will post your announcement.
We hope to see many of you at the NBAS AGM 2014 & Luncheon Talk on Anti-Corruption on this coming Wednesday, the 26th of March at Goodwood Park Hotel, 12.00-14.00. For more info and registration, see www.nbas.org.sg
Una & Kjersti