IRAS in 2026: Three Themes Every Singapore Business Should Note
Our last update covered IRAS's September releases. Stepping back, three themes define IRAS's year so far.
1. Enforcement is escalating.
In March, IRAS raided more than 20 locations in a crackdown on GST refund fraud. Since then, a key member of a GST missing trader fraud syndicate has been sentenced to six years' imprisonment, an accountant has been jailed for submitting fictitious documents, the owner of a well-known restaurant has been charged with $3.8 million of tax evasion and money laundering, and, on 7 September, a pre-owned luxury watch dealer was convicted of income tax and GST offences. The message is unambiguous: cash-intensive trades and GST refund positions are under active scrutiny.
2. International tax keeps moving.
In April, Singapore signed the Multilateral Competent Authority Agreement on the exchange of GloBE information, designed to reduce Pillar Two compliance burden for multinational groups. The Second Protocol to the Singapore–Cambodia DTA entered into force on 6 March, and a new tax agreement between the Singapore Trade Office in Taipei and the Taipei Representative Office in Singapore took effect in February.
3. Digital compliance is becoming mandatory.
Following Committee of Supply 2026, the GST InvoiceNow Requirement will extend to all GST-registered businesses by April 2031, bringing roughly 90,000 more businesses onto the network. Since 1 April 2026, every new voluntary GST registrant must already transmit invoice data via InvoiceNow.
Add the enhancements to the Enterprise Innovation Scheme, including a new qualifying activity for AI adoption, and the picture is one of a tax authority tightening compliance while rewarding investment.
Velten Advisors advises on all three fronts. Get in touch to discuss what this means for your group.