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On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022. We have archived all of the significant updates, split into two parts. Don’t forget to read the first part of this article to know more about the Jobs and Business Support Packages. This part…
On February 18, 2022, Minister Lawrence Wong delivered his first address as Minister of Finance, announcing the much-anticipated Singapore Budget 2022. Mr Wong emphasised the Singapore economy’s resurgence in his opening comments, underlining the country’s excellent comeback from one of its worst recessions since independence. Mr Wong went on to say that the economy will…
Several factors determine the continued success of businesses over time. To ensure the company is always on track to achieving its objectives and goals, there is a need to audit the processes and activities in the business occasionally. On a larger scale, auditing can be described as critically analysing the effectiveness and efficiency of a…
The Central Provident Fund (CPF) is pervasive and perhaps a little perplexing for Singaporeans. However, because your CPF contribution is so significant at so many different points in your life, it’s critical to understand what it is, what you can do with it, and what changes have occurred in recent years. Therefore, we’ll go through…
Outsourcing has become a global trend and a standard solution for organisations and small businesses. Businesses are adopting it as it is cost-efficient and helps companies focus more on core activities. However, every decision you make has pros and cons; the same applies to outsourcing your accounting and bookkeeping functions. Although there are pros and…
If you are just starting your business, a good recordkeeping practice can be highly beneficial to your company. Recordkeeping may not be the first thing that comes to mind when starting a business, but you will realise its importance as you move along. It can help you manage your cash flow, file taxes smoothly, monitor…
SINGAPORE: A company had its registration cancelled by the Accounting and Corporate Regulatory Authority (ACRA) after it failed to take enhanced measures to mitigate money laundering and terrorism financing risks when incorporating companies. SGCN Link and its sole director and shareholder Lew Chian Hwa had their registration cancelled by ACRA with effect from Jan 29,…
The million-dollar question is, why do I need an accounting specialist for my business when I can make simple calculations by myself? Unfortunately, this question has created a broad spectrum of conventional opinions for business owners in the e-commerce world. First, let’s understand what an e-commerce business is. In simple terms, it’s defined as an…
With effect from 14 January 2022, penalties for late filing of annual statutory lodgments by Local Companies, Variable Capital Companies (VCCs), and Limited Liability Partnerships (LLPs) will go up to S$600 if filed more than 3 months after the due date. If late filing falls within 3 months of the due date, the penalty will…
Ever since the announcement to increase the Goods and Services Tax (GST) by two percentage points, from 7 per cent to 9 per cent, in 2018, there have been a lot of speculations in terms of when and how will this impact us. But the wait is over. It was announced in Budget 2022 that…