Changes to Financial Reporting Standards in Singapore To support Singapore’s corporate governance and financial reporting framework, accounting standards are developed for public interest. To promote public confidence in the standards developed from the process, the accounting standard-setting process must be robust and credible.The Accounting Standards Council (ASC) is responsible for the formulation and promulgation of…
New look for ACRA’s Bizfile+ The Singapore Accounting and Corporate Regulatory Authority (ACRA) recently introduced a new online filing and information retrieval system called BizFile+. The new system allows the public to access a suite of over 400 electronic services ranging from the submission of statutory documents, to retrieval and purchases of information pertaining to business entities…
Singapore’s Per Diem Allowances Update Per diem, which is Latin for “per day” or “for each day” or daily allowance, is a specific amount of money an organisation gives an individual, often an employee, per day to cover living expenses when traveling for work. A per diem can include part or all of the expenses…
Singapore’s Ministry of Manpower (MOM) Seeks Public’s Feedback in Reviewing Areas of Employment Act Singapore’s Ministry of Manpower (MOM) is looking at revising the Employment Act, and it is seeking the public’s opinion on the matter for the areas it is reviewing. Singapore’s Employment Act as was last reviewed in 2012 and the amendments to…
Overall Positive Growth for Singaporean Employment Market in the Third Quarter of 2017 The Singaporean labour market continued to improve in the third quarter of 2017 with the drop in total employment coming in lower than that in the two previous quarters. Those affected were mostly foreign workers and as a result, growth in local…
Singapore Wage Credit Scheme (WCS) Payouts in March 2018 The Singaporean Ministry of Finance has reminded all employers to make CPF contributions for employees by 15 Jan 2018 to receive Wage Credit Scheme payouts in order to receive the fifth tranche of Wage Credit Scheme (WCS) payouts in March 2018. According to a recent statement, to…
Personal Income Tax Filing Season for Year 2017 in Singapore – 3E Accounting Ready to Assist You Time to file your Singapore personal tax return Singapore’s personal income tax year is from 1 January to 31 December and income is assessed on a preceding year basis. Annual personal tax returns for the Year 2017…
LED Initiative A Huge Success The LED Scheme in Singapore has helped over 5,200 enterprises from all sectors harness technology and lean manpower solutions to transform their business operations and processes and improve productivity. Launched in 2015, the LED initiatives range from optimisation of technology and automation to adoption of progressive human resource practices and…
QR Code – Transactions of The Future A task force has been set up to specifically to develop a common QR code for Singapore (SGQR) that could be used for e-payments islandwide. The task force was set up under the purview of a newly formed payments council which was set up to look into ways…
Electronic System for PR Applications Introduced Starting December 18, this year, The Singapore Immigration and Checkpoints Authority (ICA) will introduce an electronic system for permanent residency applications. With this new system, called the electronic-Permanent Residence (e-PR) in place, applicants do not have to make an appointment with ICA to submit their documents. All they have to do…