Latest News and Announcements Archives

Understanding the Corporate Service Providers Act 2024 and Companies and Limited Liability Partnerships (Miscellaneous Amendments) Act 2024

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 [...]

By Daryl|2024-11-14T17:12:18+08:00November 14th, 2024|Latest News and Announcements, Running a Company|

Standard Chartered introduces a 10% deposit rate in Hong Kong to attract funds from China.

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 [...]

By Willie Tan|2024-05-02T10:29:55+08:00April 30th, 2024|Latest News and Announcements|

Hong Kong’s elite visa scheme in the global talent race

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 [...]

By Daryl|2024-04-16T16:41:49+08:00April 16th, 2024|Employment and Immigration, Latest News and Announcements|

What is the Auto-Inclusion Scheme (AIS)?

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 [...]

By Willie Tan|2024-03-06T18:05:56+08:00March 6th, 2024|Accounting Bookkeeping Tax and XBRL, Latest News and Announcements|

Singapore Budget 2024: Changes that will help or affect businesses

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 [...]

By Daryl|2024-02-19T12:10:56+08:00February 19th, 2024|Grants and Other Incentives, Latest News and Announcements|

[ANNOUNCEMENT] The Raffles Corporate Services WhatsApp Community

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 [...]

By Daryl|2024-01-30T13:12:51+08:00January 30th, 2024|Latest News and Announcements|

Preparing for the Change in GST Rate

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, [...]

By Willie Tan|2023-12-22T11:43:08+08:00December 22nd, 2023|Latest News and Announcements|

MAS prohibits retail customers from utilising local credit cards for purchasing cryptocurrencies

The Monetary Authority of Singapore recently announced that individuals dealing with digital payment token (DPT) services from Singapore-regulated providers will be prohibited from using local credit cards to purchase cryptocurrencies. Additionally, they will be required to undergo assessments regarding the risks associated with trading in DPTs. DPTs are known for their volatile prices. These conditions [...]

By Willie Tan|2023-11-27T14:24:40+08:00November 27th, 2023|Latest News and Announcements|

IRAS recovers SGD$79 million in taxes and penalties following audits on companies

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 [...]

By Daryl|2023-10-23T18:04:04+08:00October 20th, 2023|Accounting Bookkeeping Tax and XBRL, Latest News and Announcements|

Enterprise Innovation Scheme (EIS)

The Government has recently launched a new Enterprise Innovation Scheme (EIS) designed to offer enhanced tax benefits to businesses engaged in eligible activities aimed at fostering innovation. Starting from the Year of Assessment (YA) 2024, companies involved in research and development (R&D), innovation, and capability development endeavours can now avail themselves of a generous 400% [...]

By Daryl|2023-10-05T18:00:16+08:00September 14th, 2023|Grants and Other Incentives, Latest News and Announcements|