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 [...]
The Enterprise Development Grant (EDG) was created to help Singapore companies grow and transform. The grant supports projects that will help companies upgrade their business, innovate or venture overseas. To be eligible for the Enterprise Development Grant, a company needs to: Be a registered business entity in Singapore and be operating Have a minimum of [...]
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 Business and IPC Partnership Scheme (BIPS) is a scheme that allows 250% corporate tax deduction on qualifying expenses when a business' or company's employees volunteer, provide professional services to recognised Institutions of Public Character (IPCs) The employee of a business or company in Singapore can qualify for the BIPS scheme provided: he or she [...]
The Singapore government has tax reliefs that are designed to reduce the tax burden for companies. The Inland Revenue Authority of Singapore (IRAS) has come up with a Partial Tax Exemption for Companies (PTE). All companies, including companies limited by guarantee, can enjoy PTE unless they have already claimed the Tax Exemption Scheme for New [...]
The Singapore government has always been supportive of start-up companies and has many schemes to support entrepreneurship. One of the ways which they have been assisting new start-up companies is by providing tax reliefs. Let us focus on Year of Assessment 2019 and 2020. Year of Assessment 2019 (YA 2019) This is for financial years [...]