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Legislative Changes with effect from 31 March 2017 – Companies (Amendment) Act and Limited Liabilities Partnership (Amendment) Act 2017

Requirement for Companies, Foreign Companies and Limited Liability Partnerships to maintain Register of Registrable Controllers With effect from 31 March 2017, companies, foreign companies and LLPs (unless exempted) will be required to maintain beneficial ownership information in the form of a register of registrable controllers, and to make the information available to public agencies [...]

By |2017-06-16T12:04:56+00:00April 18th, 2017|Legislation|0 Comments

When Do I Have to Submit Personal Income Tax?

For Employees whose company is participating in AIS need not file the income received from their employer. The information will be submitted to IRAS by 1st March 2017 and it will be automatically included in their income tax assessment. Employees will still be required to file a tax return if they received a notification [...]

By |2017-06-16T12:05:56+00:00February 27th, 2017|Taxes|0 Comments

Do I have to participate in Auto-Inclusion Scheme (AIS)?

AIS Submission is due by 1st March of 2017. Employers are advise to submit by 10thFebruary to avoid peak rush. Extension is only granted only on case-by-case basis under extenuating circumstances. Participation of AIS is compulsory when Employers have:- 10 or more employees[1]  OR received the “Notice to File Employment Income of Employees Electronically” [...]

By |2017-06-16T12:10:16+00:00December 20th, 2016|Taxes|0 Comments

Do you need to register your online business with Accounting and Corporate Regulatory Authority (ACRA)?

SCENARIO Tom maintains a personal blog under his name and selling some items using his personal blog. The blogshop is transacted within his personal blog in his own name, does he still needs to register the business with ACRA? ANSWER Under Section 5 of the Business Registration Act 2014, any forms of business activity that [...]

By |2017-06-16T13:00:23+00:00December 6th, 2016|Legislation|0 Comments

Do you need to contribute Central Provident Fund (CPF)?

SCENARIO An Employer who employs Singaporeans and Singapore Permanent Residents (SPR) has to make Central Provident Fund (CPF) contributions if these employees are working in Singapore under a Contract of Service where they are employed under a permanent, part-time or casual basis. Is there any group of employees who are exempted from CPF contributions? ANSWER The [...]

By |2017-06-16T13:00:41+00:00October 25th, 2016|CPF, Legislation|0 Comments

Is my Company eligible for Waiver of Foreign Worker Levy (FWL)?

SCENARIO Fiona, a Work Permit Holder, applied for two months leave to return to her hometown. Her leave was approved but the management expressed concern on whether foreign worker levy (FWL) for the leave period needs to be paid to CPF. ANSWER Yes, FWL for the leave period is still payable. However, the management may [...]

By |2017-06-16T13:01:26+00:00October 4th, 2016|Legislation|0 Comments

Productivity and Innovation Credit (PIC)

SCENARIO The director of Company XYZ purchased a computer in February 2016. He submitted his PIC claim on 01/08/2016. With the recent PIC claim changes announced during the 2016 budget, what is his elgible claim rate? ANSWER The PIC cash payout rate has been reduced from 60% to 40% for qualifying expenses incurred on [...]

By |2017-06-16T13:01:59+00:00August 23rd, 2016|Governments|0 Comments

Singapore Budget 2016 – Why It Matters To Your Business

Budget 2016 changes Changes to Corporate Income Tax Rebate E-filing of Corporate Income Tax Productivity Innovation Credit (PIC) Scheme Foreign worker levy Special Employment Credit (SEC) Extension of Double Tax Deduction (DTD) Business Grants Portal Maritime sector changes On 24 March 2016, the Singapore budget 2016 was delivered by Finance Minister, Mr Heng Swee Keat. [...]

By |2017-06-16T14:22:09+00:00April 25th, 2016|Financial, Governments, Legislation|0 Comments

Tax Planning

To remain competitive, businesses must plan their taxes effectively to minimize their tax liabilities. Tax planning is the process of forecasting one's tax liabilities through the best use of all available allowances, deductions, reliefs and exemptions. Available Tax Incentives The main advantage tax planning is to effectively leverage available tax incentives. The following list shows [...]

By |2017-06-16T14:21:54+00:00March 21st, 2016|Governments, Taxes|0 Comments