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
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
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
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
Fortitude Budget 2020 (4th Round of Financial Support)
On 26 May 2020, the Singapore Deputy Prime Minister and Minister for Finance, Heng Swee Keat has unveiled in Parliament, a S$33 billion 4th round of financial support (landmark package) to tide through the COVID-19 crisis as most businesses are expected only to be able to resume their operations in July 2020. Together with the…
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