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
On 29th August, IRAS announced the conviction of the sole proprietor of Kay Lee Roast Meat Joint for tax evasion, by knowingly under-declaring Kay Lee’s total sales income for two years of assessments in his income tax return submission to IRAS. He was found to have provided estimated monthly sales, from which their accountant would… Continue reading Correct and complete income tax return
Notwithstanding that the company is no longer in operation or has ceased business activities, a dormant company has to file its annual return with ACRA. It also must submit its Income Tax Return unless the company has been granted a waiver. A dormant company has to notify ACRA of changes in the company, e.g. the appointment or cessation of directors, change in the… Continue reading Dormant Companies
As announced earlier by the Finance Minister in his maiden Budget 2016 speech that with effect from 1 Aug 2016, the Productivity and Innovation Credit (PIC) cash payout rate is to be reduced to 40% of qualifying expenditure subject to a total expenditure cap of $100,000 across the six qualifying activities. Before this change, the rate was 60%. In addition,… Continue reading Productivity and Innovation Credit Scheme: Cash Payout Rate at 40% from 1 Aug 2016
In Malaysia, every GST-registered person is required to submit the Form GST-03 return to Malaysian Customs either every 1 month or 3 months, depending on the annual revenue of all taxable supplies of the GST-registered person. A GST-registered person has to submit Form GST-03 return every 1 month if it has an annual revenue of… Continue reading Malaysia’s GST Return Submission
If you wish to close a company, an application is required to be submitted to ACRA to strike off its name from the Company Register. Before ACRA can approve the application for striking off, the company must satisfy the following criteria: • It has not commenced business since incorporation or has ceased trading • It has no assets and liabilities (current/future) • Its directors… Continue reading Striking off a local company
The rental income that a property owner received from their tenant is a taxable income and therefore subject to income tax in Singapore. In order to arrive at the taxable net rental income, a property owner (whether an individual, company or another form of legal entity) is required to declare the gross rent received and… Continue reading Rental Income and Expenses
In the course of conducting your business activities, you may have incurred GST input tax through purchases of goods or services from GST-registered suppliers or importing goods into Singapore. If your business is a GST-registered business, you are able to claim this input tax incurred when submitting the monthly or quarterly GST Return to IRAS.… Continue reading Disallowed GST Input Tax Claims
We can’t stress enough that accounting software is important in not only helping you to manage your business’s financial transactions but also to comply with financial reporting and tax obligations. Some software is designed just to do simple bookkeeping while others are designed to manage the entire financial ecosystem of large enterprises. All the same,… Continue reading The Importance of Accounting Software
All locally-incorporated companies in Singapore are required to hold their Annual General Meeting (AGM) and file their Annual Returns under S175, S197, and S201 of the Companies Act. At the AGM, directors shall present a true and fair view of the company’s accounts to their shareholders. A company is required to hold its first AGM… Continue reading Filing of AGM and Annual Returns