Singapore Government News
Understanding the No-Filing Service (NFS) for Tax Season 2025: What It Means for Singapore Taxpayers
Tax season can be a stressful time for many, but for eligible taxpayers in Singapore, the No-Filing Service (NFS) helps simplify the process significantly. Over 1.9 million individual taxpayers are eligible for NFS in the Year of Assessment (YA) 2025, with close to 500,000 benefitting from the Direct Notice of Assessment (D-NOA) initiative. The D-NOA…
How SMEs in Singapore Can Support the 2030 Singapore Green Plan
Singapore is taking bold steps towards a greener and more sustainable future with the Singapore Green Plan 2030. As climate change and environmental concerns become more pressing, businesses of all sizes have a role to play in ensuring a sustainable future. Small and medium-sized enterprises (SMEs), which make up a significant portion of Singapore’s economy,…
The Rise of Family Offices in Singapore
Singapore has emerged as a powerhouse for family offices in recent years, attracting wealthy individuals and families from around the world. As of today, 50% of Southeast Asia’s top family businesses are in Singapore. This surge in family office establishments has significantly impacted the city-state’s economy and solidified its position as a global wealth management…
Corporate Income Tax (CIT) Filing: More Than 4,700 Companies Prosecuted for Delayed or Missing Tax Returns in 2023
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) urges all companies to submit their Corporate Income Tax (CIT) Returns by the statutory deadline of November 30, 2024. Year after year, IRAS has noted that approximately 10% of companies fail to meet their CIT filing obligations despite multiple reminders. In 2023 alone, over 4,700 companies faced…
Former Group Executive Director to be Jailed for Unauthorized Collection of Goods and Services Tax
SINGAPORE: Vijay Kumar Muvva (“Vijay”), a 48-year-old former Group Executive Director of Ensoft Consulting Pte Ltd (“Ensoft”), has become the first individual to be convicted and jailed for unauthorized collection of GST under section 64A of the Goods and Services Tax Act (Cap 117A, 2005 Rev Ed) (“GST Act”). He was also convicted for failing…
Implementation of InvoiceNow for GST-Registered Businesses and Complimentary InvoiceNow Services for Newly Incorporated Businesses
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will begin a phased implementation of the InvoiceNow system for GST-registered businesses, starting in November 2025. This new GST InvoiceNow Requirement will initially target newly incorporated businesses that voluntarily register for GST, mandating them to use InvoiceNow solutions to transmit invoice data to IRAS for tax purposes.…
The Role of Corporate Secretaries in Annual Compliance Activities for Singaporean Companies
In the vibrant business landscape of Singapore, maintaining compliance with corporate governance standards is crucial. The role of a corporate secretary is indispensable in navigating these requirements, particularly when it comes to annual compliance activities. This blog will provide an overview of the annual compliance requirements for companies in Singapore, delve into the specific responsibilities…
The Importance of Accurate Bookkeeping for Singaporean Businesses
In the dynamic landscape of Singapore’s bustling business scene, accurate bookkeeping stands as a cornerstone for success. Whether you’re a startup, an SME, or a well-established corporation, maintaining precise financial records is not just a legal obligation but a strategic imperative. Let’s delve into why accurate bookkeeping is paramount for Singaporean businesses, the repercussions of…
Common Mistakes in Corporate Tax Filing and How to Avoid Them
Tax filing is an intricate aspect of running a business in Singapore, renowned for its business-friendly tax system. However, even in such an environment, companies frequently make mistakes that can lead to penalties, audits, and unnecessary stress. This blog will outline some common mistakes in corporate tax filing and provide detailed advice on how to…
Maximising Returns: The Role of Tax Consultants in Corporate Tax Filing in Singapore
In the dynamic landscape of corporate taxation in Singapore, staying ahead of regulatory changes and maximising returns can be a daunting task. This is where tax consultants step in, playing a pivotal role in navigating the complexities of tax laws and ensuring compliance while optimising financial outcomes for businesses. In this blog post, we explore…
Understanding the No-Filing Service (NFS) for Tax Season 2025: What It Means for Singapore Taxpayers
Tax season can be a stressful time for many, but for eligible taxpayers in Singapore, the No-Filing Service (NFS) helps simplify the process significantly. Over 1.9 million individual taxpayers are eligible for NFS in the Year of Assessment (YA) 2025, with close to 500,000 benefitting from the Direct Notice of Assessment (D-NOA) initiative. The D-NOA…
How SMEs in Singapore Can Support the 2030 Singapore Green Plan
Singapore is taking bold steps towards a greener and more sustainable future with the Singapore Green Plan 2030. As climate change and environmental concerns become more pressing, businesses of all sizes have a role to play in ensuring a sustainable future. Small and medium-sized enterprises (SMEs), which make up a significant portion of Singapore’s economy,…
The Rise of Family Offices in Singapore
Singapore has emerged as a powerhouse for family offices in recent years, attracting wealthy individuals and families from around the world. As of today, 50% of Southeast Asia’s top family businesses are in Singapore. This surge in family office establishments has significantly impacted the city-state’s economy and solidified its position as a global wealth management…
Corporate Income Tax (CIT) Filing: More Than 4,700 Companies Prosecuted for Delayed or Missing Tax Returns in 2023
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) urges all companies to submit their Corporate Income Tax (CIT) Returns by the statutory deadline of November 30, 2024. Year after year, IRAS has noted that approximately 10% of companies fail to meet their CIT filing obligations despite multiple reminders. In 2023 alone, over 4,700 companies faced…
Former Group Executive Director to be Jailed for Unauthorized Collection of Goods and Services Tax
SINGAPORE: Vijay Kumar Muvva (“Vijay”), a 48-year-old former Group Executive Director of Ensoft Consulting Pte Ltd (“Ensoft”), has become the first individual to be convicted and jailed for unauthorized collection of GST under section 64A of the Goods and Services Tax Act (Cap 117A, 2005 Rev Ed) (“GST Act”). He was also convicted for failing…
Implementation of InvoiceNow for GST-Registered Businesses and Complimentary InvoiceNow Services for Newly Incorporated Businesses
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will begin a phased implementation of the InvoiceNow system for GST-registered businesses, starting in November 2025. This new GST InvoiceNow Requirement will initially target newly incorporated businesses that voluntarily register for GST, mandating them to use InvoiceNow solutions to transmit invoice data to IRAS for tax purposes.…
The Role of Corporate Secretaries in Annual Compliance Activities for Singaporean Companies
In the vibrant business landscape of Singapore, maintaining compliance with corporate governance standards is crucial. The role of a corporate secretary is indispensable in navigating these requirements, particularly when it comes to annual compliance activities. This blog will provide an overview of the annual compliance requirements for companies in Singapore, delve into the specific responsibilities…
The Importance of Accurate Bookkeeping for Singaporean Businesses
In the dynamic landscape of Singapore’s bustling business scene, accurate bookkeeping stands as a cornerstone for success. Whether you’re a startup, an SME, or a well-established corporation, maintaining precise financial records is not just a legal obligation but a strategic imperative. Let’s delve into why accurate bookkeeping is paramount for Singaporean businesses, the repercussions of…
Common Mistakes in Corporate Tax Filing and How to Avoid Them
Tax filing is an intricate aspect of running a business in Singapore, renowned for its business-friendly tax system. However, even in such an environment, companies frequently make mistakes that can lead to penalties, audits, and unnecessary stress. This blog will outline some common mistakes in corporate tax filing and provide detailed advice on how to…
Maximising Returns: The Role of Tax Consultants in Corporate Tax Filing in Singapore
In the dynamic landscape of corporate taxation in Singapore, staying ahead of regulatory changes and maximising returns can be a daunting task. This is where tax consultants step in, playing a pivotal role in navigating the complexities of tax laws and ensuring compliance while optimising financial outcomes for businesses. In this blog post, we explore…
Understanding the No-Filing Service (NFS) for Tax Season 2025: What It Means for Singapore Taxpayers
Tax season can be a stressful time for many, but for eligible taxpayers in Singapore, the No-Filing Service (NFS) helps simplify the process significantly. Over 1.9 million individual taxpayers are eligible for NFS in the Year of Assessment (YA) 2025, with close to 500,000 benefitting from the Direct Notice of Assessment (D-NOA) initiative. The D-NOA…
How SMEs in Singapore Can Support the 2030 Singapore Green Plan
Singapore is taking bold steps towards a greener and more sustainable future with the Singapore Green Plan 2030. As climate change and environmental concerns become more pressing, businesses of all sizes have a role to play in ensuring a sustainable future. Small and medium-sized enterprises (SMEs), which make up a significant portion of Singapore’s economy,…
The Rise of Family Offices in Singapore
Singapore has emerged as a powerhouse for family offices in recent years, attracting wealthy individuals and families from around the world. As of today, 50% of Southeast Asia’s top family businesses are in Singapore. This surge in family office establishments has significantly impacted the city-state’s economy and solidified its position as a global wealth management…
Corporate Income Tax (CIT) Filing: More Than 4,700 Companies Prosecuted for Delayed or Missing Tax Returns in 2023
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) urges all companies to submit their Corporate Income Tax (CIT) Returns by the statutory deadline of November 30, 2024. Year after year, IRAS has noted that approximately 10% of companies fail to meet their CIT filing obligations despite multiple reminders. In 2023 alone, over 4,700 companies faced…
Former Group Executive Director to be Jailed for Unauthorized Collection of Goods and Services Tax
SINGAPORE: Vijay Kumar Muvva (“Vijay”), a 48-year-old former Group Executive Director of Ensoft Consulting Pte Ltd (“Ensoft”), has become the first individual to be convicted and jailed for unauthorized collection of GST under section 64A of the Goods and Services Tax Act (Cap 117A, 2005 Rev Ed) (“GST Act”). He was also convicted for failing…
Implementation of InvoiceNow for GST-Registered Businesses and Complimentary InvoiceNow Services for Newly Incorporated Businesses
SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) will begin a phased implementation of the InvoiceNow system for GST-registered businesses, starting in November 2025. This new GST InvoiceNow Requirement will initially target newly incorporated businesses that voluntarily register for GST, mandating them to use InvoiceNow solutions to transmit invoice data to IRAS for tax purposes.…
The Role of Corporate Secretaries in Annual Compliance Activities for Singaporean Companies
In the vibrant business landscape of Singapore, maintaining compliance with corporate governance standards is crucial. The role of a corporate secretary is indispensable in navigating these requirements, particularly when it comes to annual compliance activities. This blog will provide an overview of the annual compliance requirements for companies in Singapore, delve into the specific responsibilities…
The Importance of Accurate Bookkeeping for Singaporean Businesses
In the dynamic landscape of Singapore’s bustling business scene, accurate bookkeeping stands as a cornerstone for success. Whether you’re a startup, an SME, or a well-established corporation, maintaining precise financial records is not just a legal obligation but a strategic imperative. Let’s delve into why accurate bookkeeping is paramount for Singaporean businesses, the repercussions of…
Common Mistakes in Corporate Tax Filing and How to Avoid Them
Tax filing is an intricate aspect of running a business in Singapore, renowned for its business-friendly tax system. However, even in such an environment, companies frequently make mistakes that can lead to penalties, audits, and unnecessary stress. This blog will outline some common mistakes in corporate tax filing and provide detailed advice on how to…
Maximising Returns: The Role of Tax Consultants in Corporate Tax Filing in Singapore
In the dynamic landscape of corporate taxation in Singapore, staying ahead of regulatory changes and maximising returns can be a daunting task. This is where tax consultants step in, playing a pivotal role in navigating the complexities of tax laws and ensuring compliance while optimising financial outcomes for businesses. In this blog post, we explore…