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All that you need to know about a company secretary in Singapore

Who is a company secretary? A company secretary is a professional who provides administrative and secretarial support to an organization. Their duties may include maintaining corporate records, preparing minutes of meetings, and ensuring compliance with laws and regulations. In larger organizations, they may also manage human resources or provide financial advice. Company secretaries play an… Continue reading All that you need to know about a company secretary in Singapore

8 Things to consider while choosing an accounting firm in Singapore

Do you run a business in Singapore? If yes, you need accounting services for several reasons such as organizing your financial information, filing the necessary taxes, budgeting, managing cash flow, and more… It is therefore required for your business to hire a certified public accountant to manage your accounting & bookkeeping. You can definitely find… Continue reading 8 Things to consider while choosing an accounting firm in Singapore

Why do small businesses in Singapore need accounting services?

What is small business accounting?   Small business accounting is the process of tracking, recording, and analyzing a company’s financial transactions. This information is used to make decisions about how to manage the company’s finances and grow the business. Small business accounting is essential for keeping track of revenue and expenses, identifying trends, and making… Continue reading Why do small businesses in Singapore need accounting services?

Increase in tax rates for individuals

Starting from Year of Assessment 2017, Singapore’s personal income tax rates for resident taxpayers start from the lowest rate of 2% (for chargeable income $20,001 – $30,000, first $20,000 at 0%) to the highest personal income tax rate at 22% (for chargeable income $320,001 onward). The changes also mean that the tax rate for non-resident… Continue reading Increase in tax rates for individuals

Blocked GST input tax claims

Contrary to popular belief, not all GST input tax incurred can be claimed. The following are the expenses that are specifically disallowed to be claimed as input tax: Benefits provided to the family members or relatives of your staff; Costs and running expenses incurred on private motor cars Club subscription fees (including transfer fees) charged… Continue reading Blocked GST input tax claims

Dividend payments made on preference shares

Unlike dividend payments made on ordinary shares,  whether the dividend payments made on preference shares are equity distribution or finance cost depends on the characterization of the preference shares as a debt or equity instrument. For this, we need to determine whether it is debt or equity based on its legal form, and not its… Continue reading Dividend payments made on preference shares

Audit exemption for small companies

A new small company concept was introduced in Singapore to exempt small companies from statutory audit requirements. It applies with respect to financial statements for a financial year commencing on or after 1 July 2015. The qualifying criteria are as follows: The entity is a private company The entity must meet at least 2 of… Continue reading Audit exemption for small companies

Measuring Cost of Sales

Cost of sales refers to the direct costs attributable to the production of the goods or supply of services by an entity. It is also commonly known as the cost of goods sold (COGS) and is a key part of the performance metrics of a company. It is extremely important to determine the correct Cost of Sales. This is so… Continue reading Measuring Cost of Sales

Claiming Foreign Tax Credit for Foreign Income Received in Singapore

Generally, when a Singapore company received income from abroad, it is taxable in Singapore. In most cases, this same income may also be subjected to tax in the foreign country. This will result in double taxation where the same source of income is taxed twice. Fortunately, Singapore tax residents are allowed to claim a foreign… Continue reading Claiming Foreign Tax Credit for Foreign Income Received in Singapore

Paying GST for importing goods into Singapore

It is common nowadays for individual consumers to buy goods from overseas via their friends or internet websites such as Amazon. Therefore it is important for you to know that your purchases are also subject to GST when you import the goods into Singapore, whether through ordinary mail or courier. The GST amount that you… Continue reading Paying GST for importing goods into Singapore

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