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Tax Residency Status of An Individual

An individual's tax residency status will influence their income tax rates.   You are deemed to be a tax resident for a specific Year of Assessment (YA) in the following situations: 1) A Singapore Permanent Resident (SPR) or Singapore Citizen (SC) who is a resident in Singapore with the exception of short-term absences; or 2) […]

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Tax Exemption Scheme for New Start-Up Companies

Tax exemption scheme in Singapore Introduced in Year of Assessment (YA) 2005, the tax exemption scheme for start-up businesses aims to help local enterprises grow, while also helping to support entrepreneurship. All start up business eligible for this tax exemption scheme is granted a 100% tax exemption on the initial S$100,000 chargeable income, and a further 50% […]

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Tax Implications for Director’s Fee in Singapore

In general, the director's fees are likely to be sourced in the country the company is based. The reason is that the director's actions in controlling and determining business activities to generate the company's revenue have taken place in that specific country.   1. Director's Fee must be approved at AGM Director fee is usually paid […]

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Taxable and Non-taxable Income for Singapore Business

Understand Taxable Income For income tax purposes in Singapore, the taxable income may relate to the following: Profits or gains derived from business or trade; Income derived from investments such as rental, interest and dividends; Property related profits or gains such as premiums and royalties; or Any other type of gains that is an income […]

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Individual Tax Obligations – Who should Pay Tax

Income Tax Obligations Individuals receiving, deriving or earning income in Singapore is required to pay income tax annually unless exempted under the Singapore Income Tax Act.   1. Employed Individuals Individuals working and receiving payment (may refer to benefits-in-kind or cash) in any form of employment or service rendered is required to pay income tax in […]

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Guidance to Directors in carrying out Financial Reporting Duties

Quality financial records are important for our markets. Many stakeholders ask for financial statements to understand the business and its underlying transactions.   The directors of the company are responsible for ensuring sound annual financial reporting to comply with Singapore Companies Act Chapter 50 and Singapore Financial Reporting Standards (SFRS).   Below are some guidelines to assist Singapore […]

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Five Reasons Why Companies Outsource Their Payroll

There are many businesses that manage tax, payroll, accounting, human resources and all other finance related functions in in-house. Staffing these services can become very complicated and not mention, expensive. Quite often businesses keep these functions in-house without realising how intricate these tasks are becoming over time. Some of the most frequently outsourced business functions are […]

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How Accountants Help in Regulating Money Laundering and Terrorists Financing Activities?

SME in Singapore – Regulating Money Laundering and Terrorists Financing Activities Being a financially responsible business is essential in becoming or staying a significant player in the global economy.   It is one thing to take to vast sums of money and even medium amounts, but not knowing where this money is coming from can sometimes […]

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Differences between outsourcing payroll services and internal payroll

Payroll is one of the most intricate areas in the world of business.   From medium size business to the very large corporations, outsourcing payroll is now becoming common practice in Singapore. Outsourcing payroll usually makes sense strategically due to the complexity and dynamic constitution of payroll requirements.   Since payroll is often imbued with […]

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Outsourcing accounting function saves overhead cost and free up valuable time

Outsourcing accounting function is one trending topic in the business sector of prosperous countries like Singapore. A substantial part of the company’s total functions is handed to the outsourced accounting services for some benefits.   Though they are considered as back-office services, they still induce impact to the company as a whole when they are done […]

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