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Owning and operating a restaurant in Singapore is undoubtedly highly lucrative and advantageous. Moreover, restaurant ownership may lead to higher incomes than you can make by pursuing other business ventures. Being a restaurant owner, however, comes with a variety of responsibilities, including business administration, customer service, marketing, financial planning and management, and bookkeeping. Each position…
SINGAPORE: Chew Yen, Ian (“Chew”), a 52-year-old insurance introducer, has been sentenced by the Court to fines totalling $4,000 and $186,816 in penalties after being convicted of four charges of providing incorrect information in the Income Tax returns of three insurance agents. As an insurance introducer, Chew was responsible for introducing potential customers to insurance…
It can be very exciting to move to another country such as Singapore; however, that said, it certainly can also be extremely daunting, stressful and overwhelming. This is especially when you will have a multitude of things, such as income tax, to consider and gain knowledge of. During this life-changing and once-in-a-lifetime experience, there will…
Singapore has been a favoured country for business owners and entrepreneurs over the years. One reason for this is its simple tax policies and procedures. Several tax criteria must be fulfilled while registering a company in Singapore, as well as when closing down such a business. The requirements are straightforward in both circumstances. In Singapore,…
SINGAPORE: Thomas Lee Zhixiong (“Lee”), 41, former director of six companies, has been convicted and sentenced by the Court to a jail term of 102 months and ordered to pay $9,271,912 in fines and penalties for Goods and Services Tax (“GST”) evasion, fraudulently claiming a Productivity and Innovation Credit (“PIC”) cash payout, money laundering and…
Singapore’s businesses have always received a lot of support from the government. This has been accomplished through the advancement of laws, policies, and budgets that systematically benefit businesses. While rules and policies define how companies operate, a country’s budget is what helps put those policies into action. They demonstrate the financial allocations intended for the…
Within Singapore, various positions such as company director, corporate secretary, and chief executive officer are all deemed positions of paramount importance, all of which entail the responsibility for taking up executive duties to steer the activities of the business towards its strategic goals. This means that they must be remunerated reasonably for the high stake…