2018-02-14
GST Application Process Scope of the GST As a basic principle, sales of goods or services made by a business in the course or furtherance of its business are subject to GST at the standard rate of 7% unless the sale qualifies for zero-rating or is exempt from tax. The main tax exemptions are for financial services and residential sales or leases. The zero-rating applies to the international supply of services and the export of goods. When is GST paid? GST is payable when you purchase goods and services, and import goods into Singapore from a company that is GST […]
2018-02-05
Trade Mark Requirement Benefits of trade mark registration: 1. Helps consumers in identifying brands. 2. The holder of a trade mark has the exclusive right to use the trade mark and is protected by law. 3. Through trade mark registration, you can create a brand and capture the market ahead of others. 4. A trade mark is an intangible asset and its value can be assessed 5. A trade mark may be converted to value by assignment, license, or pledge. Registering a trade mark in Singapore A trade mark is a mark used to distinguish the brand or service of […]
2018-01-26
Consolidated Statement In accordance with IFRS 10, when an entity controls one or more other entities, the financial statements need to be consolidated. Article 10 of IFRS stipulates that the parent company shall prepare and display the consolidated statements according to the quasi-side. Definition of consolidated statements: The financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent company and its subsidiaries are presented in the financial statements as those of a single economic entity. Definition of Control of an investee: An investor controls an investee when the […]
2018-01-23
Role of Trade Marks For many entrepreneurs, intellectual property may be an unfamiliar legal concept, and you may ask yourself why any small and medium-sized enterprises (SMEs) should pay attention to intellectual property issues? Or what benefits your SME can gain using the intellectual property system? Next, we will introduce Singapore’s intellectual property law. Together with human creativity and originality, intellectual property rights have always been around us. Every product or service we use in our daily lives is the result of a long list of innovations, large or small, such as changes in design, or improvements in product appearance […]
2018-01-08
Accounting Software The Singaporean government encourages enterprises to adopt digital technology to increase productivity. In accordance with Singapore’s accounting standards and tax calculation and reporting requirements, the Inland Revenue Authority of Singapore provides the public with a list of registered accounting software to facilitate the market in selecting accounting software that is suitable and meets tax compliance requirements. List of 57 accounting software registered in Singapore Tax (provided by the IRAS) Software name A2000 Solutions A2000ERP Software Version 12.X* AccPro Accounting Systems Pte Ltd Professional Version 10.0 ACMEFOCUS.NE WHIZIT ACCOUNTS ORGANIZER Asian Business for Windows Release for SG […]
2018-01-03
Audit Exemption The following companies are exempted from financial statement audits if they meet the specific requirements of the Singapore Companies Act. However, they are still required to prepare financial statements (and consolidated financial statements, if applicable) that comply with the Companies Act and IFRS. In order to reduce the institutional burden on small companies and to move towards a risk-based regime, the concept of small companies and their exemption from audit requirements were introduced in amendments to the Companies Act. The new audit exemption regime applies to Singapore companies incorporated after 1 July 2015 or with a financial year […]
2017-12-12
Dependant Pass DP, or Dependant’s Pass in full, is equivalent to the Chinese family pass. Those who work or do business in Singapore and hold EP, SP or Entrepass can apply for a family pass for their spouse and children under the age of 21. Children with family passes can directly enter the Singapore government primary and secondary schools. What are the application requirements? To be eligible, you need: An income of at least S $ 6,000 per month. To hold an employment pass. These are the family members you can bring in and the types of passes they […]
2017-12-08
Annual General Meeting The Singapore Companies Act requires companies to hold an annual general meeting (AGM) unless the company elects not to hold an AGM by passing a shareholders’ resolution. If the company chooses not to hold an AGM, all matters to be transacted at the AGM can be resolved by way of a written resolution. What is an AGM The Annual General Meeting of Shareholders is a meeting of shareholders held at specified intervals during each calendar year. This meeting gives the company’s shareholders the right to participate in certain decisions that require the company’s approval. One of the […]
2017-10-05
Pay Withholding Tax How to Pay Withholding Tax GIRO is the preferred method of payment. GIRO Majority of taxpayers use GIRO for tax payment. Electronic Payment Modes PayNow QR New! Internet Banking Bill Payment Internet Banking for tax payment is made available by the following banks: BOC CIMB Citibank DBS/POSB HSBC ICBC MayBank OCBC RHB Standard Chartered Bank State Bank of India UOB (BOC, CIMB, Citibank, ICBC, MayBank, RHB and State Bank of India are applicable for individual account holders only). DBS PayLah! Mobile App Pay your tax via DBS PayLah! Phone Banking Phone Banking service for DBS/POSB, OCBC and UOB account holders who have subscribed to this service. (DBS/POSB and OCBC are applicable for individual account […]
2017-10-02
File Personal Income Tax Obligation to File Tax Notification to File Income Tax Return You must file an Income Tax Return if you receive a letter, form or an SMS from IRAS informing you to do so. It does not matter how much you earned in the previous year or whether your employer is participating in the Auto-Inclusion Scheme (AIS) for Employment Income. To file your tax return, please log into myTax Portal using your SingPass. Filing Due Dates Mode of Filing Filing Deadline e-Filing 18 Apr 2020 (Extended to 31 May 2020) New Paper Filing 15 Apr 2020 (Extended to 31 May […]
2017-09-11
Pay ECI Pay Taxes in Instalments through GIRO Only companies that are on GIRO are allowed to pay their taxes in instalments. Companies that do not have an existing GIRO arrangement for Corporate Tax are encouraged to apply for GIRO at least 3 weeks before e-Filing their ECI. If the GIRO arrangement is not approved before the payment due date, the company will not be eligible for instalment payment and will need to pay the full amount of estimated tax by the payment due date. You can check the status of your company’s GIRO application through the Corporate Tax Integrated Phone Service (PDF, 371KB). As announced […]
2017-09-07
What is ECI Definition of ECI ECI is an estimate of the company’s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). For details of taxable income and tax-allowable expenses, refer to Taxable and Non-Taxable Income and Business Expenses. Declaration of revenue in ECI Form Besides stating the ECI, you have to declare the company’s revenue in the ECI Form. This declaration is compulsory with effect from Jan 2017. Revenue refers to a company’s main source of income, and excludes items like gain on disposal of fixed assets. If your company is an investment holding company, your main source of […]
2017-08-22
Who Need to File ECI Compulsory e-Filing for ECI From YA 2020, e-Filing of the ECI is compulsory for all companies. In line with Government’s direction for more cost effective delivery of public services and the Smart Nation vision to harness technology to enhance productivity, e-Filing of the Corporate Income Tax returns (including ECI, and Form C-S/ C) is compulsory. A phased approach is adopted from YAs 2018 to 2020 as follows: YA Target Group for Compulsory e-Filing 2018 onwards Companies with revenue more than $10 million in YA 2017 2019 onwards Companies with revenue more than $1 million in YA 2018 2020 onwards All […]