The Singapore Financial Reporting Standards (SFRS) is the Financial Reporting Standards that Singapore adopts. Financial Reporting Standards prescribe the methods of recognition, measurement, presentation and disclosure requirements for transactions and events that are used for reporting. The SFRS is based on the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). [...]
This is an incentive by the SG Digital Office to help our hawkers safely operate in the post-COVID future as well as to help stallholders reduce physical contact with their customers during the current pandemic. Thus this scheme encourages the adoption of the SGQR, unified e-payment solution. Enterprise Singapore (“ESG”) and the Infocomm Media Development [...]
The Personal Data Protection Act (PDPA) states that companies have to properly dispose of documents containing personal data. Failing which they may be penalised. Personal data refers to data from which an individual can be identified. Any data such as a person's name (or part thereof), identification number, passport details, height, weight, gender, bank details [...]
In Singapore, it is compulsory for companies to keep proper records of all business transactions. The records are needed to explain the financial position and transactions of the company and to ensure that the financial statements prepared are true and fair. You will also need the records to ensure that your company complies with its [...]
The corporate tax filing deadline is upon us. The deadline to file corporate tax for the Year of Assessment 2020 (YA2020) is 15th of December 2020. There is no hardcopy filing and all corporate taxes are to be e-filed. Do not confuse the corporate tax filing season which occurs at the end of every year [...]
Your business entity may register for voluntary GST registration if you produce one or more of the following goods and services: Taxable Supplies Out of Scope Supplies Financial Services (which are deemed Exempt Supplies) To register the business entity for GST registration, the company director or sole proprietor must complete the following IRAS e-learning courses [...]
In the proposed changes to the Personal Data Protection Act (PDPA), organisations will be penalised more heavily for data breaches. At the same time, organisations will have more freedom to use personal data to innovate. These changes were passed in Parliament on Monday, 2nd November 2020. A key change to the PDPA is the maximum [...]
Under the requirements laid out in the Personal Data Protection Act (PDPA), every organisation is required to appoint at least one individual as the organisation's Data Protection Officer (DPO). The DPO's business contact information (BCI) has to be made publicly available. The DPO may be a person whose scope of work solely relates to data [...]
When it comes to running a business, the main goal usually is to maximize profits. However, due to economic uncertainty as well as weak demand due to the current pandemic, many companies may find that they will incur losses. Here is the treatment of possible losses for Singapore companies. Treatment of losses on a [...]
This is in reference to Goods and Services Tax (GST) in Singapore. An exempt supply has two categories. The sale and lease of residential land and transactions of financial services. It is important to note that the input tax incurred in making exempt supplies is not claimable. Out of scope supplies refers to supplies which [...]