It is an important reminder that you must withhold tax whenever you make payments to non-residents. As non-residents do not have any presence in Singapore, there is no way the local tax authorities can tax their income sourced in or derived from Singapore. Therefore, the responsibility is imposed on us to withhold tax before remitting… Continue reading Withholding Tax in Singapore
Section 145(1) of the Companies Act requires every company to have at least one ordinarily resident director in Singapore. This means the director shall be either a Singapore citizen or Singapore permanent resident who resides in Singapore. The director can even be a foreigner who holds a valid residency pass in Singapore such as an… Continue reading Requirement to have at least one ordinarily resident director in Singapore
In Malaysia, there are criteria that a business need to meet in order to be eligible to claim the GST input tax credit for employee expenses reimbursement. The criteria are as follows: (a) the goods or services acquired by the employees are used or to be used for the purpose of employer business (b) directly… Continue reading Claiming GST input tax credit for employee expenses reimbursement in Malaysia
Out-of-scope supplies refer to supplies that fall outside the scope of the GST Act. Therefore, GST does not need to be charged on this type of supply and it need not be reported in the GST return. Examples of out-of-scope supplies are third-country sales, sales of overseas goods made within the Free Trade Zone and… Continue reading Non-Chargeability of GST for Out-of-Scope Supplies
In Singapore, the tax authorities require all businesses to retain their accounting records and supporting documents for a period of five years from the relevant year of assessment. For example: 1) Companies with December financial year-end Required to keep until 31 December 2017 for records of the financial year 1 January 2012 to 31 December… Continue reading Time Duration for Records and Accounts Keeping for Tax Purposes
There are times when a business owner decides that it is time to sell their business or an investor come to you with an offer to acquire the company. This is when it is essential to estimate the value of your business so that you will have a clear understanding of how much is your… Continue reading Valuation of Company
Under sections 201(2) and 201(5) of the Companies Act, directors of a company are responsible to present and lay at its annual general meeting the annual financial statements that: comply with Accounting Standards issued by the Accounting Standards Council; and give a true and fair view of the financial position and performance of the company.… Continue reading Directors’ Duties in Financial Statements Reporting under the Companies Act
IRAS has recently entered into agreements with Australian and United Kingdom tax authorities on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”). The CRS is an internationally agreed standard for AEOI, endorsed by the OECD and the Global Forum for Transparency and Exchange of Information for Tax Purposes… Continue reading Automatic Exchange of Information and Sharing of Data to Combat Tax Evasion
Malaysia’s Customs Department has announced that with effect from 23 August 2016, GST registrants that want to amend their GST Return are required to observe the regulations and procedures in accordance with Regulation 69 of the GST Regulation 2014. The amendment can be made online via Taxpayer Access Point (TAP). The regulation stated that there… Continue reading Amendment to Malaysia’s GST Return
It is important to note that, unlike the export of goods, not all services supplied outside of Singapore can be zero-rated. This is because Singapore’s GST Act states that zero rating can only apply to services that fall within the description of international services under Section 21(3). What this means is that even if your supply… Continue reading GST Zero Rating on Supply of Services
