May 29, 2020

Quick Guide: Income Tax for Foreigners and Returning Singaporeans

By law, individuals are required to file income tax returns and pay their annual income taxes to the Inland Revenue Authority of Singapore (IRAS). This applies to a majority of full-time employees in the country including Singaporean citizens, Permanent Residents (PRs) and foreigners deriving income in Singapore.  This year, the COVID-19 pandemic and resulting Circuit…

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Tax Dept

May 29, 2020

Quick Guide: IRAS Auto-Inclusion Scheme (AIS) for Employers

The Auto Inclusion Scheme (AIS) is a tax scheme geared towards Singapore employers and administered by the Internal Revenue Authority of Singapore (IRAS). It allows employers to submit the income tax information of their employees electronically. The purpose of this scheme is to facilitate the calculation of income taxes for employees in Singapore by including…

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Tax Dept

May 29, 2020

Quick Guide: Singapore Tax Clearance and Circuit Breaker Measures

By law, Singapore employers are required to submit tax clearance forms to the Inland Revenue Authority of Singapore (IRAS) for foreigners and employees who plan to cease their employment and leave the country. Tax clearance involves notifying IRAS and submitting the final tax payable computation to the Authority. If the employee is posted overseas or…

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Tax Dept

May 29, 2020

Circuit Breaker Measures for Singapore Company Audit Practices

The ongoing COVID-19 pandemic and corresponding Circuit Breaker regulations have had a major impact on many companies and businesses, not just financially but also in administrative matters. Statutory requirements and financial audit practice are no exemption to these operational measures and changes in Singapore.  In recognition of these administrative complications key financial institutions in the…

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Paul Wan & Co

April 29, 2020

Quick Guide: Singapore Budget 2020 Corporate Income Tax Rebate

The COVID-19 crisis has adversely impacted the global economy and Singapore companies and businesses were also negatively impacted by the various circuit breaker measures implemented. The Singapore government has since announced various support schemes in the income tax rebate and reliefs area for YA2020. The schemes were first announced in the annual 2020 Budget speech,…

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Tax Dept