Updates from ASC – ASC Publishes the 2016 Volume of FRSs and INT FRSs ASC publishes the 2016 volume of FRSs and INT FRSs. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. FRSs issued by the ASC are published for your own personal non-commercial…
Singapore Keeps No. 2 Position in Global Talent Index for the Third Straight Year Singapore has been ranked the world’s second-most talent-competitive country for the third straight year, behind Switzerland. This makes it the only Asian country in the top 10 of the Global Talent Competitiveness Index compiled by the business school Insead. The annual…
Wage Credit Scheme Payouts for 2016 Employers are reminded to make CPF Contributions for employees by 14 Jan 2016 to receive Wage Credit Scheme payouts Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 14 January 2016 in order to receive the third tranche of Wage Credit…
Singapore-Luxembourg Avoidance of Double Taxation Agreement Enter Into Force The revised Singapore-Luxembourg Avoidance of Double Taxation Agreement (DTA) entered into force on 28 December 2015. The revised DTA lowers the withholding tax rates for dividends, interest and royalties, lengthens the period test for determining permanent establishments as well as provides a more mutually favourable tax…
GOODS AND SERVICES TAX (GST) – Launch of GST Bulletin Issue 11 IRAS are pleased to inform you that a new issue of the bi-annual GST Bulletin has been released. The GST Bulletin features bite-sized information on recent changes in GST law and GST treatment on issues commonly faced by GST-registered businesses. Some key topics…
Update on BizFile+ – Extension of Filing Time and No Imposition of Filing Penalties ACRA will be extending the time to file AR, Annual Declarations, Business Registration Renewals and any statutorily required filings which are due between 26 Dec 15 to 31 Jan 16, to 2 Feb 16. For more information, please view Update on…
Changes to CPF Contribution Rates and Wage Ceilings from 1 January 2016 The CPF contribution rates for employees aged above 50 to 65 years will be increased for wages earned from 1 January 2016 to help them save more for their retirement needs. Find out more about the new CPF contribution rates. To keep pace with income…
Highlights of ACRA New Filing Requirements for Companies effective 3 Jan 2016 ACRA has revamp its online business filing and information portal (“BizFile”). The enhanced system, Bizfile+ , will launch on 3 Jan 2016. As announced on 5 Nov 2015, Bizfile will undergo system migration to transition to Bizfile+. You may wish to note that:…
Corporate Tax Filing Season 2015: 3 Filing Mistakes Companies Should Avoid As companies prepare to e-File their income tax returns by 15 Dec 2015 (or 30 Nov 2015 if they paper file), IRAS would like to highlight three common mistakes so that companies can avoid them1. Compliance Reviews and Guides to Help Companies File Correctly…
Financial Reporting Practice Guidance No.2 of 2015 ACRA has issued Practice Guidance No. 2 of 2015 which highlights the ten areas of review focus under the Financial Reporting Surveillance Programme (FRSP) for FY2015 Financial Statements. The practice guidance serves to guide directors and other financial statements preparers on some of the areas of potential misstatements…