The Crucial Importance of Records in Business: A Guide to Proper Record Keeping In the dynamic landscape of business, one fundamental aspect often overlooked is the meticulous management of records. Effective record keeping not only ensures compliance with regulatory requirements…
Tax Resident Vs Non-Resident of Singapore (Company) Tax residency is a crucial determinant for companies operating in Singapore, impacting their tax obligations and benefits. In Singapore, tax residency hinges on where the control and management of a company’s business are…
Auditor Rotation in Singapore: Enhancing Independence and Audit Quality Auditor rotation is a crucial practice in Singapore aimed at maintain audit independence and ensure high-quality financial reporting. However, this regulatory requirement applies primarily to Public Interest Entities (PIEs) and involves…
Tax Resident Vs Non-Resident of Singapore (Individual) Navigating the tax landscape in any country can be a complex affair, and Singapore is no exception. With its reputation as a global business hub and a vibrant expatriate community, understanding the nuances…
Group Audit in Singapore: A Simple Guide In the field of accounting and auditing, a group audit is conducted when an auditor examines the financial statements of multiple entities within a group of companies. Whereas, in Singapore, group audits are…
Key Aspects of IFRS 3 Business Combinations in Singapore Definition of Business Combination: In the context of IFRS 3, business combination refers to an event where an entity obtains control over other businesses. Furthermore, control is defined as the power…
A Comprehensive Guide to Incorporating a Company in Singapore Incorporating a company in Singapore is a straightforward process that involves several key steps. Here’s what you need to do: Choose a Company Name First, select a unique and meaningful name…
Understanding Audit Exemption Criteria in Singapore Effective Date: The audit exemption applies to financial years starting from July 1, 2015, onwards. Qualification Criteria Previously, companies were exempted from audit if they were exempt private companies with annual revenue of $5…
Understanding Capital Allowances: What Qualifies and How to Calculate Businesses often invest in fixed assets crucial for their operations. However, as these assets undergo wear and tear over time, their value depreciates. While depreciation is recognized in financial statements, it’s…
Tax Obligation of Non-Resident Director in Singapore Board directors play a pivotal role in the governance and strategic direction of a company. Whether as a non-resident or executive director, their responsibilities extend beyond mere oversight to shaping the future trajectory…
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