The Inland Revenue Authority of Singapore has published new and updated guidance on Getting Companies to Comply in relation to common mistakes made by companies in specific industries. The new guidance concerns Shipping Companies, and covers:
- Shipping incentives, including tax exemptions on qualifying shipping income under Section 13A of the Income Tax Act (ITA) and Section 13E of the ITA;
- Qualifying income under Sections 13A and 13E of ITA, which includes:
- charter fees income (e.g., time …