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Handling payroll can be exceptionally intricate, difficult, and very time-consuming, especially for SMEs. An extensive amount of time and resources are needed just to process the payroll of a small business, and it can become quite overwhelming with all the rules regarding taxes, fees, unemployment and any other government regulations. However, here are five quick…
Certain conditions must be met to qualify for Singapore’s tax residency. Individuals and entities who meet these criteria are eligible for certain benefits that come with being a tax resident of the country. While Singapore’s tax policies cover both foreigners and citizens, being a tax resident allows you to benefit from lower tax rates and…
If you plan to move to Singapore and set your base, you will be happy to know that residents are entitled to certain tax allowances on personal entities, with a graduated system ranging from 0% to 22%, determined by your income. Non-residents, however, pay a flat rate of 22%. When it comes to earnings and…
Like many other countries, Singapore’s government allows and encourages non-residents and businesses to open accounts and conduct business. These entities, however, are required to register for the Common Reporting Standard, or CRS. As a result, reports containing their account details are sent to their local tax administrators. The CRS is made to remove tax evasions,…
If your company is based in Singapore, there is a chance that you will have to pay taxes, which could add up to a sizable sum as you continue to run your business. In recognition of this, businesses seek government initiatives that will reduce taxes. The government, in turn, is offering such relief measures as…
Allowing its businesses and industries to be built upon solid foundations is one of Singapore’s main strategies to sustain true economic growth. Offering allowances on mergers and acquisitions to companies registered on the island city is one way it achieves this— and it has been quite successful. By doing this, businesses can expand internationally smoothly…
Singapore’s appealing history has contributed to its significant economic growth. The benefits of its prosperity have also been far-reaching for various businesses within the country. However, this Southeast Asian state had a rocky start after splitting from Malaysia about 55 years ago, with nothing of great value other than its land and people. And to…
The Inland Revenue Authority of Singapore (IRAS) issues the Notice of Assessment (NOA) as a document to inform taxpayers of their tax assessment for a specific year. The total amount of tax due from the taxpayer will be listed in the NOA. Which Four Different Types of Notices of Assessment are Filed with Company Income…
Governments enact tax regulations to make sure that people pay all the taxes they should be paying. However, some people try to avoid making such tax payments by engaging in either tax evasion or tax avoidance. These two actions are not equivalent, though. The main distinction is that tax avoidance is permissible while tax evasion…
Currently, at just 17 per cent, Singapore has one of the lowest corporate tax rates in the whole world. Because of this low rate, along with several other tax incentives, Singapore is a preferred place for many foreign investors. There are many organisations that are expanding their operations in Singapore, and any way to save…