The Inland Revenue Authority of Singapore has published an updated e-Tax Guide, Tax Treatment Arising from Adoption of Financial Reporting Standard 116 or Singapore Financial Reporting Standard (International) 16 – Leases (Third Edition). The e-Tax guide provides guidance on tax treatment for entities adopting Financial Report Standard 116 or Singapore Financial Reporting Standard (International) 16 (FRS 116 / SFRS(I) 16) and is relevant for taxpayers required to comply with the requirements in FRS 116 / SFRS(I) 16 for the recognition, measurement, presentation, and disclosure of leases within the scope of the reporting standards. The main updates include: Addition of a...