We constantly get clients coming to us for clarification on this particular question. This is especially so during corporate tax filing season, of which the deadline is on the 30th of November, and personal income tax filing season, of which the deadline is on the 18th of April. Let us first understand the difference between [...]
Corporate tax filing season is here! The corporate tax deadline for the year of assessment 2022 (YA2022) is on the 30th of November 2022. YA 2022 is for all financial periods which ended in 2021. For example, if the financial period is from 1st April 2020 to 31st March 2021, the financial period ended in [...]
Do note that the NOR scheme has ceased. The last NOR status granted will run/ be valid from YA 2020 to YA 2024. Tax concessions under the NOR scheme: To qualify, you will need to be: A tax resident in the respective YA Fulfill the qualifying conditions Qualifying conditions: Be a non-resident in [...]
There are 4 main types of CPF contributions. Some are taxable and some are not. Compulsory CPF Contributions relating to employment in Singapore. [Not taxable] This refers to the CPF contributions that the employer will make to the employee's CPF account when typically issuing monthly salary. Example: Employee's salary: $3000 Employee's age: below 55 years [...]
If the payments for the director are based on a contract of service, then the directors would be considered as employees and they would be engaged under a contract of service. However, if the directors' fees were voted and approved by the shareholders at a general meeting, then these payments would not be subject to [...]
Certain business expenses can be deducted from your revenue. These deductions can reduce the income that is subject to tax. However, it is important to note that not all business expenses can be deductible. Here are some general rules: Expenses must be incurred. (An expense is incurred when the legal liability to pay has [...]
There are a few common XBRL errors that companies make from time to time. These errors are and not limited to the following: Incomplete data Financial statements that are tabled at the AGM does not match the data prepared in XBRL format Wrongly tagged elements in the XBRL prepared If you have detected an error [...]
Due to the impact of the COVID-19 pandemic, the Inland Revenue Authority (IRAS) is supporting businesses through a range of measures. One of them is allowing companies to arrange for a longer instalment plan when paying for their corporate taxes. If the company is facing difficulties in paying taxes, it is the responsibility of the [...]
For companies, there are 3 options when it comes to handling your company's accounts. You do it yourself You hire someone in the company to do it You outsource your accounting and bookkeeping matters to an external company (Like us!) Why some cannot just do it themselves? Bookkeeping is not that difficult but it [...]
Double taxation is when the same taxpayer, for the purpose of this article we are referring is taxed twice by 2 countries. The income is first taxed at the source i.e. the country where the income was generated and also the country of residence where the income is repatriated to. So for example, a Singapore [...]