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 fraud takes a new dimension in China
China’s biggest accounting firm Ruihua CPA’s is being investigated by the China Securities Regulatory Commission (CSRC) after one of its clients was found to have infested its profits by RMB 12billion ( US$1.74billion)over four years! This is not the first time Ruihua was investigated 3 years ago they were barred from handling any IPO work…
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Paul Wan, FCA
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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Paul Wan & Co
Case Study: Thomas Cook plc, A lesson to be learned
The oldest Travel Agent 178 years collapsed and went into administration in the UK on 23rd September 2019. It was founded in 1841 in Leicestershire by Thomas Cook a cabinet-maker. Prior to the collapse, it’s revenue was £9bn, it had 19 million customers, 22,000 staff in 16 countries. What happened? Thomas Cook which is German-owned…
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Paul Wan, FCA
Singapore GDP Update – September 2019
On 13th August 2019, Singapore’s Ministry of Trade and Industry slashed it’s 2019 GDP forecast to zero to 1% -this is in contrast to the forecast of 1.5% to 2.5%. With the expected continued decline in the economy, Singapore is in a technical recession. In our earlier write up we predicted that the challenges are…
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