What is IR8A?

As stated in section 68(2) of the Income Tax Act, every employer is required to report employee earnings to IRAS. Here is a reproduction of the statute:   The Comptroller may, by notice in the Gazette, require every employer to prepare and deliver to the Comptroller or any person specified in the notice, for any year [...]

By |2024-02-07T18:26:54+08:00February 7th, 2024|Accounting Bookkeeping Tax and XBRL, Running a Company|

When do I need to prepare my Statement of Accounts?

This question pertains to self-employed individuals and partnerships. So if you are a self-employed individual, sole proprietor or partnership, this question and its answer are relevant to you. All self-employed individuals, sole proprietors and partnerships have to prepare their statement of accounts. This is under the law. The statement of accounts reflects the business income [...]

By |2024-01-25T13:26:29+08:00January 25th, 2024|Accounting Bookkeeping Tax and XBRL|

Understanding the various Tax Exemption Schemes for Singapore companies

There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme   1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]

By |2023-11-14T13:03:38+08:00October 23rd, 2023|Accounting Bookkeeping Tax and XBRL|

IRAS recovers SGD$79 million in taxes and penalties following audits on companies

Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]

Can I claim capital allowance on vehicles?

Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars).   [...]

By |2023-10-24T15:34:20+08:00October 10th, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Capital Allowance or Depreciation allowance

Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]

By |2023-10-24T15:37:41+08:00October 9th, 2023|Accounting Bookkeeping Tax and XBRL|

The claimable exemptions under Avoidance of Double Taxation Agreements (DTA)

In the realm of international taxation, Double Taxation Agreements (DTAs) serve as crucial tools to alleviate the issue of juridical double taxation, which occurs when the same income is subject to taxation twice—initially in the jurisdiction where it is generated and subsequently in the jurisdiction where it is received. Jurisdictions engage in DTAs to mitigate [...]

By |2023-10-05T17:47:54+08:00October 4th, 2023|Accounting Bookkeeping Tax and XBRL|

What is the difference between Estimated Chargeable Income (ECI) and Corporate Tax Filing?

Corporate tax filing season is upon us. The deadline for companies to file their corporate taxes is 30 November 2023. The deadline for ECI varies between companies. This is because the deadline to file ECI is 3 months after the end of a company's financial year. As the financial year of various companies may differ, [...]

By |2023-10-04T17:43:34+08:00October 2nd, 2023|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Accrual vs Cash Accounting

In general, there are two accounting methods commonly used in business.   Cash basis accounting: The first method is cash-based accounting, which is a relatively straightforward approach where transactions are recorded at the time when cash is received or paid. In this method, income is recognized when cash is received, and expenses are recognized when [...]

By |2023-10-26T13:06:07+08:00June 28th, 2023|Accounting Bookkeeping Tax and XBRL|
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