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 [...]
The Enhanced Cap for the Market Readiness Assistance Grant (MRA) will be extended till 31 March 2026. The MRA helps companies expand into new markets overseas. The MRA covers, up to a limit, the costs of overseas market promotion, business development and new market set-up. The Enhanced Cap of SGD$100,000 was slated to expire on [...]
The Annual Return Filing (AR Filing) is done when the company has completed its Annual General Meeting (AGM). Here at Raffles Corporate Services, we will remind our corporate clients that the AGM needs to be held. There are generally three ways to hold the AGM. Physically, virtually or in writing. A physically held AGM would [...]
An In-depth Look at Key Legislative Changes and Their Implications Introduction The Corporate Service Providers Act 2024 and the Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024 represent significant legislative milestones in corporate regulation. These new laws introduce several key changes aimed at enhancing transparency, accountability, and efficiency within the corporate sector. This blog [...]
Standard Chartered is enticing Chinese customers with short-term deposit rates reaching up to 10 per cent to attract deposits from mainland China and bolster Hong Kong's status as a wealth hub. As part of the Wealth Management Connect program, eligible customers can exchange renminbi for US dollars with funds equivalent to HK$100,000 (S$17,390) or more [...]
Hong Kong's Top Talent Pass Scheme aims to attract the world's finest professionals, boasting an impressive uptake since its launch in late 2022. Despite significant enrollment figures, these numbers don't capture the complete efficacy of the program. Amidst the Asian competition for global talent, Hong Kong is rolling out the red carpet to mitigate the [...]
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 [...]
On the 16th of February 2024, Deputy Prime Minister and Finance Minister Lawrence Wong announced the Budget 2024 in parliament. Budget 2024 is about taking Singapore forward with its Forward Singapore Roadmap. The goal is to grow the economy, create better jobs, have more paths for equality and mobility, and provide more assurance for families [...]
Dear all, We have started to use communities to disseminate messages. This will allow us to get announcements out to clients more efficiently. We need to harness the use of WhatsApp communities as our client list has grown to a size where we are unable to keep up with sending announcements to individual chats. The [...]
It is highly recommended to initiate early preparations to seamlessly transition to the new GST rate of 9% effective from January 1, 2024. This involves potential adjustments to your point-of-sale, invoicing, accounting systems, and other operational aspects, including updating price displays to reflect the revised rate. The Budget In the Budget announcement of 2022, [...]