Amendments to FRS 7: Disclosure Initiative and Amendments to FRS 12: Recognition of Deferred Tax Assets for Unrealised Losses 11 Mar 2016 – ASC has issued Amendments to FRS 7: Disclosure Initiative and Amendments to FRS 12: Recognition of Deferred Tax Assets for Unrealised Losses, effective for annual periods beginning on or after 1 January…
Initiatives to Raise Standards in Foreign Domestic Worker-Placing Employment Agencies The Ministry of Manpower (MOM) has announced initiatives to further improve the professionalism of FDW-placing employment agencies (EAs). A new grading scheme called Trustmark and the Employment Agency Customer Rating system will be introduced for FDW-placing EAs. The initiatives were announced at an EA Seminar…
Beginner’s Guide to Withholding Tax Under the law, when a person makes payment(s) of a specified nature (e.g. Royalty, Interest, Technical Service Fee, etc.) to a non-resident company or individual, he/she is required to withhold a percentage of that payment and pay the amount withheld to IRAS. The amount withheld is called Withholding Tax. Click…
Filing of Income Tax Computations in Functional Currencies other than Singapore Dollars (S$) Companies that prepare their financial statements in non-Singapore dollars (S$) functional currencies are to prepare their tax computations in the same non-S$ functional currency. However, all amounts declared in the Income Tax Return must be in S$. Click here for more information.…