ASC publishes the 2017 volume of FRSs and INT FRSs and the SFRS for Small Entities The Accounting Standards Council (ASC) publishes the 2017 volume of Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards FRSs (INT FRSs) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities) that is applicable…
Indicative margins for related party loans IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this table: Related party loan not exceeding S$15 million obtained or provided during the period 1 January 2017 to 31 December 2017 – Indicative margin is +…
Singapore: Taking Up Secondary Directorship for Employment Pass Holders The Ministry of Manpower (MOM) has announced new rules in place for companies appointing Employment Pass (EP) holders as directors. Eligible companies can appoint EP holders from another related company to their Board of Directors, but with an Letter of Consent (LOC) from the MOM. In…
Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements We would like to bring your attention on the following matters: Unauthorised Charging of GST Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST…
Personal Income Tax Filing Season for Year 2016 in Singapore – 3E Accounting Can 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 Year 2016 must be…
Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector The Government has considered and accepted the recommendations contained in the report of the Tripartite Cluster for Cleaners (TCC) dated December 2016 on the enhancements to the Progressive Wage Model (PWM) for the cleaning sector, which was released today. The PWM enhancements will…
Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements ACRA issues Financial Reporting Practice Guidance No. 1 of 2016 on 8 December 2016. In 2016, weak market sentiments and continued slow-growth in the global environment have affected many Singapore companies. This Practice Guidance highlights seven financial reporting…
Wage Credit Scheme Payouts for 2017 Employers are reminded to make CPF contributions for employees by 16 Jan 2017 to receive Wage Credit Scheme payouts Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 16 January 2017 in order to receive the fourth tranche of Wage Credit…
Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017) ACRA had previously informed the Companies that following legislative changes in the Companies (Amendment) Act 2014, private companies are required to update shareholder information to facilitate ACRA’s maintenance of electronic Registers of Members…
New Requirement on Mandatory Retrenchment Notifications From 1 January 2017 A new requirement on mandatory retrenchment notifications will take effect from 1 January 2017. The tripartite partners have issued an advisory to guide employers on complying with this requirement. Under the Workforce Singapore Agency Act, employers will need to notify the Ministry of Manpower (MOM)…
