Management reports are important to a company because they provide decision-makers with valuable insights into the performance and financial health of the organization. These reports allow managers to: Monitor performance: Management reports provide real-time information about key performance indicators such as sales, expenses, and profitability. This enables managers to identify trends and track progress towards [...]
The decision to outsource your company's accounting depends on several factors, including the size of your company, the complexity of your financial operations, and the cost of in-house accounting staff. Outsourcing accounting can be beneficial as it can provide access to specialized expertise and technology, reduce overhead costs, and free up internal resources for other [...]
During budget 2023, Deputy Prime Minister Lawrence Wong announced that the CPF monthly ceiling will be raised from the current S$6,000 to S$8,000 by 2026. This will mean that for salaries up to S$8,000, there will be CPF contributions from both the employee and employer. Currently, this CPF monthly ceiling is set at S$6,000. This [...]
Selling a business in Singapore involves several steps and requires careful planning and preparation. Here are some general steps you can take: Prepare your business for sale: Before selling your business, you need to ensure that your financial statements are up-to-date and that your business is in good shape. This can include making any necessary [...]
During his Budget speech on Tuesday (Feb 14), Deputy Prime Minister Lawrence Wong announced that the Singaporean government will increase the buyer's stamp duty rate for higher-value residential and non-residential properties. Buyer's stamp duty is the tax that individuals have to pay on documents signed when they purchase or acquire property in Singapore. The updated [...]
Top-up for the National Productivity Fund In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that an additional S$4 billion will be added to the National Productivity Fund (NPF), and that investment promotion will be considered a supportable activity. Wong stated that the fund will be utilized to attract high-quality investments [...]
In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that Singapore's corporate tax system will be revised to align with the recommendations of the second pillar of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS 2.0) starting in 2025. The second pillar of BEPS 2.0 proposes a minimum effective [...]
In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that the Central Provident Fund (CPF) monthly salary ceiling will be raised in four steps from S$6,000 to S$8,000 by 2026, in order to keep pace with rising salaries. The CPF monthly salary ceiling sets the maximum amount of CPF contributions payable [...]
In his Budget 2023 address, Deputy Prime Minister Lawrence Wong declared the introduction of measures to assist families in Singapore, including extended paid paternity leave and increased financial support for parents. While acknowledging the government's existing "generous set of measures" to help parents cover the costs of raising children, he emphasized the necessity to modify [...]
If a company in Singapore fails to prepare its financial statements in accordance with the Singapore Financial Reporting Standard (FRS), it may face several consequences, including: Legal non-compliance: The Companies Act in Singapore requires companies to prepare accurate financial statements and file them with the appropriate authorities. Failure to comply with the FRS may result [...]