Singapore Tax Agency Issues e-Tax Guide on Tax Treatment Arising From Adoption of FRS 117

The Singaporean Inland Revenue Authority Oct. 21 issued a guide on the taxation of insurers arising from the adoption of Financial Reporting Standard (FRS) 117. The guide explains: 1) the scope of application to all insurers for financial years beginning on or after Jan. 1, 2023; 2) the taxation of insurers exclusively under the FRS 117 starting with assessment year 2024, or 2025 for financial years not ending on Dec. 31; 3) insurers must use statutory returns as the basis for preparing tax computations; 4) tax adjustments, including profits or losses from immovable properties and investments in subsidiaries and associates; ...