In today’s advent of technology, you can communicate whenever you are, and build small business wherever you wanted. You might be using social media accounts and Google sheets, but have you tried to use annual compilation services that calculates tax, bills, payrolls, expenses, and revenues? Accounting Software Shouldn’t Be A Chore to Use Amazingly,…
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Are you contemplating to move from a desktop payroll system to a cloud-based payroll system? You’re definitely not alone in Singapore. For the past years, many small and medium enterprises in Singapore are switching from on-premise HR software applications to cloud HR Software-as-a-Service (SaaS) solutions. More than 50% of Singapore organizations have used at least…
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You may be aware that Singapore is among those few countries without minimum wage set though this has been frequently a subject for debate by some leaders. The standard is 8 hours a day and a total of 40 hours per week. Managing your payroll can be a stressful responsibility, especially your business expand. Typically,…
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Dear Clients, This is to remind you that Singapore companies are required to lodge statutory filings as required by the Singapore Companies Act with ACRA. Singapore companies are due to hold its Annual General Meeting (AGM) within six (6) months from the preceding financial year and to file AR (within one month after the date of…
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On 18 February 2019, the FY2019 Budget Statement was delivered by Singapore’s Minister of Finance, Mr Heng Swee Keat. This year, several initiatives for businesses in Singapore will be rolled put by the Government. Presented below is an overview of the basic initiatives and what it means for your business and you. For the ensured competitiveness…
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Registering your company in Singapore is not enough to start doing business in it. There is a long process that needs to be done before a company is ready to start doing business in Singapore such as applying for work passes, hiring, looking for a place to set up your office and tasks related to…
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Overview of Singapore Tax Structure for Individuals In Singapore, collected taxes are used to develop the country into a robust, stable and dynamic economy. Inland Revenue Authority of Singapore (IRAS) regulates the tax framework and administration in Singapore. Income tax is levied on income earned by Singapore tax resident individuals. All Singapore tax resident individuals must comply with…
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Overview of Goods and Services Tax (GST) GST is similar to Value-added tax (VAT) in other countries and was implemented on 1 April 1994. GST is an indirect tax (at 7% since 1 July 2007) and is applied to the selling price of applicable goods and services, and upon the importation of goods (as determined under the…
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Overview of Singapore Tax Structure Government collect taxes to develop Singapore into a better, robust and vibrant economy. Inland Revenue Authority of Singapore, commonly known as IRAS, administers the corporate regime in Singapore. IRAS levies income tax on income earned by companies conducting business in Singapore. Compliance with Income Tax Act is a complex matter, and all Singapore…
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What is foreign-sourced income? Foreign sourced income refers to foreign income from outside Singapore. Generally, such foreign-sourced income is taxable when the company received it in Singapore. Tax exemption is only applicable to tax resident companies and for foreign-source income that is not related to a business or trade that takes place in Singapore. For the foreign-source…
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The Singapore Government offers tax reliefs and rebates to pursue various economic and social objectives actively. Individuals, who are Singapore tax residents, enjoy these concessions as long as they meet certain qualifying criteria. Some tax reliefs are designed to promote parenthood, family development, and skill upgrading through approved professional courses. Besides that, Singapore prepares its…
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Understand Taxable Income for Singapore Business For income tax purposes in Singapore, the taxable income may relate to the following: – Profits or gains derived from business or trade; – Income derived from investments such as rental, interest and dividends; – Property related profits or gains such as premiums and royalties; –Any other type of…
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From the tax scheme and legal liability perspective, business owners should consider converting the sole proprietorship business into a Private Limited company in Singapore. Below are the factors to consider: 1. Tax Exemptions and Tax Rebates for the Company Private Limited companies enjoy the headline tax rate of 17%, tax exemption schemes, tax incentives and corporate tax…
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What determines the tax residency of an individual? An individual’s tax residency status will influence their income tax rates. You are deemed to be a tax resident for a specific Year of Assessment (YA) in the following situations: 1) A Singapore Permanent Resident (SPR) or Singapore Citizen (SC) who is a resident in Singapore with…
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Keep in mind, Accounting Solutions Singapore when it comes to all your Singapore business needs. From registration to all the important tasks that help a business thrive. Our Singapore Accounting Back Office Specialists cover accounting, payroll, taxation, and company secretary services. These services are all critical areas of business that we can help your business meet…
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Tax exemption schemes in Singapore In the Year of Assessment (YA) 2005, the Government introduced the Start-Up Tax Exemption (“SUTE”) scheme to support entrepreneurship and to foster the growth of local enterprises. In the Budget 2018, the Government revised the SUTE to strengthen other support for businesses to build capabilities. For companies that qualify under…
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