Excise Duty

Excise Duty or Excise Tax is a type of tax charged on goods produced within the country. It is a tax levied on the production or sale of a good. Not to be confused with Customs Duty which is tax paid when importing a certain good, Excise Duty is paid when producing a good. So for [...]

2018-10-28T12:34:09+00:00October 28th, 2018|

Customs Duty

Customs Duty is the tax imposed on imports and exports of goods. Some businesses in Singapore may be involved with the import and export of certain goods. All goods imported into Singapore are regulated under the following acts: The Customs Act The Goods and Services Tax (GST) Act The Regulation of Imports and Exports Act [...]

2018-10-28T12:21:30+00:00October 28th, 2018|

A Public Company Limited by Guarantee (CLG)

If you are looking to start a charity or a non-profit organisation, you may consider setting up a Public Company Limited by Guarantee (CLG). Here are details of what makes up a CLG. A CLG is a separate legal entity. It is a company and is separate from the members of the company. As a legal [...]

2018-10-27T17:08:05+00:00October 27th, 2018|

Form C-S

Form C-S is a simplified 3-page income tax return for companies to report their income to the Inland Revenue of Singapore (IRAS).   Form C-S is for qualifying small companies and has fewer fields to fill. Form C-S comprises: A declaration statement of the company’s eligibility; Information on tax adjustments; and Information from the financial [...]

2018-10-19T12:43:27+00:00October 19th, 2018|

Estimated Chargeable Income (ECI)

Estimated Chargeable Income (ECI) is an estimate of a company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). The Inland Revenue Authority of Singapore (IRAS) requires that the ECI be filed so that they can raise an early assessment. The data collected by IRAS will also be useful in helping the [...]

2018-10-16T17:27:56+00:00October 16th, 2018|

Share Capital

Share Capital, otherwise known as equity financing, refers to the amount of money and property that a company has received in exchange for shares of the company. The shares can be either ordinary or preferred. Share Capital is listed in the balance sheet of the company as: 1) Common or preferred shares par value 2) [...]

2018-10-15T00:14:59+00:00October 15th, 2018|

Paid-Up Capital

Paid-Up Capital is the amount of money that a company has received in exchange for its shares. Paid-Up Capital is created when the company sells its share on the primary market, directly to investors. Paid Up-Capital comprises of two sections: 1) The par value of the shares issued 2) The additional Paid-Up Capital Each share [...]

2018-10-14T23:06:52+00:00October 14th, 2018|
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