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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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, [...]
The Singapore Financial Reporting Standards (SFRS) is the Financial Reporting Standards that Singapore adopts. Financial Reporting Standards prescribe the methods of recognition, measurement, presentation and disclosure requirements for transactions and events that are used for reporting. The SFRS is based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). [...]
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 [...]
