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Goods and Services Tax (GST)

6.02.2018 / by han.lk / 0 comments

Introduction Goods and Services Tax (GST), also known as Value-Added Tax (VAT) in many countries, is a broad-based consumption tax levied on the import of goods and the supply of goods and services in Singapore. It was implemented in Singapore…

Do you always ponder if an income statement is presented by nature of expense or by function of expense? The following is a brief explanation to help us identify between the two ways of presenting an income statement. The choice…

Business Profile Business Profile is an electronic document issued by Accounting and Corporate Regulatory Authority(“ACRA”) and business owners will need it often for business purposes. This electronic document summarises basic information available in ACRA’s records about the Singapore-registered entity and…

Accounting Workflow for a New Business Owner

21.12.2017 / by han.lk / 0 comments

In all businesses, it is of utmost importance to have an accounting system to monitor the business’ finances. An accounting system helps the business owner to keep track of the business’ income, expenses, assets and liabilities.  It also helps to monitor…

Singapore is strategically located between the East and West, providing convenient access to fast-growing markets such as China, India and Southeast Asia. Its strategic location is one of the major advantage of relocating business to Singapore. More than 7,000 multinational…

Foreign-sourced income in Singapore

4.05.2017 / by han.lk / 0 comments

In Singapore, taxes are imposed on income derived from or accrued in Singapore, as well as foreign-sourced income received in Singapore. With the increase of globalisation, it is not surprising that many tax-resident companies in Singapore are deriving income from…

Annual Return & XBRL

15.02.2017 / by han.lk / 0 comments

What is XBRL?  XBRL stands for eXtensible Business Reporting Language. It is an internationally recognised language used in computers for business reporting and electronic communication of business information between organisations. With effect from 1 November 2007, Accounting & Corporate Regulatory…

A Brief Guide on Singapore Corporate Taxation

27.01.2017 / by han.lk / 0 comments

In 2015, Singapore has been ranked as the most business-friendly economy for the tenth year in a row by World Bank. Many factors have contributed to Singapore’s competitive edge: easy access to capital, strategic location, excellent infrastructure, ease of doing business…

Making Representation to ACRA

13.10.2016 / by han.lk / 0 comments

As  many of you are aware of, Singapore incorporated companies are subject to staying compliant with Accounting and Corporate Regulatory Authority (“ACRA”). If you are unable to hold your Annual General Meeting or lodge Annual Return on time, penalties will…

Setting up an Employment Agency

9.08.2016 / by han.lk / 0 comments

An employment agency needs to have a licence to operate in Singapore. Below you will find the key steps to setting up an employment agency in Singapore. Before we delve into more details, let us first discuss who needs to…

Registered Office Address

30.07.2016 / by han.lk / 0 comments

It is the company’s responsibility to update the Accounting and Corporate Regulatory Authority of the changes in its registered particulars. The change of registered office address or office hours is commonly filed via ACRA’s BizFile+ portal. The company is required…

Dormant Company Guide

24.07.2016 / by han.lk / 0 comments

This article is designed to be an easy-to-understand guide on compliance and regulatory matters surrounding Dormant Companies incorporated in Singapore. In this context, let us first define what dormant company is under the definition given by Accounting and Corporate Regulatory…

Singapore Branch Guide

18.12.2015 / by han.lk / 0 comments

The Companies Act requires a foreign company to appoint at least one local agent from Singapore to act on behalf of the company. The agent must be an “ordinarily resident” (the usual place of stay of a person) in Singapore….

Preamble Although the Singapore Financial Reporting Standard for Small Entities has been available as a framework for the preparation and presentation of general purpose financial statements since 2011, its adoption by small entities has been negligible. Some public accountants have…

Singapore has a relatively simple, predictable and low tax system as compared to the rest of the World. It has one of the most tax-friendly economies supplemented by numerous tax schemes and incentives by the government to help companies grow…

Annual General Meeting

1.10.2015 / by han.lk / 0 comments

When do I need to hold my company’s AGM? A company is required to hold its first AGM within 18 months after its incorporation. Subsequent AGMs must be held every calendar year and the interval between AGMs should not be…

Setting up a Travel Agency

28.08.2015 / by han.lk / 0 comments

Companies or persons in the business of making travel arrangements or conducting tours in or outside of Singapore are required to apply for a Travel Agent Licence.​ Where to apply? Online Business Licensing System (OBLS) What is the applicable licence…

IRAS have published the following update pertaining to the tax treatment of motor vehicle expenses on 13 August 2015. Tax Treatement of Motor Vehicle Expenses Motor vehicle expenses incurred on goods and commercial vehicles such as vans, lorries and buses…

Free Accounting Software

8.08.2015 / by cs.eng / 0 comments

“There is no such thing as a free lunch” is a popular adage communicating the idea that it is impossible to get something for nothing. Notwithstanding the elements of truth that this adage conveys, making use of cost-free accounting software…