We are pleased to announce that we had recently set up an office in Johor Bahru to assist our clients’ business venture into fast-booming Malaysia. This move reflects our commitment to becoming the Total Solutions Partner to our clients whenever they are. Our full suite of services offered in Malaysia is Accounting, Corporate Secretarial, Income… Continue reading Accounting & Tax Service in Malaysia
“Mr Phang Yu Hon, 47, is a tuition millionaire and shows his income tax records readily to prove how much he earns and what he pays in taxes each year. It took just two years for him to double his income from about half a million dollars in 2009 to $1 million in 2011. All… Continue reading Millionaire tutor paid taxes of $186,000
It was reported recently that Chong Wee Keng, a renovation contractor who owned a sole proprietorship, D’Esprit Design & Renovations, has to pay a total of $504,500.80 in back-dated taxes and penalty for failing to register for Goods and Services Tax (GST). In addition, he has to pay a fine of $4,500. IRAS runs regular… Continue reading Penalty for failing to register for GST
This clarification by IRAS was in response to the recent letter “Query on taxes on a discounted meal” (ST Forum, 14 Oct 2014) by Mr Chiok Beng Piow. “Mr. Chiok had purchased a Groupon deal for lunch at a restaurant. He asked if the Goods and Services Tax (GST) should be charged on the original… Continue reading IRAS clarifies on GST treatment on discount vouchers
A Singaporean sole proprietor was sentenced to jail and fined more than $500,000 recently after being convicted by the court for failing to declare his business income to IRAS. The amount of business income omitted was more than $1 million dollars over three years of assessments. Accordingly, this resulted in an undercharged income tax of… Continue reading Sole-proprietor jailed for omitting business income from his tax returns
The much-awaited outcome of an appeal by a Singapore subsidiary of a Malaysian listed company was finally decided in its favor against IRAS. This case was about IRAS determining the Financing Arrangement that the Singapore subsidiary entered into as falling under Income Tax Act’s section 33 General Anti Avoidance Rule. The High Court disagreed with… Continue reading Singapore Subsidiary Wins $13.6m Case Against Taxman
From September 2012, the CPF contribution rates for older employees aged above 50 to 65 years has been increased. This is in line with the Singapore government’s objective to make sure its citizens have enough retirement savings to see them through the golden years. If you have older employees on your payroll, do make sure… Continue reading Change in CPF Contribution Rates from September 2012
All businesses operating in Singapore (yes, including sole proprietorships) are required to be registered compulsorily for GST if they meet the following conditions:- a) your taxable sales turnover for the past four quarters exceeded S$1 million or b) you reasonably expect the next 12 months’ taxable turnover to be more than S$1 million If your… Continue reading GST Registration
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