1. The GST treatment for the travel industry are separated into two categories, i.e. supply of travel products and travel arranging services. 2. The supply of travel products are goods or services supplied to travellers in relation to their travel to and/or stay at a destination. Examples include flights, hotels, tours, land transfers… Continue reading GST Guide for Travel Industry
1.Employers are required by law to prepare an annual Form IR8A for their employees who are employed in Singapore by 1 March each year. Form IR8A is an annual statement of the total remuneration received by each employee from the company. Employees can used the details of remuneration from this Form IR8A to submit their… Continue reading Reporting Employee Earnings – Form IR8A
1.A business sometime may need urgent funds for various reasons. This may range from helping it to navigate during turbulent periods such as machinery breakdown to having to pay deposits for inventories orders. There are various options that a business can consider to raise the funds they need. They can either source it from bank… Continue reading Loan from Director to Company
1. Businesses may need to raise money for a variety of reasons in the course of its operations. This include to grow and expand into new markets, invest in new products or services to generate additional revenue streams or simply to meet unexpected expenses. 2. There are various ways that a business can… Continue reading Registering a Charge for Companies
1. If you are in the construction business and are GST-registered, you need to charge GST to your customers for the supply of construction services in Singapore. If the construction services are supplied overseas, it will qualify as international services under Section 21(3) of the GST Act. Thus, you can charge GST zero percent to… Continue reading GST Guide for Construction Services
1.A company incorporated or registered under the Companies Act 1967 or any law in force in Singapore has to file Corporate Income Tax Returns with IRAS every year – Form C-S/ Form C-S (Lite)/ Form C. Corporate Income Tax is assessed on a preceding year basis in Singapore. This means that income earned in the… Continue reading Tax Exemption Scheme for New Start-up Companies
1.When you buy a share in a company, you are effectively becoming a part owner of the company. As a shareholder and owner of the business, you would expect to receive some returns periodically, usually on an annual basis when the company performs well and making profits. This return on investment can be in the… Continue reading Dividends Explained
1. As one of the world’s easiest places to do business, Singapore is favorable by many entrepreneurs to incorporate a company. It has business-friendly policies that include easy incorporation procedures, intellectual property protection, and a low corporate tax rate. The country also ranks high on the ease of doing business, with its strategic location offering… Continue reading Choosing a Company Name
1. A GST-registered person is required to charge and account for 9% GST for the supplies of goods and services made in Singapore. The GST that is charged and collected is known as GST Output Tax and it must be paid to IRAS within a month from the end of the accounting period. … Continue reading GST Guide for e-Commerce – Physical Goods Supplied Over the Internet
1. IRAS requires all businesses in Singapore to file their Estimated Chargeable Income (ECI)for every Year of Assessment (YA). Estimated Chargeable Income (ECI) is an estimate of your company’s taxable profits after deducting tax-allowable expenses for a Year of Assessment (YA). 2. Your company has to file ECI within 3 months from the… Continue reading Filing Estimated Chargeable Income to IRAS
