The Purpose of Audits and How Your Business Can Benefit from Them
A recent survey from the Singapore office of the reputed accounting firm PWC has unveiled that the percentage of companies who trade in the Singapore Exchange that have decided to include Auditing Committee commentaries into their financial statement has increased from 40% to 60% from 2017 to 2018. It seems that companies in Singapore are…
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Paul Wan & Co
IRAS Year of Assessment for Tax filing: Tax Facts
By Singaporean law, individuals (employees or sole proprietors) and companies are required to file their annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). What is Year of Assessment (YA)? The IRAS defines Year of Assessment as the year income tax is computed, filed to tax authorities and tax bills are settled.…
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Tax Dept
Capital Gain Tax in Singapore: Tax Facts
Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). In general, capital gains derived in Singapore are not taxable, hence not required to be declared as income in the tax returns. Singapore’s zero capital gains tax policy has the aim of…
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Tax Dept
Chargeable and Non Chargeable Income in Singapore: Tax Facts
Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). A common phrase used by tax professionals is chargeable income. Chargeable income is defined as total taxable income less deductible expenses. The final tax percentage will then be levied on the chargeable…
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Tax Dept
Accounting for Cryptocurrencies
With rapid changes in technology and business environment, holdings of cryptocurrencies allow businesses and individuals to transact directly to each other without any intermediary such as banks or financial institutions. Accordingly, it appears practical issues on how to account for such assets given the fact that there is no accounting standard currently provide direct guidance,…
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