Are directors’ fees subject to CPF contributions?

If the payments for the director are based on a contract of service, then the directors would be considered as employees and they would be engaged under a contract of service. However, if the directors' fees were voted and approved by the shareholders at a general meeting, then these payments would not be subject to [...]

By |2022-01-10T09:40:24+08:00January 10th, 2022|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Allowable business expenses and deductions

Certain business expenses can be deducted from your revenue. These deductions can reduce the income that is subject to tax. However, it is important to note that not all business expenses can be deductible.   Here are some general rules: Expenses must be incurred. (An expense is incurred when the legal liability to pay has [...]

By |2022-01-03T15:29:24+08:00January 3rd, 2022|Accounting Bookkeeping Tax and XBRL|

How to correct an error in XBRL statements that have been filed with ACRA

There are a few common XBRL errors that companies make from time to time. These errors are and not limited to the following: Incomplete data Financial statements that are tabled at the AGM does not match the data prepared in XBRL format Wrongly tagged elements in the XBRL prepared If you have detected an error [...]

By |2021-09-17T11:47:50+08:00September 17th, 2021|Accounting Bookkeeping Tax and XBRL|

COVID-19 Support: Longer Instalment Plans for Corporate Income Tax 2021

Due to the impact of the COVID-19 pandemic, the Inland Revenue Authority (IRAS) is supporting businesses through a range of measures. One of them is allowing companies to arrange for a longer instalment plan when paying for their corporate taxes. If the company is facing difficulties in paying taxes, it is the responsibility of the [...]

Why engage Singapore Secretary Services to handle your company’s accounting matters?

For companies, there are 3 options when it comes to handling your company's accounts. You do it yourself You hire someone in the company to do it You outsource your accounting and bookkeeping matters to an external company (Like us!)   Why some cannot just do it themselves? Bookkeeping is not that difficult but it [...]

By |2021-05-25T13:23:38+08:00May 25th, 2021|Accounting Bookkeeping Tax and XBRL|

Avoiding double taxation in Singapore

Double taxation is when the same taxpayer, for the purpose of this article we are referring is taxed twice by 2 countries. The income is first taxed at the source i.e. the country where the income was generated and also the country of residence where the income is repatriated to. So for example, a Singapore [...]

By |2021-05-04T14:49:45+08:00May 4th, 2021|Accounting Bookkeeping Tax and XBRL|

A guide to Bookkeeping Basics

For a start, it is important to note that bookkeeping is not the same as accounting. Bookkeeping is the first step to doing proper accounting. The main concept of bookkeeping is the tracking of a general ledger. A bookkeeper will record monies that come in and out of a company in a ledger. A ledger [...]

By |2021-04-05T14:17:49+08:00April 5th, 2021|Accounting Bookkeeping Tax and XBRL|

A guide to Singapore Personal Income Taxes

The personal income tax rates in Singapore are progressive. Here is a guide to which income types are taxable and which are not. Here are some key features of Singapore's personal income tax system. Singapore's personal income tax system has a progressive tax structure for residents. The tax rates start at 0% and tops out [...]

By |2021-03-31T17:55:36+08:00March 31st, 2021|Accounting Bookkeeping Tax and XBRL|

What are the consequences of not paying my taxes?

The Inland Revenue Authority of Singapore (IRAS) imposes penalties on individuals and companies who do not pay their taxes or delay paying their taxes (i.e. pay their taxes late). Taxes should be paid one month from the Notice of Assessment (NOA) before the due date.   For companies The penalties that can be levied on [...]

By |2021-03-22T12:50:13+08:00March 22nd, 2021|Accounting Bookkeeping Tax and XBRL|

How much personal income tax do I need to pay if I am an Employment Pass holder?

If you are issued with a work pass that is valid for at least one year, you will be treated as a tax resident of Singapore upfront. This means that upon you receiving the work pass, you will be considered a Singapore tax resident. However, if you stay in Singapore for less than 183 days, [...]

By |2021-02-19T12:48:15+08:00February 19th, 2021|Accounting Bookkeeping Tax and XBRL|
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