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So far Daryl has created 196 blog entries.

How to dispose of documents that contain personal data

The Personal Data Protection Act (PDPA) states that companies have to properly dispose of documents containing personal data. Failing which they may be penalised. Personal data refers to data from which an individual can be identified. Any data such as a person's name (or part thereof), identification number, passport details, height, weight, gender, bank details [...]

By |2020-12-16T16:20:32+08:00December 16th, 2020|Running a Company|

What records do I need to keep for my Singapore company?

In Singapore, it is compulsory for companies to keep proper records of all business transactions. The records are needed to explain the financial position and transactions of the company and to ensure that the financial statements prepared are true and fair. You will also need the records to ensure that your company complies with its [...]

By |2020-12-15T13:55:15+08:00December 15th, 2020|Questions and Answers|

Who needs to file corporate tax for YA 2020?

The corporate tax filing deadline is upon us. The deadline to file corporate tax for the Year of Assessment 2020 (YA2020) is 15th of December 2020.  There is no hardcopy filing and all corporate taxes are to be e-filed. Do not confuse the corporate tax filing season which occurs at the end of every year [...]

By |2020-12-03T16:46:15+08:00December 3rd, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Should I register for GST voluntarily?

Your business entity may register for voluntary GST registration if you produce one or more of the following goods and services: Taxable Supplies Out of Scope Supplies Financial Services (which are deemed Exempt Supplies) To register the business entity for GST registration, the company director or sole proprietor must complete the following IRAS e-learning courses [...]

By |2020-11-29T23:50:11+08:00November 29th, 2020|Accounting Bookkeeping Tax and XBRL|

Key proposed changes to the Personal Data Protection Act (PDPA)

In the proposed changes to the Personal Data Protection Act (PDPA), organisations will be penalised more heavily for data breaches. At the same time, organisations will have more freedom to use personal data to innovate. These changes were passed in Parliament on Monday, 2nd November 2020. A key change to the PDPA is the maximum [...]

By |2020-11-27T14:56:39+08:00November 27th, 2020|Running a Company|

Registering your company’s Data Protection Officer information with ACRA via BizFile+

Under the requirements laid out in the Personal Data Protection Act (PDPA), every organisation is required to appoint at least one individual as the organisation's Data Protection Officer (DPO). The DPO's business contact information (BCI) has to be made publicly available. The DPO may be a person whose scope of work solely relates to data [...]

By |2020-11-27T14:48:24+08:00November 27th, 2020|Running a Company|

How to treat Business Losses in Singapore

When it comes to running a business, the main goal usually is to maximize profits. However, due to economic uncertainty as well as weak demand due to the current pandemic, many companies may find that they will incur losses. Here is the treatment of possible losses for Singapore companies.   Treatment of losses on a [...]

By |2020-11-24T16:10:54+08:00November 24th, 2020|Accounting Bookkeeping Tax and XBRL|

What is an Exempt Supply and Out of Scope supply?

This is in reference to Goods and Services Tax (GST) in Singapore. An exempt supply has two categories. The sale and lease of residential land and transactions of financial services. It is important to note that the input tax incurred in making exempt supplies is not claimable. Out of scope supplies refers to supplies which [...]

By |2020-11-12T12:16:23+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

What is a Taxable Supply and Zero Rated Supply?

This is in reference to Goods and Services Tax (GST) in Singapore. A taxable supply is a supply of goods and services made in Singapore that is subject to GST. A taxable supply can either be standard rated (the current GST rate is 7%) or zero-rated supply. Most goods and services in Singapore are standard [...]

By |2020-11-12T10:32:47+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

What are the reasons of having a Shareholders Agreement?

A Shareholders Agreement is a legal document binding the shareholders. It spells out the legal rights and obligations of the shareholders and their relationship with each other. A Shareholders Agreement is to complement the company's constitution. It should add additional rules and regulations that are not covered by the constitution. The Shareholders Agreement binds the [...]

By |2020-11-13T15:22:34+08:00November 10th, 2020|Useful Incorporation Articles|
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