IRAS has recently introduced Form C-S, a new simplified tax return for small companies starting from the Year of Assessment 2012. Form C-S is actually a shortened 3-page Income Tax Return for small companies to report their income to IRAS. To be eligible, companies need to fulfill certain conditions such as having annual turnover not… Continue reading Simplified Tax Filing for Small Companies
As announced by the Finance Minister, the PIC scheme has been enhanced to provide more tax benefits to taxpayers. The objective of this enhancement is to encourage further productivity and innovative activities in Singapore. The following is the summary highlights of the enhanced scheme:- 1) Higher cash payout option conversion rate from 30% to 60%… Continue reading Enhanced PIC introduced in Budget 2012
A local promoter of shows and entertainment company was found guilty of under-declaring GST output tax of more than $500,000 recently. It was stated in the case that the company failed to check the accuracy of the GST Returns filed to IRAS made by its accounting and tax agent. This case highlights the important point… Continue reading Local promoter of shows and entertainment guilty of under declaring GST
From Year of Assessment 2012, employers with 20 or more employees or who received notice from IRAS are required to file employment income electronically. This IRAS scheme is called Auto-Inclusion Scheme (AIS) for Employment Income. What this means to employers is that there will be no need to issue hard copies of Form IR8A anymore… Continue reading e-Submission of Employment Income
Acra has recently introduced its mobile application on iPhone called ‘Acra on the Go’. It is free and available now on Apple’s iPhone App Store. Services that are available are only Directory Search, offline calculation of the last possible date for the company’s next AGM, and FAQs.
Many businesses have benefited from this new scheme introduced in the recent Singapore Budget 2010. We have been helping our clients to claim very generous tax deductions, which is 400% of the cost incurred on qualifying activities or alternatively a cash payout of up to $30,000 per year. For small businesses, the relevant qualifying activity… Continue reading Productivity and Innovation Credit (PIC) Scheme
Another company and director were hauled up by IRAS on 29 July for creating fictitious invoices and false entries. The company – Republic Beverages Co Pte Ltd committed this fraud in order to claim GST refund claims. The director was sentenced to 4 months in jail and fines up to almost $200,000! Therefore, I always… Continue reading Company and Director charged in court for GST fraud
The MOF and ACRA is currently inviting public feedback on the review of the Companies Act and the Regulatory Framework for Foreign Entities. One potential recommendation of interest is the introduction of a small company criteria. This will be used to determine whether a company is required to be audited. As a result of this,… Continue reading Review of the Companies Act
Came across this article on the IRAS website. A taxpayer’s unpaid tax arrears was recovered thru his Workfare Bonus and Growth Dividends. IRAS’s response was this was done only as a last resort to recover the due tax arrears. Yes, it’s true! Even if you are an employee of a company, if your taxes are… Continue reading Call IRAS for instalment payment plan
Finally our website went up live on this auspicious day! A BIG THANK YOU to Livewir3!! Communications and Cherry Solutions for the job well done! I hope this website will provide existing and potential clients alike to have some sort of a ‘preview’ of our company. So now we already have a website. Keep a… Continue reading PL Biz Consulting Pte Ltd’s website: Up and running