Lapsing of Productivity and Innovation Credit (“PIC”) Scheme

Lapsing of ​P​roductivity and ​Innovation C​redit​ ​(“PIC”) ​scheme As you may be aware, the​ PIC scheme will lapse after Y​ear of Assessment (YA) 2018​. YA 2018 refers to the company’s financial year ended 2017. The financial year ended 2017 will be the final time frame for companies to claim incurred qualifying expenses for PIC benefits.…

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GST On Imported Services From Jan 1, 2020

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 services;…

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