Supplementary Retirement Scheme (SRS)

What Is The Supplementary Retirement Scheme (SRS)?

The Supplementary Retirement Scheme (SRS) is a voluntary savings program that was introduced in Singapore in 2001. The scheme aims to encourage individuals to save for their retirement by providing tax benefits on contributions made to an SRS account. The SRS account complements the Central Provident Fund (CPF) system, which is the primary retirement savings…

XBRL Filing

What is XBRL Filing, and Who Needs to be Using it?

The Accounting and Corporate Regulatory Authority (ACRA) in Singapore has made it mandatory for certain types of companies to submit their financial statements in XBRL filing format. If your company falls under the categories specified by ACRA, you must follow the regulation and submit your financial statements in such a format. To help you comply…

Restaurant

Accounting Needs for a Restaurant Business in Singapore

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…