Updates on the New Administrative Concession on Administering the “Subject to Tax” Condition for Foreign-sourced Dividends You can provide the following documents to substantiate that the underlying tax has been paid on the income out of which the foreign-sourced dividend is paid: a) Audited accounts of the foreign payer company Currently, to demonstrate that their…
3E Accounting Pte Ltd Announces its Partnership with the SME Portal 3E Accounting Pte Ltd, Singapore’s premier corporate services provider joins hands with the SME Portal, the country’s leading and most visited portal by Singapore’s small business owners and aspiring entrepreneurs alike. It’s official! The premier corporate services provider in Singapore – 3E Accounting Pte…
250% Tax Deduction Under the Business and IPC Partnership Scheme From 1 July 2016 to 31 December 2018 From 1 July 2016 to 31 December 2018, businesses will enjoy a total of 250% tax deduction on wages and related expenses when they send their employees to volunteer and provide services, including secondments, to Institutions of…
Dear Reader, Welcome to our E-Newsletter July 2016 In this issue of our newsletter, we are glad to share with you the good news of our completion of yet another networking partnership agreement. We are now one step further into our expansion quest by welcoming our new member firm, SAS Smart Account Solution Co. LTD. who will represent us…
Tripartite Guidelines Developed for Employers to Give Greater Clarity on Leave Benefits and Notice Period for Term Contract Employees The Ministry of Manpower (MOM), National Trades Union Congress (NTUC), and the Singapore National Employers Federation (SNEF), have jointly developed a set of Tripartite Guidelines on the Employment of Term Contract Employees. Although the majority of…
Further extension of time for private companies to update shareholder information In December 2015, ACRA announced that it would be maintaining the registers of members for private companies setup in electronic form (EROM) from 3 Jan 2016 onwards. Private companies were required to update shareholder information that will be recorded in the EROM. These companies…
Updates from ASC – ASC has issued Amendments to FRS 115 ASC has issued Amendments to FRS 115: Clarifications to FRS 115 Revenue from Contracts with Customers. Please visit Financial Reporting Standards Changes effective for annual periods beginning after 1 January 2016 for information. Related link Preparation of financial statements
Clarification on When Tax Clearance is Not Required in Singapore Tax clearance is where the employer ensures that a non-Singapore Citizen employee who ceases employment in Singapore or plans to leave Singapore for more than three months pays all his taxes. As an employer, it is your responsibility to notify IRAS and seek tax clearance…
Singapore Tripartite Guidelines on Managing Excess Manpower and Responsible Retrenchment The Singapore economy is highly exposed to global trends and companies often find that they have to restructure to stay competitive. As businesses adjust, they should consider alternative ways of managing their excess manpower such as upskilling employees and redesigning jobs. However, if retrenchment is…
Dear Reader, Welcome to our E-Newsletter June 2016 We are glad to present you our newsletter for June 2016. For new updates and developments, stay tune with us and refer to the details in our newsletters. Thank you. Lawrence Chai Managing Director Read More in our E-Newletters June 2016.
Singapore and Cambodia Sign Agreement for Avoidance of Double Taxation (DTA) Singapore and Cambodia signed an Agreement for the Avoidance of Double Taxation (DTA) on 20 May 2016. The signing took place in Singapore between Ms Indranee Rajah, Senior Minister of State for Law and Finance, and Dr. Aun Pornmoniroth, Cambodia’s Senior Minister of Economy…
Latest BizFinx Preparation Tool Released The latest version (v.2.4.0) of the BizFinx preparation tool which includes support for Microsoft Office 2016, is now available for download at BizFinx website. The updated version also incorporates bug fixes and enhancements. Please click here for more details. All preparers are encouraged to upgrade to this updated version 2.4.0,…
