Welcome to our E-Newsletter April 2014.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on its website Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> Taxability of PIC Bonus
> PIC Benefits for Companies
> Expenditure incurred on WebSite will qualify for PIC from YA 2014.
Personal income tax season
The season for personal tax filing is approaching once again and as an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees including directors (who are employed in Singapore) by 1st Mar each year.
For Personal income tax FAQ, you can refer to our web site at Personal Income Tax FAQs.
As employee, remember to file your personal income tax before 15 April 2014.
More information about Tax Season 2014: Over 1.2 Million Taxpayers Need Not File Taxes.
To file your personal income tax, log in to myTax Portal
Go on, file early to avoid the last-minute rush. Have a smooth tax filing experience!
Company to pay $793,000 in taxes, penalties and fines for failing to register for GST
A sports and concerts event promoter company, was ordered to pay about $786,000 in taxes and penalty and a court fine of $7,000 for failing to inform the Comptroller of Goods and Services Tax (“GST”) of its liability to register for GST.
More information about Company to pay $793,000 in taxes, penalties and fines for failing to register for GST.
PART 2 REGULATORY & BUSINESS
Employers to receive first tranche of Wage Credit Scheme payouts by end March 2014
Over 74,000 employers will receive about $800 million in the first tranche of Wage Credit Scheme (WCS) payouts by 31 March 2014. SMEs will receive around three-quarters of the sum disbursed.
The WCS payouts help co-fund 40% of the wage increases given in 2013 to approximately two in three Singaporean employees who earned a gross monthly wage of $4,000 and below in 2012.
More information about Employers to receive first tranche of Wage Credit Scheme payouts by end March 2014.
PART 3 FINANCIAL REPORTING
Five new jurisdiction profiles on use of IFRS around the world
We have posted new profiles on the use of IFRS in Jordan, Nepal, Nicaragua, Sierra Leone, and Trinidad & Tobago. Jordan, Nepal, Sierra Leone, and Trinidad & Tobago require IFRS for all listed companies; Nicaragua requires IFRS or US GAAP. Four of the five jurisdictions (all except Nepal) permit SMEs to use the IFRS for SMEs.
More information about Who uses IFRS Standards?.
Read more on our E-Newsletter December 2012: 30 Nov: November IFRS for SMEs Update Published