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
Filing of Income Tax Computations in Functional Currencies Other Than Singapore Dollars The new Singapore-Rwanda Avoidance of Double Taxation Agreement (DTA) and a revised Singapore-Thailand DTA enter into force on 15 February 2016. The DTAs provide clarity on tax matters and eliminate double taxation relating to cross-border transactions between Singapore and the respective jurisdictions. The…
Update on BizFile+ : Further Extension of Filing Time and No Imposition of Filing Penalties ACRA is further extending the time to file Annual Returns, Annual Declarations, Business Registration to meet ACRA Deadline on Extension of Filing Time. Renewals and any statutorily required filings which are due between 26 Dec 2015 and 3 Mar 2016,…
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…
