Better Pay for Private Sector Employees More private sector workers in Singapore took home much better pay cheques than what they did in 2016, said the Ministry of Manpower. According to reports, their real wages saw a 3.2 per cent growth, which is the slowest since 2013 when it was at 2.9 per cent. Results…
DetailsACRA Make Some Changes for Better Efficiency Beginning June 1, 2018, all customers who want to visit the Accounting and Corporate Regulatory Authority’s (ACRA) service counters will be required to book an appointment. According to the ACRA website, this can be done via the e-appointment system at least 3 working days in advance. By using the e-appointment system,…
DetailsCAP for CIT Rebates Raised Singapore’s Minister of Finance, Heng Swee Keat announced in Budget 2018 that the cap for the Corporate income Tax (CIT) Rebate for YA 2018 will be raised to 40% of the corporate tax payable subject to a cap of $15,000. This is an increase from the previously announced rebate of 20% of…
DetailsImportance Of Informing ACRA / IRAS On Changes All company owners in Singapore are advised to file any change of name or office address with the Accounting and Corporate Regulatory Authority (ACRA) immediately. This can be done online via www.bizfile.gov.sg/ There is no need to inform or update IRAS separately of the change in name or address. IRAS will update…
DetailsNew Amendments to the Implementation of Section 121 of the Companies Act 2014 As of 20th April 2018, Section 121 of the Companies (Amendment) Act 2014 took effect, and with those changes comes the introduction of new sections 202A and 202B of the Companies Act. These regulations have successfully come into effect, and concurrently, the…
DetailsAccounting Standards Council Singapore (ASC) Issues New Amendments The Accounting Standards Council Singapore (ASC) recently issued several amendments to the Singapore Financial Reporting Standards (International) (SFRS(I)s) and Financial Reporting Standards (FRSs). These include annual improvements to SFRS(I)s 2015-2017 Cycle, effective for annual reporting periods beginning on or after 1 January 2019; and improvements to FRSs (March 2018), effective…
DetailsPublic Holidays in Singapore for 2019 The Ministry of Manpower Singapore has released the dates of the upcoming public holidays happening in Singapore in 2019. These dates may be modified if official changes are announced. If you’re a business operating in Singapore, as an employer it would be a good idea to keep tabs on…
DetailsCPTPP Signed To Lower Trade Barriers Across The Region In view of increasing protectionism, ministers from 11 countries recently signed a revised Trans-Pacific Partnership. The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which took place in Chile signals a commitment to lower barriers to trade across the region. The CPTPP also…
DetailsBetter Protection Under Amendments To Employment Act The Employment Act in Singapore will soon be amended to remove the S$4,500 salary cap providing protection to about 430,000 more professionals, managers and executives (PMEs). Manpower Minister Lim Swee Say said the only exceptions are public servants, domestic workers and seafarers who are covered separately, such as…
DetailsLapsing of Productivity and Innovation Credit (“PIC”) scheme As you may be aware, the PIC scheme will lapse after Year of Assessment (YA) 2018. YA 2018 refers to the company’s financial year ended 2017. The financial year ended 2017 will be the final time frame for companies to claim incurred qualifying expenses for PIC benefits.…
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