Singapore GST On Imported Services From Jan 1, 2020 Consumers and businesses who buy imported services from suppliers based overseas which have no establishments in Singapore will have to pay goods and services tax (GST) from Jan 1, 2020 onward. The GST will be levied on two types of services: business-to-business (B2B), such as marketing services, accounting services and IT…
Singapore – Malaysia Trade Link Set to Reap Benefits The proposed link between the Singapore and Malaysia stock markets has the potential to increase securities revenue for the Singapore Exchange (SGX) and likely generate interest, particularly among retail investors. While it is too early to calculate any benefits from, DBS Group Research, said…
Workplace Injuries: Two Employers Fined Two employers were fined in November last year in the State Courts for failing to insure and maintain work injury compensation insurance for their employees. Valiancy Enterprise LLP (‘Valiancy’) and Suriakumar Ridgeway S/O Ramaiah (‘Suriakumar’), the sole proprietor of Ridgeway Marine & Construction, were also fined for failing to pay…
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…