Singapore Balance Sheet Disclosure: Requirements under Companies Act & Accounting Standards

The requirements for balance sheet disclosure are multifaceted and primarily governed by the Companies Act 1967 and Accounting Standards. Here's a comprehensive overview: Core Requirements: True and Fair View: The balance sheet must comply with the requirements of the Accounting Standards and give a true and fair view of the state of affairs of the [...]

By |2025-03-28T11:13:36+08:00March 28th, 2025|Accounting Bookkeeping Tax and XBRL|

Singapore Corporate Income Tax (CIT) and Goods & Services Tax (GST) FAQ

Q: What is the corporate income tax rate in Singapore? A: The corporate income tax rate in Singapore is 17% of chargeable income. This applies to both local and foreign companies. Q: What is chargeable income? A: Chargeable income refers to a company's taxable income after deducting tax-allowable expenses. Q: On what basis is corporate [...]

By |2025-03-25T12:58:03+08:00March 25th, 2025|Accounting Bookkeeping Tax and XBRL|

How will Budget 2025 affect my company? (Support for businesses)

Corporate Income Tax Rebate (CIT) and CIT Rebate Cash Grant Companies will receive a CIT Rebate of 50% of payable tax in Year of Assessment (YA) 2025. All active companies that employed at least one local employee in Calendar Year (CY) 2024 will receive a minimum benefit of $2,000 in the form of a CIT [...]

Does a company need to pay CPF on allowances?

In Singapore, whether a company needs to pay Central Provident Fund (CPF) contributions on allowances depends on the type of allowance and how it is classified under CPF rules. Below is a general guideline: Allowances Attracting CPF Contributions CPF contributions are generally payable on allowances that are considered part of an employee's wages. Examples include: [...]

By |2025-01-07T19:23:40+08:00January 7th, 2025|Accounting Bookkeeping Tax and XBRL, Running a Company|

What are tax-deductible donations?

There are seven types of tax-deductible donations. Please note that not all apply to corporate donors.   1) Cash Donations for Local Causes Cash donations to approved Institutions of a Public Character (IPCs) or the Singapore Government, intended to support local community causes, are tax-deductible for corporate and individual donors. Donations to registered charities without [...]

By |2024-11-12T11:29:23+08:00November 12th, 2024|Accounting Bookkeeping Tax and XBRL, What Is...|

What are the penalties for a Singapore company if it fails to files its corporate taxes?

If a Singapore company fails to file its corporate taxes on time, it may face a range of penalties imposed by the Inland Revenue Authority of Singapore (IRAS), including: Late Filing Fees: IRAS may impose a late filing fee for failing to file corporate tax returns by the due date (usually November 30 each year). [...]

By |2024-10-18T11:50:56+08:00October 18th, 2024|Accounting Bookkeeping Tax and XBRL|

GST InvoiceNow Requirement

Moving forward, GST-registered businesses will need to be on InvoiceNow solutions to send invoice data to IRAS for tax administration. The requirement will be rolled out progressively in phases. Here are the timeframes for the implementation. From 1 November 2025, newly incorporated companies that voluntarily register for GST will need to be on an InvoiceNow [...]

By |2024-10-16T11:40:56+08:00October 16th, 2024|Accounting Bookkeeping Tax and XBRL|

What is the tax treatment for companies that are receiving foreign income?

Foreign income refers to earnings generated from outside Singapore. Typically, this income is subject to taxation in Singapore when it is remitted and received in the country. If the foreign income is generated from a trade or business conducted in Singapore, it is taxable upon accrual, regardless of whether it is physically received in Singapore. [...]

By |2024-08-12T11:52:00+08:00August 12th, 2024|Accounting Bookkeeping Tax and XBRL|
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