Dear Valued Clients,
Welcome to our E-Newsletter October 2018
October will mark the beginning of the final quarter of 2018. Before we move to October, let us have a quick look at Singapore’s economic performance in the past few months. Following the good performance in Q2, Singapore’s economic performance has seen strong performance in August. Economists maintained their growth forecast for the Singapore economy at 3.2% where experts believe that the manufacturing sector will be the key driver of the economy (with full-year growth estimated to be 7.6%).
The Cashless Journey of Singapore
Apart from the better-than-expected economic performance, the move of going cashless is also brewing in Singapore. Singapore is actively paving its cashless journey. From contactless terminals to digital wallet, Singaporeans are keeping up with Singapore’s steady drop in cash usage. The cashless society is not just biting into the spending behaviour of consumers, it fundamentally changes the way people do business.
One of the major waves in the cashless transformation is the unified payment system in Singapore Food and Beverage service. Singaporean government vows to unify the fragmented e-payment landscape while bringing cashless payments to all 12,000 hawker stalls in Singapore. Nets, being the first “master acquirer”, will bring this system to the designated vendors, as cash is slowly becoming less prominent in Singapore. Nets is the only authority responsible for account reconciliation and it will accommodate the entire range of payment schemes – it will help hawkers to embrace the cashless payment with hardware that can accept e-payments.
As cashless payments spread, government bodies also weigh up their payment methods. The newly launched PayNow Corporate enables businesses as well as the Singapore government to perform instant transaction (make payment and receive payment) by using their respective Unique Entity Numbers. The PayNow Corporate is the extension of the peer-to-peer funds transfer service PayNow. It is now available to businesses, corporate bodies and government agencies that are customers of seven participating banks, namely Citibank, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank and UOB.
Corporate Income Tax Submission Deadline
We also would like to remind you that the corporate tax seasons in Singapore are around the corner. The deadline for submission of your Company’s Form C / Form C-S for the Year of Assessment 2018 is 30 November 2018. Please do not delay your tax submission as to avoid any unnecessary late payment penalties. Do call us if you need any assistance.
Loan Scam Alert
We would like to alert you of a recent loan scam where scammers attempt to impersonate as 3E Accounting representative and have been asking for unauthorised payment from clients for loans services fee. We wish to bring to your attention that 3E Accounting has no connection with such fraudulent cases and are not providing any loan services. If you think you’ve been contacted by a scammer who’s impersonating 3E Accounting, please report to the police immediately.
Ever since its establishment, 3E Accounting has strived to maintain high ethical standards, offer services that provide value to our clients, and become a company trusted and chosen by all of its stakeholders. Thank you for your continued patronage!
Read More in our E-Newsletter October 2018.