What is the Auto-Inclusion Scheme (AIS)?

The Auto-Inclusion Scheme (AIS) is a system where employers electronically submit their employees’ employment income details to the Inland Revenue Authority of Singapore (IRAS). Subsequently, IRAS automatically incorporates this information into the employees’ online tax returns and assessments. Here's how it works: Employers are required to compile all employment income information and submit it via [...]

Singapore Budget 2024: Changes that will help or affect businesses

On the 16th of February 2024, Deputy Prime Minister and Finance Minister Lawrence Wong announced the Budget 2024 in parliament. Budget 2024 is about taking Singapore forward with its Forward Singapore Roadmap. The goal is to grow the economy, create better jobs, have more paths for equality and mobility, and provide more assurance for families [...]

By |2024-02-19T12:10:56+08:00February 19th, 2024|Grants and Other Incentives, Latest News and Announcements|

Preparing for the Change in GST Rate

It is highly recommended to initiate early preparations to seamlessly transition to the new GST rate of 9% effective from January 1, 2024. This involves potential adjustments to your point-of-sale, invoicing, accounting systems, and other operational aspects, including updating price displays to reflect the revised rate.   The Budget In the Budget announcement of 2022, [...]

By |2023-12-22T11:43:08+08:00December 22nd, 2023|Latest News and Announcements|

MAS prohibits retail customers from utilising local credit cards for purchasing cryptocurrencies

The Monetary Authority of Singapore recently announced that individuals dealing with digital payment token (DPT) services from Singapore-regulated providers will be prohibited from using local credit cards to purchase cryptocurrencies. Additionally, they will be required to undergo assessments regarding the risks associated with trading in DPTs. DPTs are known for their volatile prices. These conditions [...]

By |2023-11-27T14:24:40+08:00November 27th, 2023|Latest News and Announcements|

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 [...]

Enterprise Innovation Scheme (EIS)

The Government has recently launched a new Enterprise Innovation Scheme (EIS) designed to offer enhanced tax benefits to businesses engaged in eligible activities aimed at fostering innovation. Starting from the Year of Assessment (YA) 2024, companies involved in research and development (R&D), innovation, and capability development endeavours can now avail themselves of a generous 400% [...]

By |2023-10-05T18:00:16+08:00September 14th, 2023|Grants and Other Incentives, Latest News and Announcements|

[BUDGET 2023] How the CPF monthly salary ceiling will be implemented from now till 2026

During budget 2023, Deputy Prime Minister Lawrence Wong announced that the CPF monthly ceiling will be raised from the current S$6,000 to S$8,000 by 2026. This will mean that for salaries up to S$8,000, there will be CPF contributions from both the employee and employer. Currently, this CPF monthly ceiling is set at S$6,000. This [...]

By |2023-03-16T16:32:07+08:00February 15th, 2023|Latest News and Announcements|

[BUDGET 2023] Changes to the stamp duties for properties

During his Budget speech on Tuesday (Feb 14), Deputy Prime Minister Lawrence Wong announced that the Singaporean government will increase the buyer's stamp duty rate for higher-value residential and non-residential properties. Buyer's stamp duty is the tax that individuals have to pay on documents signed when they purchase or acquire property in Singapore. The updated [...]

By |2023-02-15T13:04:52+08:00February 15th, 2023|Latest News and Announcements|

[BUDGET 2023] Measures to encourage innovation

Top-up for the National Productivity Fund In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that an additional S$4 billion will be added to the National Productivity Fund (NPF), and that investment promotion will be considered a supportable activity. Wong stated that the fund will be utilized to attract high-quality investments [...]

By |2023-02-15T12:43:23+08:00February 15th, 2023|Latest News and Announcements|
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