The Different Taxes A Company Has To Pay In Singapore

The Different Taxes A Company Has To Pay In Singapore

In Singapore, the taxes a company is liable to pay can be generally be broken down into 5 types. Here’s a general overview of the 5 types of taxes you should be aware of when setting up a company in Singapore. 1. Corporate Income Tax Corporate income tax is the income tax…


Financial Statements Explained

Financial Statements Explained - Balance Sheet, Profit and Loss Statement, Cashflow Statement

As a business owner or investor, it is important to keep a close tap on the company's financial health. This allows you to know how profitable the business is and also if the business has the ability to meet its near term debt obligations. As the business seeks financing or…


Singapore goods and services tax

A Guide To Singapore Goods And Services Tax (GST)

A Guide To Singapore Goods And Services Tax (GST) Goods and Services Tax (GST) is a consumption tax broadly imposed on the supply of goods and services and importing of goods into Singapore. In other countries, GST is can also be known as Value Added Tax (VAT). There are,…


accounting and bookkeeping

What is Cloud-Based Accounting Software?

As a business owner, accounting is a very time-consuming yet critical activity that you have to do. You will be able to analyse your business performance with the necessary data at your fingertips if you start off with proper bookkeeping from day 0. In today’s market, the use of…


failure to file annual returns

Consequences Of Failure To File Annual Returns

In accordance with Section 197 of the Companies Act, all companies must be required to file their annual returns on time. Failure to file annual returns, a Singapore Dollar SGD $300 late lodgement fee will be imposed by the registrar against the company as a penalty. This $300…


when do you need to hire accountant

When Is The Right Time To Hire An Accountant?

Challenges you face As a small-medium enterprise owner, you will face many challenges during daily business operations. One of the common challenges that you will face is multi-tasking. You may often find yourself attempting to do multiple tasks yourself in order to save on…


How does a company pay dividends in Singapore

How does a company pay dividends in Singapore

We hear so much of this term dividends but we seldom discuss the rules and implications associated with it. As most will know, it is basically profit (or part of it) distributed to the owner(s) of a company at the end of or during a company’s financial year. What are the types…


singapore filing requirements for companies

Singapore Companies Filing Requirements

Every year, companies in Singapore are required to file with two main governing bodies, namely Accounting and Corporate Regulatory Authority (ACRA) and Inland Revenue Authority of Singapore (IRAS). The Singapore companies filing requirements consist of three components.…


audit and bookeeping

Audit Exemption For Singapore Private Limited Companies 2021

Legislated in Singapore Companies Act, before filing with the Accounting and Corporate Regulatory Authority (ACRA), all private limited companies in Singapore are to prepare their annual financial statements and get them audited. However, in certain cases, you can get an audit…


Estimated chargeable income

What Is Estimated Chargeable Income (ECI) and When To File It?

What is Estimated Chargeable Income (ECI)? Estimated chargeable income (ECI) is an estimate of the company’s taxable income after deducting eligible expenses. Starting from YA 2020, all companies are required to e-file their estimated chargeable income (ECI). This must be done…