What is the difference between Personal Income Taxes and Corporate Taxes?

We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]

By |2022-10-13T12:03:04+08:00October 13th, 2022|Accounting Bookkeeping Tax and XBRL|

Are CPF contributions by Employers taxable?

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 [...]

By |2022-04-13T17:42:41+08:00April 13th, 2022|Accounting Bookkeeping Tax and XBRL|

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|

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|
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