Amendments to FRS 7 and Amendments to FRS 12 11 Mar 2016 – ASC has issued Amendments to FRS 7: Disclosure Initiative and Amendments to FRS 12, effective for annual periods beginning on or after 1 January 2017. Click here for more information.
Initiatives to Raise Standards in Foreign Domestic Worker-Placing Employment Agencies The Ministry of Manpower (MOM) has announced initiatives to further improve the professionalism of FDW-placing employment agencies (EAs). A new grading scheme called Trustmark and the Employment Agency Customer Rating system will be introduced for FDW-placing EAs. The initiatives were announced at an EA Seminar…
Stop All Confusion and Start Knowing Everything About Singapore’s Withholding Tax Tax, the topic that comes and goes. If you are an individual working in Singapore, you pay tax accordingly. The same applies if you own a company that entirely operates in Singapore. These two examples resonate with being a tax resident of Singapore. If…
Filing of Income Tax Computations in Functional Currencies other than Singapore Dollars (S$) Companies that prepare their financial statements in non-Singapore dollars (S$) functional currencies are to prepare their tax computations in the same non-S$ functional currency. However, all amounts declared in the Income Tax Return must be in S$. Click here for more information.…
Data Register Pte Ltd to Offer Eligible Subscribers Opportunity to Unsubscribe By Terminating Their Accounts ACRA had brought a total of 1,104 charges against Data Register Pte Ltd (previously known as “Company Register Pte Ltd”) in 2014/15 for issuing business correspondences in October and November 2013 which did not state its company name and registration number…
Singapore Tax Season 2016 – File Your Taxes Early in March The Inland Revenue Authority of Singapore (IRAS) has introduced several enhancements for Individual Income Tax Season 2016 which runs from 1 Mar to 18 Apr 2016. Filing taxes on-the-go optimised for smartphones Interactive personal relief tool for immediate eligibility checks Pre-filled rental expenses for…
Mastermind of GST Fraud Jailed 8 Weeks in Singapore Tan Wan Wen, who masterminded a plan to defraud the Comptroller of Goods and Services Tax (“GST”) of GST refunds by using multiple shell businesses, was sentenced to 8 weeks in jail. She was also ordered to pay a penalty of $55,141.17, three times the amount…
Two Companies and a Director Convicted for Making Fraudulent PIC Claim One IT Distribution Pte Ltd (“One IT”) and its director, Alan Ang Soon Teck (“Alan Ang”), have been convicted of assisting Chuan Huat Electronics Pte Ltd (“Chuan Huat Electronics”) to obtain a higher amount of Productivity and Innovation Credit (“PIC”) cash payout which Chuan…
Personal Income Tax Filing Season for Year 2015 in Singapore 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 2015 must be filed with IRAS by 15 April…
February 2016 IASB Update published The February 2016 International Accounting Standards Board (IASB) Update has been published. The February 2016 IASB Update has been published. The topics for discussion were: Insurance Contracts Goodwill and Impairment IFRS Implementation Issues Financial Instruments with Characteristics of Equity