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SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) urges all companies to submit their Corporate Income Tax (CIT) Returns by the statutory deadline of November 30, 2024. Year after year, IRAS has noted that approximately 10% of companies fail to meet their CIT filing obligations despite multiple reminders. In 2023 alone, over 4,700 companies faced…
SINGAPORE: Vijay Kumar Muvva (“Vijay”), a 48-year-old former Group Executive Director of Ensoft Consulting Pte Ltd (“Ensoft”), has become the first individual to be convicted and jailed for unauthorized collection of GST under section 64A of the Goods and Services Tax Act (Cap 117A, 2005 Rev Ed) (“GST Act”). He was also convicted for failing…
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will begin a phased implementation of the InvoiceNow system for GST-registered businesses, starting in November 2025. This new GST InvoiceNow Requirement will initially target newly incorporated businesses that voluntarily register for GST, mandating them to use InvoiceNow solutions to transmit invoice data to IRAS for tax purposes.…
In the vibrant business landscape of Singapore, maintaining compliance with corporate governance standards is crucial. The role of a corporate secretary is indispensable in navigating these requirements, particularly when it comes to annual compliance activities. This blog will provide an overview of the annual compliance requirements for companies in Singapore, delve into the specific responsibilities…
In the dynamic landscape of Singapore’s bustling business scene, accurate bookkeeping stands as a cornerstone for success. Whether you’re a startup, an SME, or a well-established corporation, maintaining precise financial records is not just a legal obligation but a strategic imperative. Let’s delve into why accurate bookkeeping is paramount for Singaporean businesses, the repercussions of…
Tax filing is an intricate aspect of running a business in Singapore, renowned for its business-friendly tax system. However, even in such an environment, companies frequently make mistakes that can lead to penalties, audits, and unnecessary stress. This blog will outline some common mistakes in corporate tax filing and provide detailed advice on how to…
In the dynamic landscape of corporate taxation in Singapore, staying ahead of regulatory changes and maximising returns can be a daunting task. This is where tax consultants step in, playing a pivotal role in navigating the complexities of tax laws and ensuring compliance while optimising financial outcomes for businesses. In this blog post, we explore…
Starting a business in Singapore is an exciting venture, but it comes with its fair share of administrative tasks and legal considerations. One crucial aspect of setting up a company in Singapore is understanding the role of shareholders. Shareholders play a vital role in the governance and ownership structure of a company. Whether you’re a…
Singapore, often dubbed the “Lion City,” is not only a global financial hub but also a thriving ecosystem for entrepreneurship and innovation. With its strategic location, business-friendly environment, and robust infrastructure, Singapore offers abundant opportunities for incorporating a business and then elevating it to reach new heights of success. However, scaling a business in Singapore…
In today’s dynamic business landscape, staying ahead often means streamlining operations, optimizing resources, and focusing on core competencies. For businesses in Singapore, a global financial hub, efficient financial reporting is not just a necessity but a strategic imperative. However, managing financial reporting in-house can be time-consuming, resource-intensive, and prone to errors. This is where outsourcing…