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Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises

1. If your business has incurred expenses to renovate or refurbish the business premises, you can claim tax deduction on this expenses under Section 14N of the Income Tax Act 1947. Please do note that only businesses that are carrying on a trade or business can claim this Section 14N deduction. Investment holding companies cannot… Continue reading Tax Deduction for Expenses Incurred on Renovation or Refurbishment Works Done to Business Premises

The Importance of Cashflow in Business

Cash flow business finance concept background with words on chalkboard.

1. Cashflow of a business generally refers to the movement or flow of cash into and out of the business over a specific period of time. For example, a business will receive money from the sales of goods and services that it made to its customers. On the other hand, withdrawals of cash out of… Continue reading The Importance of Cashflow in Business

Striking Off a Local Company

1. If you want to operate a business in Singapore, you need to register the business with ACRA. On the other hand, when the business subsequently is not doing well, not profitable or there are disputes among the shareholders, then you may consider to close the company. In Singapore, you need to apply to ACRA… Continue reading Striking Off a Local Company

GST on Exports of Goods

1. In Singapore, GST is levied on the import of goods as well as nearly all supplies of goods and services in Singapore at the prevailing GST rate. At present, the prevailing GST rate is 9%. 2. Under Singapore GST, there are also GST exemptions that apply to areas such as the provision of most… Continue reading GST on Exports of Goods

Taxation of Investment Holding Companies

1. An investment holding company is a type of company that its principal activities are usually are follows: a) owns properties for long term investment and derives rental income b) owns shares for long term investment and derives dividends and interest 2. Investment income received by an investment holding company is taxable in Singapore, unless… Continue reading Taxation of Investment Holding Companies

Operating Expenses of a Business

1. Operating expenses are generally known as the costs incurred by the business during its normal course of operations and in the day-to-day running of the business. 2. Some common examples include advertising, rent, utilities, salaries, and other necessary expenses.  These costs are related to the core operations of the business and are not directly… Continue reading Operating Expenses of a Business

Filing Annual Returns With ACRA

1. Under the Companies Act, all Singapore-incorporated companies are required to file Annual Returns with ACRA.  This requirement is to ensure that the company’s information on ACRA’s register is accurate and up to date.    2. The Annual Return is an electronic form lodged with ACRA and contains important particulars of the company such as… Continue reading Filing Annual Returns With ACRA

GST-registered businesses must display GST-inclusive prices

1. All GST-registered businesses are required to show GST-inclusive prices on all price displays to the public. If both GST-inclusive and GST-exclusive prices are displayed, the GST-inclusive price must be displayed at least as prominently as the GST-exclusive price. 2. This can be displayed on price tags, price lists, advertisements, publicity brochures, website, etc. Prices… Continue reading GST-registered businesses must display GST-inclusive prices

Over 4,700 Companies Prosecuted for Late or Non-Filing of Tax Returns in 2023

1. The Inland Revenue Authority of Singapore (IRAS) reminds companies to file their Corporate Income Tax (CIT) Returns by the statutory due date of 30 Nov 2024. 2. IRAS has observed that each year, about 1 in 10 companies fail to comply with its CIT filing obligations despite repeated reminders. In 2023, over 4,700 companies… Continue reading Over 4,700 Companies Prosecuted for Late or Non-Filing of Tax Returns in 2023

Preparing and Filing Financial Statements with ACRA and IRAS

1. All Singapore incorporated business entities are required to prepare Annual Financial Statements. The Annual Financial Statements has to be filed with ACRA and IRAS, except for those which are exempted.   2. A typical Annual Financial Statements for business entities such as  sole proprietorship, partnership, limited liability partnership, or limited partnership, comprises of Profit… Continue reading Preparing and Filing Financial Statements with ACRA and IRAS

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