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Guides

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Singapore Standards on Auditing: Key Facts

By |2020-03-31T18:45:13+08:00March 31st, 2020|SSA|

Financial statement audits are a key professional service performed by independent auditors to provide reasonable assurance on the accuracy of financial statements prepared by a Singapore company’s accountants or administrator. The Singapore Standards on Auditing (SSA) is a best practice guide issued by the Institute of Singapore Chartered Accountants (ISCA) [...]

Singapore Tax Guide: Income Tax Act

By |2020-03-31T18:47:38+08:00March 31st, 2020|Income Tax Singapore|

Foreign companies looking to set up subsidiaries in Singapore should be well aware of the local corporate taxation laws. It is also vital for local business owners to keep abreast with the latest tax regulations in the country.  The Income Tax Act of Singapore is the law that governs both [...]

Personal Income Tax Rates in Singapore and in Asia

By |2020-03-31T18:47:09+08:00March 31st, 2020|Income Tax Singapore|

Individuals are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the local prevailing personal income tax rate charged on chargeable income. This applies to Singaporean citizens (SCs) and to Permanent Residents (PRs) as well as foreigners deriving [...]

How to Open a Company in Singapore in 2020

By |2020-03-27T21:47:27+08:00March 26th, 2020|Guides, IRAS Income Tax|

Registering a company in Singapore is not a complex procedure. In fact, Singapore is ranked 2nd in the list of countries that offer the best environment for businesses according to the 2020 “Doing Business” report issued by the World Bank Group.  According to this report, there are only two procedures [...]

Tax Guide: Personal Income Tax Filing in Singapore

By |2020-03-27T21:47:37+08:00March 26th, 2020|Guides, IRAS Income Tax|

Individual taxes in Singapore are defined and collected by the Inland Revenue Authority of Singapore (IRAS). This institution has established different tax brackets and conditions for residents and non-residents working in Singapore. This guide for locals and foreigners will outline the process for annual personal income tax filing in [...]

Company Audit Procedures in Singapore

By |2020-02-21T23:04:00+08:00February 19th, 2020|Audit, Guides|

Understanding audit procedures in Singapore is essential for business owners and company heads as Singaporean companies are required to conduct periodical audits on their financial statements as established in the Singapore Companies Act.  These audits are conducted to preserve the accuracy of the financial statements issued by businesses within the [...]

Key Requirements for a Company Audit in Singapore

By |2020-02-21T23:03:47+08:00February 19th, 2020|Audit, Guides|

What is a Statutory Audit? As a fast-growing economic hub in the Southeast Asian region, the demand for professional audit and accounting services in Singapore continues to rise. To comply with the country’s statutory laws, Singapore companies must regularly submit their financial statements to a qualified auditor or registered public [...]

Singapore Corporate Income Tax Rebates

By |2020-02-18T18:19:58+08:00February 18th, 2020|Guides, IRAS Income Tax|

All Singapore companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing Singapore corporate tax rate charged on chargeable income. A one-off corporate tax rebate may be granted for each Year of Assessment (YA) to reduce [...]

Corporate Income Tax Exemption schemes in Singapore

By |2020-02-18T18:19:23+08:00February 18th, 2020|Guides, IRAS Income Tax|

By Singaporean law, all companies in Singapore are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing corporate tax rate applied to chargeable income.  IRAS has put in place tax exemption schemes that are designed to reduce [...]

Using the GST F7 Form to Correct GST Filing Errors 

By |2020-02-09T14:53:37+08:00February 4th, 2020|Guides, IRAS GST|

Goods and Services Tax (GST) is an indirect tax collected by the Inland Revenue Authority of Singapore (IRAS) and it is applied to most goods and services sold to consumers and businesses within the country. GST must be reported and paid by companies every three months and this quarterly GST [...]