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% [...]
During budget 2023, Deputy Prime Minister Lawrence Wong announced that the CPF monthly ceiling will be raised from the current S$6,000 to S$8,000 by 2026. This will mean that for salaries up to S$8,000, there will be CPF contributions from both the employee and employer. Currently, this CPF monthly ceiling is set at S$6,000. This [...]
During his Budget speech on Tuesday (Feb 14), Deputy Prime Minister Lawrence Wong announced that the Singaporean government will increase the buyer's stamp duty rate for higher-value residential and non-residential properties. Buyer's stamp duty is the tax that individuals have to pay on documents signed when they purchase or acquire property in Singapore. The updated [...]
Top-up for the National Productivity Fund In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that an additional S$4 billion will be added to the National Productivity Fund (NPF), and that investment promotion will be considered a supportable activity. Wong stated that the fund will be utilized to attract high-quality investments [...]
In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that Singapore's corporate tax system will be revised to align with the recommendations of the second pillar of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS 2.0) starting in 2025. The second pillar of BEPS 2.0 proposes a minimum effective [...]
In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that the Central Provident Fund (CPF) monthly salary ceiling will be raised in four steps from S$6,000 to S$8,000 by 2026, in order to keep pace with rising salaries. The CPF monthly salary ceiling sets the maximum amount of CPF contributions payable [...]
To all our clients, Little Big Secretary Services Pte Ltd has seen its business grow significantly since the company was incorporated about 5 years ago. We could not have made it this far without the support from our many clients. In fact, many clients were with us from an earlier entity and thus we can [...]
From ACRA: To strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combating laundering, terrorism financing and other threats to the integrity of the international financial system, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a new requirement for companies, including foreign companies, and Limited Liability Partnerships (LLPs). Maintaining Registers of Nominee [...]
The former CEO of Midas Holdings, Patrick Chew Hwa Kwang, was charged on Thursday, February 10th 2022 for allegedly failing to use reasonable diligence in the discharge of his duties as a director. He was said to have failed to exercise reasonable supervision over the financial affairs of the Midas' subsidiaries, Jilin Midas Aluminium Industries [...]
On January 10th 2022, Parliament passed the Corporate Registers (Miscellaneous Amendments) Act. This amends the Companies Act and Limited Partnerships (LLP) Act. What are the changes? Both local and foreign Singapore registered companies will be required to keep a non-public register of nominee shareholders and their nominators. The register will need to be updated [...]