Do note that the information in this article is accurate as of the date of publishing. As a general guide, CPF contributions are required for full-time, part-time, casual and temporary employees who are: Singapore citizens or permanent residents Engaged under a contract of service (i.e. an employment contract as opposed to a contract for service) [...]
There are 4 main types of CPF contributions. Some are taxable and some are not. Compulsory CPF Contributions relating to employment in Singapore. [Not taxable] This refers to the CPF contributions that the employer will make to the employee's CPF account when typically issuing monthly salary. Example: Employee's salary: $3000 Employee's age: below 55 years [...]
As a starting point, in Singapore, investment gains are not taxable. Hence, if an individual or a business entity like a company sells a property, shares or other financial instruments, the possible profits that are received are not subject to tax. According to IRAS, the following gains are generally not taxable: Gains that are [...]
The SGD$500 million Jobs and Business Support Package announced during Budget 2022 consists of two schemes, namely the Small Business Recovery Grant and the Jobs Growth Incentive. These schemes provide targeted help for workers and businesses in segments of the economy that are facing slower recoveries. In this article, we will be focusing on the [...]
Every year, the finance minister will lay out plans to help businesses during his budget speech. As Singapore moves out of the pandemic phase of dealing with Covid-19 to treating the virus as endemic, businesses should start to pick up. However, there will still be some segments of the economy that are still reeling from [...]
The Skills Development Levy (SDL) is a mandatory levy that all employers will have to pay to their employees working in Singapore. The SDL is paid to the CPF Board who will then place the monies into the Skills Development Fund. This fund is managed by SkillsFuture Singapore (SSG). The monies are used to support [...]
The former CEO of Midas Holdings, Patrick Chew Hwa Kwang, was charged on Thursday, February 10th 2022 for allegedly failing to use reasonable diligence in the discharge of his duties as a director. He was said to have failed to exercise reasonable supervision over the financial affairs of the Midas' subsidiaries, Jilin Midas Aluminium Industries [...]
On January 10th 2022, Parliament passed the Corporate Registers (Miscellaneous Amendments) Act. This amends the Companies Act and Limited Partnerships (LLP) Act. What are the changes? Both local and foreign Singapore registered companies will be required to keep a non-public register of nominee shareholders and their nominators. The register will need to be updated [...]
What is the Enterprise Development Grant (EDG)? The Enterprise Development Grant helps Singapore companies grow and transform. There are 3 pillars under EDG: Core Capabilities Projects under Core Capabilities help businesses prepare for growth and transformation by strengthening their business foundations. These should go beyond basic functions such as sales and accounting. Innovation and Productivity [...]
In our previous article, What are Routine Secretarial Services?, we discussed the typical services which a corporate service provider will cover. In this article, we will touch on what are non-routine Secretarial Services. Non-routine secretarial services are typically items that do not happen on a regular basis. They are generally not the usual statutory requirements. [...]