No Penalties Imposed for Filing Extensions BizFile has been having issues with the system, and the Accounting and Corporate Regulatory Authority (ACRA) is well aware of it. BizFile users have had to be patient for the past week as ACRA works to resolve the system slowness with urgency. ACRA has acknowledged the issue and thanks…
New Changes to Take Place From 1 January 2022 The Accounting Standards Council (ASC) Singapore has issued new changes that will begin 1 January 2022. The changes are set to affect the annual reporting periods. The ASC issued Annual Improvements to SFRS(I)s 2018-2020 and Annual Improvements to FRSs 2018-2020. The FRS refers to the Financial…
No Distance Charging Will Be Imposed on Road Users Singapore will be changing to the new Electronic Road Pricing (ERP) system. The change is set to take place halfway through 2023. The ERP system alone will not be changing. The change is only that no more big gantries will be required. The other change is…
New Guideline Pricing to Help Curb Errant Business Practices Businesses in Singapore must abide by a new guideline pricing. This will start from 1 November in a bid to curb errant business practices like misleading advertising. Misleading advertising includes omitting mandatory fees and touting misleading prices. Businesses will have two months to get things in…
Firms in Singapore Are Being Incentivised to Hire Locally in the Next Few Months The Singapore government is offering a job growth incentive in a bid to urge companies to hire more locals within the next few months. Any company that hires more locals will receive help. The Government will pay for up to half…
New Lodging Requirements as of 30 July 2020 Companies in Singapore will have a new responsibility in addition to the requirement of keeping a Register of Registrable Controllers (RORC). They must now lodge the RORC information with ACRA’s central RORC too. ACRA (Accounting and Corporate Regulatory Authority) needs this to be done by 29 September…
Opening a Bank Account is as Easy as Scanning Your Face Facial scans will be the new way of opening a bank account in Singapore. This service will be known as the SingPass Face Verification. It is a new safe and secure online banking way that was launched on 30 July 2020. It was launched…
Greater Security Measures in Place Ensure the Safety of Singaporeans When Transacting Online Singapore’s national authentication system is about to be improved as the planned SingPass upgrade is set to ensure greater online security. Developed by GovTech, the movie is already in place to find a contractor. GovTech is sourcing a suitable candidate who can…
1.9 Million Workers Will Be Aided With 4 Billion Dollars Through the Jobs Support Scheme (JSS) From 29th July The Job Support Scheme (JSS) was designed and launched by Unity Budget to save jobs and help businesses pay wages of roughly 1.9 million workers. The initiative was created to aid struggling businesses to retain their…
Understanding the Latest Buzzword: Travel Bubble Travel bubble, travel corridor, corona corridor are the latest positive buzzwords during this troubling time of the pandemic. But what are they, and why should we be excited about it? What is a Travel Bubble? More and more countries are adopting the travel bubble. Although we’re in the…