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Every business needs to consider some practical issues regarding Goods and Services Tax (GST) and IRAS filing compliance. As a business owner, one of the most important steps you should take is to determine whether your business qualifies for GST registration. If your taxable supplies for the previous accounting year is greater than S$1 million or…
E-Invoicing Registration Grant is launched by Enterprise Singapore and IMDA. The primary aim of this grant is to promote the digitalization of businesses in Singapore. Thanks to technological advancements, more and more companies are exploring digital solutions and steering towards remote working. Such companies will directly benefit from this grant to offer e-invoicing features on new or…
P-Max is a place and train program which primary aim is to assist SMEs in coping well with the various challenges associated with recruitment and retention of PME talent in an increasingly tough labour market. All eligible SMEs that are able to retain their newly-hired PMEs and also complete the entire follow-up sessions for 6…
The major purpose of the Enterprise Development Grant (EDG) is to support companies in their pursuit of bigger business growth, upgrading, innovation and expansion to overseas countries. 3 key Areas of Support Aside from helping enterprises to transform and grow, EDG helps businesses to innovate, upgrade, and venture overseas under all the areas below:…
All Small and medium enterprises (SMEs) with COVID-19 cases confirmed on their premises can seek assistance to cover a portion of the disinfection cost under the Specialised Cleaning Programme. All eligible SMEs will get 50% of third-party professional disinfection and cleaning costs capped at $3,000 for each company. This assistance programme will run from 1st…
Inventory management is an essential tool that can help you alleviate some of the most mundane tasks of running a business. No longer does anyone have to guess what to stock and what to not. The application will not only help you cut a lot of hours from your workload, but it also removes any…
Here is a complete guide for what an accountant does, and people are unaware of that. Accountants work more beyond what you think. They will keep and interpret the financial records and are responsible for performing a variety of business-related tasks. Moreover, they will provide you a few strategic advices and ways for boosting revenue…
If your company’s revenue is not up to $1 million, you may be questioning yourself within whether you should register GST for your company. Goods and Services Tax Goods and Services Tax in Singapore is a consumption tax levied on supplies of goods and services within Singapore as well as the import of goods. The…
Goods and Services Tax (GST) is a consumption tax levied on supplies of goods and services within Singapore as well as import of goods. Many other countries refer to GST as Value Added Tax (VAT). Presently, the GST rate in Singapore is 7%. GST Registration All companies in Singapore must register for GST if…
According to the Income Tax Act, Singapore-based partnership and sole proprietorship businesses are taxed based on the owners’ personal income tax rate. Under Section 10(1)(a), the individual partners and owners are expected to pay tax based on profits earned from their shares. Click here to learn more on the overview of Singapore taxation. Singapore’s personal…