What is ASK and How Do Businesses in Singapore Benefit from It?
ASK stands for Assisted Self-Help Kit and it is a program developed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in assessing the accuracy of their Goods and Services Tax (GST) filings. ASK may be implemented by businesses in Singapore voluntarily, or the IRAS may also invite the business to implement ASK,…
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GST Rate Increase Singapore: Tax Facts
Late last year, the Singapore government announced plans to raise GST by 2 percentage points. In the Singapore Budget 2018, the next proposed GST increase will happen between 2021 and 2025, from the current rate of 7% to 9%. In the recent Singapore Budget 2019 delivered by Finance Minister, Mr Heng Swee Keat, a similar…
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Exempt supplies under Singapore GST legislation: Tax Facts
As per the rules and guidelines set by the Inland Revenue Authority of Singapore (IRAS), GST may be charged on sales of locally-made goods and services rendered excluding exported goods, international services and exempt supplies. GST registered companies may claim back GST incurred on business expenses and quarterly GST returns must be submitted to IRAS…
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Double Tax Deduction in Singapore: Tax Facts
As per Singaporean legislation, individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). Among the tax incentives implemented by IRAS are double tax deductions for businesses in the city-state. What is Double Tax Deduction (DTD)? Double tax deduction refers to cases…
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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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