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So far Daryl has created 350 blog entries.

Understanding the various Tax Exemption Schemes for Singapore companies

There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme   1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]

By |2023-11-14T13:03:38+08:00October 23rd, 2023|Accounting Bookkeeping Tax and XBRL|

IRAS recovers SGD$79 million in taxes and penalties following audits on companies

Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]

What is needed to be proven to claim against a director who has breached his fiduciary duties?

A director owes fiduciary duties to his principal, i.e., his company. What this means is that the director has a duty of loyalty and fidelity to the company. This can be summarised by two rules, namely the no conflict and no profit rule. Therefore, when a director diverts business away from his company and the [...]

By |2023-10-23T18:48:00+08:00October 16th, 2023|Questions and Answers, Running a Company|

Can I claim capital allowance on vehicles?

Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars).   [...]

By |2023-10-24T15:34:20+08:00October 10th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Capital Allowance or Depreciation allowance

Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]

By |2023-10-24T15:37:41+08:00October 9th, 2023|Accounting Bookkeeping Tax and XBRL|

How do I remove a partner from a partnership?

According to section 1(1) of the Partnership Act 1890 ("PA"), a Partnership is defined as a relationship between persons carrying on a business with a view of profit. Therefore, so long as two or more individuals come together to do business with the intention of generating profit, they are deemed under the PA to be [...]

By |2023-10-24T16:54:56+08:00October 5th, 2023|Questions and Answers|

The claimable exemptions under Avoidance of Double Taxation Agreements (DTA)

In the realm of international taxation, Double Taxation Agreements (DTAs) serve as crucial tools to alleviate the issue of juridical double taxation, which occurs when the same income is subject to taxation twice—initially in the jurisdiction where it is generated and subsequently in the jurisdiction where it is received. Jurisdictions engage in DTAs to mitigate [...]

By |2023-10-05T17:47:54+08:00October 4th, 2023|Accounting Bookkeeping Tax and XBRL|

What is the difference between Estimated Chargeable Income (ECI) and Corporate Tax Filing?

Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023. The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company's financial year. As the financial year of various companies may differ, [...]

By |2023-10-04T17:43:34+08:00October 2nd, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

How will I know the status of a company?

To check the status of a Singapore company, you can use the online services provided by the Accounting and Corporate Regulatory Authority (ACRA), the government agency responsible for regulating business entities in Singapore. ACRA offers a user-friendly online portal where you can access various information about companies registered in Singapore. Here's how you can do [...]

By |2023-10-05T17:49:11+08:00September 27th, 2023|Questions and Answers|

Enterprise Innovation Scheme (EIS)

The Government has recently launched a new Enterprise Innovation Scheme (EIS) designed to offer enhanced tax benefits to businesses engaged in eligible activities aimed at fostering innovation. Starting from the Year of Assessment (YA) 2024, companies involved in research and development (R&D), innovation, and capability development endeavours can now avail themselves of a generous 400% [...]

By |2023-10-05T18:00:16+08:00September 14th, 2023|Grants and Other Incentives, Latest News and Announcements|
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