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). [...]

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 [...]

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 [...]