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Starting from Year of Assessment 2017, Singapore’s personal income tax rates for resident taxpayers starts from lowest rate of 2% (for chargeable income $20,001 – $30,000, first $20,000 at 0%) to the highest personal income tax rate at 22% (for chargeable income $320,001
Contrary to popular belief, not all GST input tax incurred can be claim. The following are the expenses that are specifically disallowed to be claimed as input tax: Benefits provided to the family members or relatives of your staff; Costs and running
Unlike dividend payments made on ordinary shares, whether the dividend payments made on preference shares are equity distribution or finance cost depends on the characterisation of the preference shares as a debt or equity instrument. For this, we need to
A new small company concept was introduced in Singapore to exempt small companies from statutory audit requirement. It applies with respect to financial statements for a financial year commencing on or after 1 July 2015. The qualifying criteria are as follows: The
Cost of sales refers to the direct costs attributable to the production of the goods or supply of services by an entity. It is also commonly known as the cost of goods sold (COGS) and is a key part of the performance metrics of a
Generally, when a Singapore company received income from abroad, it is taxable in Singapore. In most cases, this same income may also be subjected to tax in the foreign country. This will result in double taxation where the same source
It is common nowadays for individual consumers to buy goods from overseas via their friends or internet websites such as Amazon. Therefore it is important for you to know that your purchases is also subject to GST when you import
It is important for individuals to determine whether they are an employee or self-employed. This is because when it comes to taxes, there are significant distinctions between the two. An employed individual works under a contract of service for his
Since 2007, Singapore incorporated companies are required to file a full set of their financial statements in XBRL format with ACRA. XBRL (eXtensible Business Reporting Language) – also known as “interactive data” – is a standard used to define and exchange
Revenue refers to the main income source of a business. Generally, it refers to income received or accrued from the provision of services and sale of goods. It is the “top line” figure from which costs of sales and operating expenses are deducted