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Tax Changes as Covered in Singapore Budget 2023
Tax Changes as Covered in Singapore Budget 2023 Finance and Deputy Prime Minister Lawrence Wong’s budget speech 2023 has touched on vital key points to look forward to in 2023 as the government laid out plans to fuel internal revenue sources through taxes whilst providing support to those struggling to adjust to post-pandemic norms…
Crash Course in Singapore’s Income Taxation
Crash Course in Singapore’s Income Taxation (2023) As the deadline for filing and paying income taxes is fast approaching there will be a plethora of tax vocabularies and computation that will come along your way. Most may confuse you and may hinder your understanding of your taxes and the benefits you can enjoy. This…
Industry Roundup: Important Updates and Reminders
Industry Roundup: Important Updates and Reminders The global economy is rocked by waves of uncertainties. The International Monetary Fund (IMF) has generated a forecast for global growth to fall from an estimated 3.5 percent in 2022 to 3.0 percent in both 2023 and 2024. True enough, businesses across industries grapple with steep debt interest rates, rising…
Final GST Rate Change Effective 01 January 2024—What does this mean for your Business
Final GST Rate Change Effective 01 January 2024-What does this mean for your Business In his Budget 2022 Speech, Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, announced the increase in Goods, and Services Tax (GST) rates that will take effect from 7% to 8% starting 01 Jan 2023; and 8% to 9% with…
Singapore Standards in Auditing – Audits of Group Financial Statements
Singapore Standards in Auditing (SSA) 600 Special Consideration – Audits of Group Financial Statement Effective 15, December 2023, the revised Singapore Standards in Auditing (SSA) 600 Special Considerations on Audit of Group Financial Statements will be the governing guidelines for an audit of group financial statements, including the circumstances when component auditors are involved.…
Step-by-Step Guide in Incorporating a Company in Singapore (2023)
Singapore has been called by many names in the economic and business sector – the most digitally competitive economy in Asia, the best in the world for doing business, 2nd richest economy in the world and the list goes on. Now home to 575,527* businesses as of March of 2023 there is no better time to maximise the opportunity for…
Mergers and Acquisitions
Benefits of Mergers and Acquisitions – Is It Time for Your Business? With unpredictable market behaviour these days, how a business performs is unknown. As such, mergers and acquisition are a common and frequent occurrence. Mergers and acquisitions help you to get quality staff or additional skills. When a merger takes place, two separate companies…
Singapore Accounting Standards
Accounting standards are developed in the public interest to support a country’s corporate governance and financial reporting framework. This extends to most parts of the world in order to help a country maintain financial order. The International Accounting Standards Board (IASB) is an independent, accounting standard-setting body of the International Financial Reporting Standards (IFRS) Foundation…
GST on Imported Services
Starting 1st January 2020, consumers and businesses who buy imported services from overseas suppliers with no establishment in Singapore will have to pay goods and services tax (GST). This change does not apply to goods purchased online from overseas suppliers. The current GST-free threshold of $400 and below will continue to apply to the goods imported into Singapore (excluding intoxicating…
Recent Tax Changes Proposed in Singapore’s Budget 2020
All materials have been prepared for general information purposes only. The information presented in this document is not legal advice, is not to be acted on as such, may not be current and is subject to change without notice. Professional advisory should be sought before taking or refraining from any action as a result of…
The International Accounting Standards Board (IASB) has recently issued narrow scope amendments to address emerging issues in the financial landscape that took effect on 1…
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Singapore is Asia’s most attractive business hub, scoring 2nd worldwide just behind USA on this year’s Innovator’s Business Environment Index, that ranks countries with the…
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All GST-registered businesses in Singapore will soon be required to onboard their systems with InvoiceNow. To digitalise national tax compliance, invoice data will be directly…
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Singapore ended 2025 in a much stronger financial position than forecasted. The previous year’s S$15.1 billion budget surplus came more than double the estimate of…
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Business Registration in Singapore: A Guide for Foreign Entrepreneurs (2026) Singapore remains a competitive hub for foreign investment, consistently ranking atop the world’s biggest economies.…
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Two nations consistently sitting atop the five biggest economies in the world are in East Asia, China and Japan. Hong Kong, South Korea, and Taiwan…
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The Institute of Singapore Chartered Accountants (ISCA) has recently issued Ethics Pronouncement (EP) 200 Implementation Guidelines (IG)1. The guidelines provide practical know-hows for professional accountants…
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For years, particularly in the Accounting industry, attracting and retaining talent has always been a challenge for most, if not all, firms. Singapore Opportunity Index…
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Singapore prides itself on its stringent financial controls and regulatory oversight, which make it an attractive hub for business expansion and foreign investments. The…
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Why Global Connectivity Matters Over the years, business landscapes have significantly changed, driven by technological evolutions, global interconnectedness, shifts in consumer preferences, and the…
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