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E-commerce is surging, and so is the requirement for accounting and taxation for such companies. Dealing with e-commerce accounting involves bookkeeping, invoice recording, and of course, taxes. The most challenging part of accounting is doing the taxes for your e-commerce business. Some of the transactions are multi-jurisdictional, so you must have an understanding of the…
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…
It can be very exciting to move to another country such as Singapore; however, that said, it certainly can also be extremely daunting, stressful and overwhelming. This is especially when you will have a multitude of things, such as income tax, to consider and gain knowledge of. During this life-changing and once-in-a-lifetime experience, there will…
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,…
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…
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…
As a Singaporean adult or corporate entity, you must know when to file your taxes. This prevents you from falling foul of requirements and being forced to pay penalties or answer a summon for something that could easily have been fulfilled. As a result, this article goes into great detail about when and how individuals…