Dear Valued Clients,
Welcome to our E-Newsletter January 2019
As 2018 draws to an end, it is time for us to reflect on past learning, while looking at the future with renewed hope. With a sense of satisfaction, we can look back in 2018 that, in many respects, has been challenging, but positive.
3E Accounting Singapore Celebrates another Year of Achievements
Against the backdrop of global uncertainties, 3E Accounting Singapore and its members have achieved much that we should be proud of. Our success year after year is a testimony of our commitment to the industry we serve. 2018 has once again shown that when we work together we can achieve incredible things. We have been selected as a representative of Global Excellence Awards and named the “Leading Accounting Services Provider of the Year” by Wealth & Finance International. The achievement is another feather on our hat, evidence our commitment and service as the best-in-town Singapore Company Registration and Corporate Secretarial services within the industry.
On top of that, 3E Accounting Singapore is honoured to be qualified as one of the top 6 referral partners for new DBS Bank account openings. Another achievement worth celebrating is we are once again a recipient of the OCBC Valued Partner Awards for 2018. We forged the strategic partnership with OCBC Bank to provide a more comprehensive one-stop service to our clients.
Singapore’s economy – what’s on tap?
According to Goldman Sachs Research, the global economy is moderating slowly from 3.8% in 2018 to 3.5% in 2019 due to moderating global trade and tightening international financing conditions. Many economies will start to feel the pinch of U.S-China tariff war in 2019. The Ministry of Trade and Industry of Singapore has forecasted that the country’s economic growth is poised to slow to 1.5% to 3.5% in 2019 from a projected range of 3% to 3.5% in 2018. Though the annual growth is set to slow in 2019, the economy of the trade-reliant Singapore will remain robust due to the strong service sector and higher wage pressures.
Malaysia’s 14th General Election and its New Government
Despite the border dispute that has rocked the Singapore-Malaysia ties, Malaysia remains as our close neighbour in the region. In 2018, we have witnessed the shocking result of Malaysia’s election. The opposition ousted the coalition that has ruled Malaysia for 61 years. This shocking result and political shift in power actually spelt a lot of uncertainties and opportunities to investors. As such, many investors opine that now is the right time to venture and invest in Malaysia. 3E Accounting is ready to help you to tap the Malaysian market – our Malaysia Desk in Singapore will help you to navigate the ins and outs of doing business in Malaysia, even you are in Singapore!
Personal Income Tax Filing Season
As we close off 2018, we would like to remind you that tax season is around the corner (please note that annual personal tax returns for Year 2018 must be filed with IRAS by 15 April 2019). If you are an employer, you will need to prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees by 1st of March each year. Last but not least, please do not forget to do stock take before 31st of December.
The years succeed one another but they are different from one and other in terms of aspirations, achievements, and challenges. Although there is still much we must do to ensure that we continue to deliver the best service, 3E Accounting Singapore will continue our effort and promise to champion the best end-to-end service in town. I wish you all a very happy new year, filled with joy, success, and good health.
Read More in our E-Newsletter January 2019.