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So far Daryl has created 181 blog entries.

All about the Singapore tax system and tax rates

Singapore has a very favourable corporate and personal income tax rate. This is one of the main reasons for companies around the world domiciling their operations in Singapore. Favourable characteristics of Singapore's tax regime are: low corporate tax rates low personal income tax rates attractive tax relief and incentives no capital gains tax no estate [...]

By |2020-10-20T06:33:55+08:00October 20th, 2020|Accounting Bookkeeping Tax and XBRL|0 Comments

What is Form C-S (Lite)

Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with an annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]

By |2020-10-20T06:31:12+08:00October 18th, 2020|Accounting Bookkeeping Tax and XBRL, What Is...|0 Comments

An overview of Withholding Tax in Singapore

Under Singapore law, a Payer who makes payment of a specific nature to a Payee (a non-resident company or individual) is required to withhold a percentage of that payment and pay the amount withheld to the Inland Revenue Authority of Singapore (IRAS).   The payments that are required to withhold tax are: payments for services, [...]

By |2020-10-18T09:04:15+08:00October 18th, 2020|Accounting Bookkeeping Tax and XBRL|0 Comments

A guide to Corporate Tax in Singapore

Singapore is a very attractive place to incorporate a company as it has very low corporate taxes and has various tax incentives to attract and retain global companies and investments. Effective tax rates in Singapore are one of the lowest in the world. Here are the features and details all companies should know about Singapore's [...]

By |2020-10-17T11:47:27+08:00October 17th, 2020|Accounting Bookkeeping Tax and XBRL|0 Comments

Do I need to pay corporate tax on income that is derived outside of Singapore?

This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25).   (25)  It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]

Important compliance requirements for Singapore companies

If you are thinking of incorporating a company or your company is already incorporated, here is a list of compliance requirements that all company directors should ensure that the company adheres to. Do note that it is the duty of the company directors to ensure that the company is following the regulatory requirements. Appointment of [...]

By |2020-10-11T12:17:55+08:00October 11th, 2020|Running a Company, Useful Incorporation Articles|0 Comments

The differences between an LLC, LLP and Sole Proprietorship

When starting a business entity, entrepreneurs are often faced with the dilemma of whether to start a Limited Liability Company (LLC), More commonly known as Private Limited Company, a Limited Liability Partnership (LLP) or Sole Proprietorship. In this article, we will discuss the differences between the three and spell out the advantages and disadvantages of [...]

By |2020-10-10T11:39:18+08:00October 10th, 2020|Useful Incorporation Articles|0 Comments

What is an SSIC code?

SSIC stands for Singapore Standard Industrial Classification. It is a code that is assigned to each business activity. The Singapore Standard Industrial Classification (SSIC) is the national standard for classifying economic activities undertaken by economic units and is used in censuses of population, household and establishment surveys and in administrative databases. The SSIC adopts the [...]

By |2020-10-09T05:24:40+08:00October 9th, 2020|What Is...|0 Comments

How to start a spa in Singapore

Setting up a spa in Singapore can be a rather profitable business given the affluent nature of the population. This article will spell out the required licences as well as the requirements when setting up a spa in Singapore. The Massage Establishment Act states that a Massage Establishment (ME) License is required in order to [...]

By |2020-10-10T11:48:11+08:00October 6th, 2020|Useful Incorporation Articles|0 Comments
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