Understanding Enhanced Regulatory Framework The enhanced regulatory framework for Singapore companies took effect five years ago in May 2015. It is the Accounting and Corporate Regulatory Authority (ACRA) that administered the framework. The international standards recognize this framework because it meets their criteria when it comes to anti-money laundering and counter-terrorism financing. Both were started…
Firms in Singapore Are Being Incentivised to Hire Locally in the Next Few Months The Singapore government is offering a job growth incentive in a bid to urge companies to hire more locals within the next few months. Any company that hires more locals will receive help. The Government will pay for up to half…
Uplifting Singapore SMEs with the Start-up Tax Exemption Scheme Singapore’s government offers many opportunities to boost the nation’s entrepreneurial ventures. The Start-Up Tax Exemption (SUTE) proves to be a very good initiative by the Singapore government. Along with the Singapore Inland Revenue Authority (IRAS), it has launched tax-saving measures that target companies, particularly new ventures…
2020 Tax Changes in Singapore to Look Forward to On February 18th, 2020, Heng Swee Keat, the Finance minister of Singapore as well as the Deputy Prime Minister of the country, presented the Singapore Budget for 2020 with the perspective of the continuing COVID-19 epidemic, along with environmental instability. In this respect, 2020 tax changes…
Only When Disrupted, Businesses Are Forced to Adapt or Risk Falling Through Disruptions, while heavily focused, will definitely throw your balance off. For those who can adapt, will weather the interruption and come out stronger. The same concept applies when conducting business. In each era, there is an industrial revolution that makes businesses thrive for…
TODAY Online: Businesses welcome Singaporeans First call by MPs TODAY Online featured 3E Accounting Founder Lawrence Chai’s perspectives and business owners’ sentiments on the call by several Members of the Parliament (MPs) to put Singaporeans First when hiring. Support for ‘Singaporeans First’ Call Speaking to TODAY, 3E Accounting Founder highlighted that leading global…
Is There an Increased Opportunity to Evade Personal Tax Through Corporatization? The upward revisions for personal tax were made on 23rd February 2015. These changes were subject to the top marginal income tax rate in the jubilee budget of Singapore. This announcement not only surprised the wealthy class Singaporeans, but the middle class and low-earning…
Knowing Tax Rates in ASEAN Countries for Potential Business Expansion It is vital to understand the tax structures in the country you invest in for running a business profitably. Each nation has a tax structure that is based on factors specific to that country. If you are planning to start a company in more than…
Dear Valued Customers, Singapore Government Budget Pledge Exceeds $100 Billion to Help Economy and Create Jobs Government Budget Pledge Exceeds $100 Billion The Finance Minister announced an additional $8 billion to support workers, businesses and protect livelihoods from the COVID-19 pandemic. This brings the total Budget pledge from the Government to exceed $100 billion. One key area…
New Lodging Requirements as of 30 July 2020 Companies in Singapore will have a new responsibility in addition to the requirement of keeping a Register of Registrable Controllers (RORC). They must now lodge the RORC information with ACRA’s central RORC too. ACRA (Accounting and Corporate Regulatory Authority) needs this to be done by 29 September…
Opening a Bank Account is as Easy as Scanning Your Face Facial scans will be the new way of opening a bank account in Singapore. This service will be known as the SingPass Face Verification. It is a new safe and secure online banking way that was launched on 30 July 2020. It was launched…
Thinking About Getting New Accounting Software? Here’s What You Need to Consider The right accounting software can make a world of difference to your business. Before you make your selection, there are several things you should consider. Before You Buy, Have You Thought About the Following? You need to put in some careful thought…