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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…
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…