Personal tax filing season is once again upon us! Please note that personal and corporate tax filing deadlines are very different. Personal income taxes are to be filed by April and corporate income taxes are to be filed by November. When filing your personal income taxes in Singapore, here are some key things to keep [...]
Bootstrapping a business means starting and running a business using one's own resources without external funding or significant debt. In other words, it refers to building a business from scratch by relying on personal savings, revenue generated by the business, and other non-traditional funding sources. The concept of bootstrapping in business has gained popularity in [...]
The Monetary Authority of Singapore (MAS) has defined several fit and proper criteria that individuals and entities must meet to obtain and maintain their licenses to operate in the financial sector. These criteria are intended to ensure that only competent and trustworthy individuals and entities are allowed to operate in the financial sector and to [...]
There are two types of Payment Institution licences issued by the Monetary Authority of Singapore (MAS) under the Payment Services Act. They are the Standard Payment Institution Licence and the Major Payment Institution Licence. The Payment Institution Licences will allow licence holders to provide any of the seven payment services that are regulated by [...]
The principle of accrual accounting is a method of accounting that recognizes revenues and expenses when they are incurred, rather than when cash is received or paid. This means that transactions are recorded when they happen, rather than when money changes hands. In accrual accounting, revenues are recognized when they are earned, regardless of when [...]
The principle of separate legal personality is a fundamental concept in corporate law, which states that a corporation is a separate legal entity distinct from its shareholders or owners. This means that a corporation can enter into contracts, sue or be sued, and own property in its own name, independent of its shareholders or owners. [...]
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, [...]