1. The new Corporate Service Providers (CSP) Bill and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) (CLLPMA) Bill were passed by Parliament on 2 July. 2. This new was introduced to better guard against the misuse of business entities and uphold Singapore’s reputation as a trusted place for business. 3. The key changes to… Continue reading New Corporate Service Providers (CSP) Bill Passed in July
1. Tan Nuan Seng Francis, the last of three accused persons who were charged for their involvement in perpetrating a Goods and Services Tax Missing Trader Fraud involving approximately $55 million in fictitious sales, was convicted and sentenced to an imprisonment term of four years and two months. 2. Perpetrators of the GST Missing… Continue reading Perpetrators of GST Missing Trader Fraud Convicted
1. The Inland Revenue Authority of Singapore (IRAS) recovered $79 million in taxes and penalties from businesses with erroneous Corporate Income Tax (CIT) Returns filed for the Years of Assessment (YA) 2019 to 2021. 2. According to IRAS, cases were selected for audit using advanced data analytic tools, random sampling or from qualitative analysis such… Continue reading $79 Million in Taxes and Penalties Recovered from IRAS’ Audits on Companies
1. Cost of Sales (also referred as Cost of Goods Sold) is generally refers to the direct costs attributable to the production of goods and services sold by the business. 2. Cost of Sales forms the second line of the Profit and Loss statement. By substracting the Cost of Sales from Revenue, the business can… Continue reading Understanding Cost of Sales
1. The State Court has fined Li Baozhu, the sole director of Corp Nergy Pte Ltd, for failing to exercise reasonable diligence in the discharge of her duties under the Companies Act. Earlier on 11 October 2023, ACRA had cancelled Li’s registration as a Registered Qualified Individual and Corp Nergy’s registration as a Registered Filing… Continue reading Director of Corporate Service Provider Firm Fined for Misuse of Identity in the Appointment of Company Director
1. Vijay Kumar Muvva, a former Group Executive Director of Ensoft Consulting Pte Ltd (“Ensoft”), was convicted and jailed for unauthorised collection of GST and also for the failure to notify the Comptroller of Ensoft’s liability to register for GST. 2. It is a serious offence for businesses that are not GST-registered to charge and… Continue reading Director Jailed for Unauthorised Collection of GST
1. Quek Ban Tong Edmund, the precedent partner of Economics Café Learning Centre (ECLC), was sentenced to five weeks’ jail and ordered to pay penalties of $72,770.79 for evading $24,256.93 in Income Tax. 2. He under-reported the sales and net profits of ECLC in its Partnership Income Tax return (Form P) for Year of Assessment (YA)… Continue reading Tutor Gets Jail and Fined for Income Tax Evasion
1. Revenue is generally refers to the amount of money made from selling products and services. 2. Revenue (also referred as Sales or Income) forms the beginning of the Profit and Loss statement. It is also known as the “Top Line” of a business. 3. Depending on who you talk to (professionals or otherwise), there… Continue reading Understanding Revenue
1. ACRA has the power to impose sanctions against Registered Filing Agents and Registered Qualified Individuals who are found to be in breach of the Terms and Conditions of registration laid out in the ACRA (Filing Agents and Qualified Individuals) Regulations 2015. 2. The sanctions include cancellation, suspension, restriction on the RFA’s use of BizFile+,… Continue reading Suspension and Cancellation of Registration of ACRA Filing Agents or Qualified Individuals
1. Lau Zhen Zhou , the sole shareholder and director of Safety Marine Management Pte Ltd, was convicted of 5 charges of assisting SMM to evade a total of about $1.1 million in Goods and Services Tax (GST) and one charge of providing falsified documents during his audit with the intent to evade the aforesaid… Continue reading Company Director Sentenced to Jail for Evading GST and Providing False Reply to IRAS
