The Auto-Inclusion Scheme (AIS) is a system where employers electronically submit their employees’ employment income details to the Inland Revenue Authority of Singapore (IRAS). Subsequently, IRAS automatically incorporates this information into the employees’ online tax returns and assessments. Here's how it works: Employers are required to compile all employment income information and submit it via [...]
We received this question from a prospective client. He is a foreigner and is considering shifting his business to Singapore. He is looking to incorporate a Singapore company and would be looking to apply for a valid work pass for him to live and work in Singapore. This article will be answering his question in [...]
As stated in section 68(2) of the Income Tax Act, every employer is required to report employee earnings to IRAS. Here is a reproduction of the statute: The Comptroller may, by notice in the Gazette, require every employer to prepare and deliver to the Comptroller or any person specified in the notice, for any year [...]
Section 10L of the Income Tax Act 1947 (ITA) takes effect from the 1st of January 2024. This section deals with the tax treatment for gains from the sale of foreign assets. In this article, I will provide a very brief explanation of the Here is a reproduction of sections 10L(1) and (2) of [...]
This question pertains to self-employed individuals and partnerships. So if you are a self-employed individual, sole proprietor or partnership, this question and its answer are relevant to you. All self-employed individuals, sole proprietors and partnerships have to prepare their statement of accounts. This is under the law. The statement of accounts reflects the business income [...]
There are 2 tax relief schemes that help companies reduce their tax bills. They are: The Tax Exemption Scheme for New Start-Up Companies The Partial Tax Exemption Scheme 1) The Tax Exemption Scheme for New Start-Up Companies The Tax Exemption Scheme for New Start-Up Companies will reduce a company's tax bill greater than the [...]
Corporate tax filing season is once again upon us. How does this work? Usually, companies will engage a tax agent to work on their tax computation and file the corporate taxes according to the computation. In many cases, companies are required to file Form C-S or Form C-S (Lite). This is because the companies are [...]
Capital allowance claims are allowed only on private cars that are registered as: Private hire cars; or Cars for instructional purposes and are hired out or used for providing driving instruction in the course of the company's business. Private cars are deemed as S-plated cars, RU-plated cars and company cars (Q-plated or S-plated cars). [...]
Capital allowance pertains to the sum that a business is eligible to deduct annually from its revenue through depreciation, representing its capital investment expenses aimed at fostering long-term corporate growth. These deductions are alternatively known as depreciation allowances. The Intersection of Capital Allowances and Cost Recovery Governments establish depreciation schedules to specify the timing at [...]
In the realm of international taxation, Double Taxation Agreements (DTAs) serve as crucial tools to alleviate the issue of juridical double taxation, which occurs when the same income is subject to taxation twice—initially in the jurisdiction where it is generated and subsequently in the jurisdiction where it is received. Jurisdictions engage in DTAs to mitigate [...]