A sole proprietor of a business was recently charged and convicted for submitting false information in order to obtain a Productivity and Innovation Credit (PIC) cash payout of $9,000 for her business. She had submitted an application for a PIC cash payout in 2013, with a false declaration that her business had met the condition of… Continue reading Sole Proprietor Convicted of PIC Fraud
Capital gains tax is a type of tax that is levied on gains or profits that an investor (individuals, corporations, etc) realizes when they sell the capital asset for a price that is higher than the original purchase price paid previously. Capital gains taxes are only triggered when an asset is sold, not while it… Continue reading Gains from Sale of Property, Shares and Financial Instruments in Singapore
In Singapore, there are various government grants and assistance programs that apply to all types of companies regardless of size and readiness. These measures, covering areas from equipment and technology to business development, R&D, and intellectual property, are mainly targeted at local SMEs to help them in their upgrading efforts and achieving productivity growth. The… Continue reading Government Grants and Incentives for SMEs in Singapore
What is GST In Singapore, GST is a tax imposed: (a) on the importation of goods only (collected by Singapore Customs at the point of importation into Singapore) and (b) the supplies of nearly all goods and services made in Singapore by a taxable person in the course or furtherance of any business carried on… Continue reading Do I need to register for GST?
Every Pte Ltd company in Singapore must appoint a Company Secretary within 6 months of the date of its incorporation. The appointed Company Secretary must also be residing locally in Singapore and he/ she must not be the sole director of the company. So what does a Company Secretary do, you may be asked. It… Continue reading Company Secretary Services
It is very common for aspiring business owners to incorporate a Pte Ltd company for their maiden foray into the business world. Unfortunately, we have seen many cases of people who set up Pte Ltd companies without really understanding how they would actually benefit from using a Pte Ltd company. Therefore, it is certainly worthwhile… Continue reading Incorporation of a Singapore Pte Ltd company
As with other countries which have GST or VAT laws, Singapore GST-registered establishments have to charge GST on the value of the supply of goods and services made in Singapore. It is a rather potentially dangerous area that is often overlooked by most businesses. At the outset, it may seem to be a straightforward application… Continue reading Understanding the Value of Supply for GST in Singapore
This year’s Singapore’s tax filing season for individual taxpayers which ended on April 18 had achieved a high of 95% of taxpayers having filed on time for the third consecutive year, thanks to IRAS for continually improving their systems and processes, to make tax filing simpler and friendlier for individuals. What is notable is that… Continue reading 95% of Individual Taxpayers Filed On Time for Third Year Running
Among the highlights of tax changes affecting businesses, as announced by Singapore’s Minister of Finance, Tharman Shanmugaratnam on 23 February 2015 are as follows: 1) Corporate Income Tax rebate (YA 2016 and 2017) A 30% corporate income tax rebate will be provided for YA 2016 and YA 2017 at a reduced cap of $20,000 per… Continue reading Singapore Budget 2015 Overview of Tax Changes (For Businesses)
IRAS has updated Singapore’s transfer pricing guidelines on 6 Jan 2015, which was last released almost 10 years ago. The guidelines explains IRAS’ transfer pricing programme and position regarding various transfer pricing matters. It consolidates the four previous e-Tax guides in transfer pricing. It is a timely move as the international tax scene and related… Continue reading Singapore’s Transfer Pricing Guidelines (Second Edition)
