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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…
Singapore businesses are known to compete healthily and fiercely for qualified employees. Healthy competition like this is beneficial to the business and the economy at large since they result in the recruitment of qualified workers. However, startups are outclassed in this regard because they cannot attract a favourable workforce with good pay in comparison to…
One of the issues that can quickly put a business in trouble is non-compliance with taxation. In most countries, tax evasion is a criminal offence that attracts severe penalties. It is customary for established companies to let their accounting or auditing department handle their tax-related issues, but many small and large businesses are now embracing…
Equity pay, like stock options or restricted stock units (RSUs), maybe one strategy to cut ongoing expenditures and give staff non-cash compensation throughout the early phases of a company’s development. Startup companies frequently use this technique since they cannot afford to pay hefty rates. They typically add some kind of stock reward in their job…
SINGAPORE: Over 2 million taxpayers (8 in 10 taxpayers) are set to enjoy having their tax returns pre-filled this year. This is made possible as the Inland Revenue Authority of Singapore (IRAS) extends the Auto-Inclusion Scheme (AIS) for Employment Income to more than 100,000 qualifying employers, who are to electronically submit the employment income information of…
Whether you are a freelancer or a self-employed individual, when it comes to tax season (coming up in April for Singapore citizens and residents), it can be overwhelming and confusing in terms of obligations and claims. However, not filing your taxes can result in tough penalties and negatively affect your job and future work. The…
SINGAPORE: To support more companies and tax agents to adopt seamless filing from software for greater productivity, the Inland Revenue Authority of Singapore (IRAS) is pleased to announce two new benefits for those filing Corporate Income Tax (CIT) Returns (Form C-S) seamlessly from software for the Year of Assessment (YA) 2023 to YA 2025. The…