This is in reference to Goods and Services Tax (GST) in Singapore. A taxable supply is a supply of goods and services made in Singapore that is subject to GST. A taxable supply can either be standard rated (the current GST rate is 7%) or zero-rated supply. Most goods and services in Singapore are standard [...]
Singapore has a very favourable corporate and personal income tax rate. This is one of the main reasons for companies around the world domiciling their operations in Singapore. Favourable characteristics of Singapore's tax regime are: low corporate tax rates low personal income tax rates attractive tax relief and incentives no capital gains tax no estate [...]
Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters. [...]
Under Singapore law, a Payer who makes payment of a specific nature to a Payee (a non-resident company or individual) is required to withhold a percentage of that payment and pay the amount withheld to the Inland Revenue Authority of Singapore (IRAS). The payments that are required to withhold tax are: payments for services, [...]
Singapore is a very attractive place to incorporate a company as it has very low corporate taxes and has various tax incentives to attract and retain global companies and investments. Effective tax rates in Singapore are one of the lowest in the world. Here are the features and details all companies should know about Singapore's [...]
This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25). (25) It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]
In an article by the Business Times on the 2nd of June 2020, the Inland Revenue Authority of Singapore (IRAS) informed the publisher that expenses incurred from working from home can be deducted against employment income. Here are the qualifying criteria: The expenses must be incurred while carrying out duties; and These expenses must not [...]
At the end of every financial year, the directors of a company will need to compile their financial statements. The financial statements can be audited and unaudited. For exempt private companies limited by shares or small companies, they may present their financial statements unaudited as they qualify for audit exemption. For exempt private companies limited [...]
Buildings, machinery, renovations and computer peripherals are an example of tangible assets that will last your business more than one year of usage. But not indefinitely as they will eventually become obsolete, thus we depreciate these assets' value over the term of their useful life. For intangible assets such as intellectual property and brands equity, [...]
Keeping an eye on your business cash flow is without a doubt a key component to monitoring the financial health of your business. Running short of cash is one of the most common causes of business failure for start-ups. The statement of cash flows, also commonly known as the cash flow statement, is the report [...]