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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
Here is a guide to setting up a Singapore company with Little Big Secretary Services Pte Ltd. We are an ACRA Registered Filing Agent and we provide corporate secretarial and accounting services. Setting up a company in Singapore is relatively straightforward and quick. Here is a breakdown of the cost and timeline for incorporation as [...]
Based on Section 197 of the Companies Act, all companies are required to file their annual returns on time. If the annual returns are filed late, a $300 late lodgement fee will be imposed by the registrar against the company for annual returns filed after the deadline. This $300 late lodgement fee will be imposed [...]