1. As per Singapore Companies Act, a Singapore company must appoint at least one director. Every company also must have at least one director who is a local resident of Singapore. A company director must be at least 18 years old, of full legal capacity and not disqualified from acting as a director of a… Continue reading Resignation and Disqualification of Directors
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 Gross Margin Scheme for Second-Hand Goods
1. When a business decides to purchase fixed assets, the intention is for it to be used in its operations to generate income/revenue for the long term. As with other type of assets, fixed assets will also suffer ‘wear and tear’ and depreciate over time. This ‘wear and tear’ and depreciation are accounted as depreciation… Continue reading Claiming Capital Allowances for Fixed Assets Bought and Used in Trade or Business
1. Fixed assets are tangible assets that are employed in the business to generate revenue/income. This assets are not intended for resale in the normal course of business. Typical examples of fixed assets are items such as property, plant, and equipment. 2. The purpose of its use distinguishes a fixed asset from other assets… Continue reading Fixed Assets in Business
1. All companies in Singapore are required to hold annual general meetings (AGMs). An AGM is a mandatory annual meeting of shareholders of a company. At the AGM, the board of directors will present the company’s financial statements (also known as “accounts”) before the shareholders (also known as “members”) so that they can raise any… Continue reading Annual General Meetings
1. GST-registered businesses are required to file their GST returns and make GST payments to IRAS by the due date. Your GST Returns filing and GST payments due date is dependent on your company’s financial year end date. 2. For example, if your company’s financial year end date is 31 December, the following applies:… Continue reading Filing GST Returns to IRAS
1. Time really flies and we are at the end of the year soon. For Singapore incorporated companies, it is Corporate Income Tax Filing season again! The deadline for filing your Corporate Income Tax Return (Form C-S/ Form C-S (Lite)/ Form C) for the Year of Assessment (YA) 2024 is 30 Nov 2024. 2.… Continue reading Corporate Income Tax Filing Season 2024
1. Inventory or stock refers to the goods and raw materials that a business had purchased and hold for the eventual resale to customers, production of semi or finished goods or own use. It is important for any business to understand and manage its inventory effectively to avoid goods shortages, over production or obsolescence that… Continue reading Inventory Accounting in Business
1. All companies, foreign companies and limited liability partnerships registered in Singapore are required to keep a Register of Registrable Controllers (RORC) either in their registered office address or at the office of their authorised filing agent. 2. It is part of ACRA’s on-going efforts to uphold Singapore’s reputation as a trusted financial hub,… Continue reading ACRA Register of Registrable Controllers
1. According to IRAS, a business must register for GST if their taxable turnover is more than $1 million at the end of the calendar year (retrospective view) or expected to be more than $1 million in the next 12 months (prospective view). 2. Under retrospective view, if your business taxable turnover at the end… Continue reading Register for GST
