The Inland Revenue Authority of Singapore (IRAS) has updated the requirements for companies adopting the ‘cost plus mark-up’ (CM) basis of assessment. Companies that no longer qualify to be assessed under the CM basis are required to change to the ‘normal trading company’ (NTC) basis by the year of assessment 2020.
Going forward, such companies will have the option of availing the administrative concession to exempt group insurance premium benefits as well as employer contributions to overseas pension funds for their employees.
Sakaya Johns Rani
Tel: + 6236 3648