Maximizing Tax Savings with IRAS Low-Value Assets Write-Off in Singapore Introduction Did you know that your business can write off low-value assets in just one year instead of spreading out the capital allowances over multiple years? The Low-Value Assets (LVA)…
What is the Enterprise Innovation Scheme (EIS)? The Enterprise Innovation Scheme (EIS), introduced by the Inland Revenue Authority of Singapore (IRAS), is designed to encourage businesses to invest in research, innovation, and capability development. Under this scheme, companies can enjoy…
Maximize Your Startup Tax Exemption in Singapore – Don’t Leave Money on the Table Are you launching a new business in Singapore? You might be missing out on significant tax savings without realizing it. The New Startup Tax Exemption (SUTE)…
1. What is Personal Data Protection Act (2012) (“PDPA”)? PDPA governs the collection, use and disclosure of personal data by organisations in a manner that recognises both the right of individuals to protect their personal data and the need of…
Personal Income Tax: Compliance Approach by IRAS The Inland Revenue Authority of Singapore (IRAS) aims to foster a compliant taxpayer environment, understanding that most non-compliance issues stem from negligence or a lack of understanding of tax matters. Therefore, IRAS tailors…
Company Director Responsibilities and Duties in Singapore A company director in Singapore holds a crucial role in managing the company’s affairs and setting its strategic direction. Under the Companies Act, directors must ensure accurate and timely record-keeping, prepare financial statements…
New Singapore Law Increases Fines for Corporate Service Providers Violating Anti-Money Laundering Rules A new law in Singapore will increase fines for corporate service providers that fail to comply with anti-money laundering regulations. The fines will rise from S$25,000 to…
Clarifying Tax Planning VS Tax Avoidance: Insights from GCL v Comptroller of Income Tax The recent case of GCL v Comptroller of Income Tax sheds light on the nuanced differences between tax planning and tax avoidance. While tax planning is…
Accrual Accounting vs. Cash Basis Accounting: An Overview The main distinction between accrual and cash basis accounting is the timing of revenue and expense recognition. While the cash method records transactions when money is actually received or paid, the accrual…
Key Differences Between GAAP and IFRS Introduction In the realm of accounting, two major frameworks dominate the global landscape: Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS). GAAP is primarily utilized in the United States, while IFRS…
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