Startup Tax Exemption in Singapore: Complete Guide The startup tax exemption can help eligible new companies reduce their Singapore corporate tax bill. The scheme provides tax exemptions during a company’s first three consecutive Years of Assessment (YAs). However, not every…
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…
Comprehensive Guide to Financial Statement Presentation Objective of SB-FRS 1 SB-FRS 1 aims to prescribe the basis for presenting financial statements to ensure that are understandable, relevant, reliable, and comparable. Scope of SB-FRS 1 SB-FRS 1 applies to all general-purpose…
Creating an Effective Invoice Number System: Best Practices Creating an effective invoice numbering system is crucial for maintaining organization, compliance, and professionalism in your business operations. Thus, here’s a comprehensive guide that combines paragraph and point form to explain best…
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