Newsroom Singapore | Latest Accounting, Tax & Payroll Blog Updates

New requirements under the Corporate Registers (Miscellaneous Amendments) Act

New requirements under the Corporate Registers On 4 October 2022, Singapore Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements for strengthening its corporate governance regime supporting Singapore’s commitment to combating money laundering, terrorism financing, and other threats to financial system integrity. These updates were made following the passage of the Corporate Registers (Miscellaneous Amendments)…
Read more

Singapore will increase its GST from 7% to 9%

GST to increase over the next two years In Singapore, the goods and services tax (GST) rate will increase from 7% to 9% in 2 stages: From 1 January 2023 – 7% to 8% From 1 January 2024 – 8% to 9% The initial S$6 billion Assurance Package, which was announced in the year 2020,…
Read more

10 Reasons Why Business Outsourcing Is A Great Idea

Singapore is one of the most business-friendly economy in the world Singapore has one of the most stable political environments in Southeast Asia, offering a strong sense of security and comfort for businesses and investors. It offers a wide variety of dining and entertainment options, world-class education systems, and quality health care providers that make it…
Read more

Learn More About Withholding Tax Treatment of Specific Payments

Interest payments Any interest paid to a non-resident entity in connection with a loan or indebtedness is subject to withholding tax. There are several examples of interest, including interest on overdue trade accounts and interest on credit terms granted by suppliers. Interest on late payments of goods is taxed even if the interest is treated…
Read more

Learn More About Transfer Pricing Administration in Singapore

Transfer Pricing in Singapore – How Does It Work When you enter into a commercial contract with your subsidiary companies, many business owners want to enter at a price that is lower than the market rate. This will enable them to make sure that their contract is safe from the state’s eyes and, at the same…
Read more

Learn More About Directors Duties in relation to Financial Reporting

Guidance to carry out Financial Reporting Duties for Singapore Companies Strong and vibrant markets are dependent on high-quality financial information. Financial statements are becoming increasingly important as investors, suppliers, financial institutions, customers, company directors, and corporate executives seek to better understand the business. In recent years, the business environment has also become more complex and…
Read more

What Singapore Companies Need to Know About Annual Returns Filing

Singapore Companies must file Annual Returns All companies, including public corporations, not-for-profit companies, and private companies, by Singapore law, must file annual returns (ARs) once every year. Remember that an Annual Returns is not a financial document. Instead, it’s an electronic record of publicly accessible information about your company at ACRA. That information, includes your…
Read more

What You Should Consider In A Monthly Bookkeeping Service

Choosing the right, reliable, and trustworthy bookkeeping service in Singapore is never easy. As a company’s accounting records are confidential, the accountant is exposed to this level of sensitivity. The confidentiality of financial records has a significant impact on the success of a business. Therefore, you should hire a competent and qualified accountant to assist…
Read more

Find Out More About Audit Exemptions in Singapore

Exemptions for small companies in Singapore Today, in an increasingly fast-paced world, it is critical that small businesses work together to ensure value and security meet individual and mutual objectives. However, it is challenging to maintain smooth operations when each associated organisation operates under its internal systems and philosophies. Therefore, audits are of utmost importance.…
Read more

Learn More About How to Improve Your Finance Operations

All successful businesses are built upon the principles of transparency and accountability. As a business owner, you must have a solid understanding of the financial operations of your company. Here are some helpful tips on how to approach the matter. Ensure that you train your staff adequately Your staff will benefit from the training they…
Read more

Learn More About Outsourcing Tax Compliance Work for Singapore companies

Companies in Singapore must file their tax returns annually, and the process can be taxing and time-consuming Singapore companies must file their corporate tax returns to fulfil their financial obligations. Furthermore, Singapore companies can tap on various government grants and incentives to lower corporate taxes to an even greater extent. The Government provides tax incentives…
Read more

Learn More About Jobs Support Scheme For Singapore Employers

Singapore Jobs Support Scheme extended till September 2021, with more than SGD 3 billion payouts from 30 March 2021 During the COVID-19 economic instability, the JSS offers wage assistance to Singapore businesses to retain local employees, Singapore Citizens and Permanent Residents. This JSS announced in the Budget 2020 on 18 February 2020, is intended to…
Read more

Learn More About Enhanced COVID-19 Relief Measures – The Budget 2021

Enhanced COVID-19 Relief Measures On 16 February 2021, Mr Heng Swee Keat delivered the 2021 Budget Statement. He announced various schemes to help Singaporeans, jobs, and companies. There is a shift from broad-based assistance to more specific support especially those in the hardest-hit industries. Focus on Creating More Jobs The focus has been shifted from…
Read more

Save Money and Time through Outsourcing to Accounting Firm

Outsourcing to save money and precious time In Singapore, we offer you and your business entity transparent and effective Learn More and accounting services. You can concentrate on your business matters through our outsourced accounting services. Our proficient and passionate team deal with a menu of mandatory requirements throughout your financial year. That includes: Payroll processing…
Read more

Learn more about ACRA BizFile+ and iShop@ACRA

Singapore Government uses BizFile+, a business filing electronic portal of ACRA. This is made available so that businesses can interact with other government agencies. The key purpose of BizFile+ is to provide an easy way of submitting statutory filings online to ACRA. For most Singapore entities, the company secretary has access to this e-portal to…
Read more

Defining AGM and its importance For Singapore Companies

What is AGM? Annual General Meeting (AGM) refers to how a company presents the SFRS financial statements to the members or shareholders. During this point, the shareholders have the right to ask questions about the business’s health. Therefore, an AGM is important as it is an effective opportunity to address the company’s concerns right on…
Read more

Newsroom