E-invoicing (short for electronic invoicing) is the process of creating, sending, receiving, and processing invoices electronically, rather than using paper-based invoicing methods. E-invoicing allows businesses to exchange invoices in a standardized digital format, eliminating the need for paper-based processes, reducing manual data entry, and enabling faster, more accurate invoicing. E-invoicing can be initiated by the [...]
If you are a business operating in Singapore, joining the Singapore Peppol e-invoicing scheme can be a beneficial step. Here are some reasons why: Faster and more efficient invoicing: By using e-invoicing, you can send and receive invoices in a matter of seconds, reducing processing times and improving cash flow. Lower administrative costs: E-invoicing eliminates [...]
The Singapore Peppol e-invoicing scheme is an electronic invoicing initiative launched by the Singaporean government to facilitate efficient, secure and seamless invoicing between businesses in the country. Peppol stands for Pan-European Public Procurement Online and is a framework developed by the European Committee for Standardization to support cross-border electronic procurement processes. Under the Singapore Peppol [...]
The Ministry of Finance has announced that the United Arab Emirates (UAE) will introduce a federal corporate tax on business profits for the first time. This marks a significant shift for a country that has traditionally attracted businesses from around the world due to its status as a tax-free commerce hub. Starting June 1, 2023, [...]
A tax haven is a country or jurisdiction that offers individuals and businesses little or no tax liability, usually through the implementation of favourable tax policies, such as low or no tax rates, lax financial regulations, and strict secrecy laws. These jurisdictions may also offer other advantages, such as political and economic stability, ease of [...]
According to tax law in Singapore, a company's tax residency is determined by where its business is managed and controlled. This status can change on a yearly basis. Typically, a company is considered a Singapore tax resident for a specific Year of Assessment (YA) if its business was controlled and managed in Singapore during the [...]
For a start, you will need to know that there are two types of goods. Controlled goods and non-controlled goods. If you intend to bring goods from abroad to sell in Singapore, you must obtain import permits and licenses for "controlled goods." First, ensure that your business is registered with the Accounting and Corporate Regulatory [...]
The concept of par value is that every share issued by a company must have a par value, which is the minimum price at which the share can be issued. The par value represents the minimum amount of money that shareholders must pay to the company for each share they own. Companies can also issue [...]
When there is a dispute between shareholders of a company, it is important to try to resolve the issue as quickly and amicably as possible to avoid negative impacts on the company's operations and reputation. Here are some steps that can be taken to resolve the dispute: Review the company's governing documents: Start by reviewing [...]
A Scheme of Arrangement is a legal procedure under which a company can make an agreement with its shareholders or creditors to restructure its operations or financial affairs. It is a mechanism provided by law to facilitate a compromise between a company and its members or creditors. A scheme of arrangement is not the end [...]