What it is to Improve Financial Reporting Standards Singapore is a well-known global business hub. From the outset, the forefathers of Singapore have maintained a stable and transparent business environment. They have studied the nation and the world’s financial reporting standards and utilized the state’s potential to gain a competitive advantage. Financial reporting is used…
Optimize Accounting Software to Improve Profitability Everyone knows that money is very important in business, especially when it comes to development and success. Therefore, it is safe to say that a business greatly depends on accounting practices, procedures, and policies. That is why cloud solutions have emerged, catering to small and medium-scale businesses. Such innovation…
About the Accounting Software in Singapore Financial records are difficult to track when your business is growing because doing it manually no longer works. If you are thinking of using accounting software in Singapore, you are not alone. In fact, most entrepreneurs would rather use this than have it done manually because there is a…
Understanding Enhanced Regulatory Framework The enhanced regulatory framework for Singapore companies took effect five years ago in May 2015. It is the Accounting and Corporate Regulatory Authority (ACRA) that administered the framework. The international standards recognize this framework because it meets their criteria when it comes to anti-money laundering and counter-terrorism financing. Both were started…
Uplifting Singapore SMEs with the Start-up Tax Exemption Scheme Singapore’s government offers many opportunities to boost the nation’s entrepreneurial ventures. The Start-Up Tax Exemption (SUTE) proves to be a very good initiative by the Singapore government. Along with the Singapore Inland Revenue Authority (IRAS), it has launched tax-saving measures that target companies, particularly new ventures…
2020 Tax Changes in Singapore to Look Forward to On February 18th, 2020, Heng Swee Keat, the Finance minister of Singapore as well as the Deputy Prime Minister of the country, presented the Singapore Budget for 2020 with the perspective of the continuing COVID-19 epidemic, along with environmental instability. In this respect, 2020 tax changes…
Only When Disrupted, Businesses Are Forced to Adapt or Risk Falling Through Disruptions, while heavily focused, will definitely throw your balance off. For those who can adapt, will weather the interruption and come out stronger. The same concept applies when conducting business. In each era, there is an industrial revolution that makes businesses thrive for…
Is There an Increased Opportunity to Evade Personal Tax Through Corporatization? The upward revisions for personal tax were made on 23rd February 2015. These changes were subject to the top marginal income tax rate in the jubilee budget of Singapore. This announcement not only surprised the wealthy class Singaporeans, but the middle class and low-earning…