A Dormant Company

The term dormant company has a different meaning for both the Inland Revenue Authority of Singapore (IRAS) and the Accounting and Corporate Regulatory Authority of Singapore (ACRA). IRAS defines a dormant company as a company having no revenue during the financial period. The company may still be dormant even though it has incurred expenses. ACRA [...]

2019-02-11T03:23:54+00:00February 11th, 2019|

Investment Holding Company

An Investment Holding Company is a company which generates its income through ownership of real estate or shares of other companies. The income could be through the sale and purchase of these assets, the rental income or the dividends received. The Accounting and Corporate Regulatory Authority (ACRA) defines this type of income as non-trade income. [...]

2019-01-25T01:00:09+00:00January 25th, 2019|

XBRL (eXtensible Business Reporting Language)

XBRL stands for eXtensible Business Reporting Language and is a global framework for exchanging business information. Having a common framework to analyse data makes it easier to exchange and analyse business information of companies. XBRL allows for the generation of data which may be used by a large group of stakeholders for decision-making and analysis, [...]

2019-02-15T20:22:52+00:00January 18th, 2019|

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 [...]

2019-02-15T20:20:59+00:00October 16th, 2018|
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