Most companies incorporated in Singapore are required to prepare their financial accounts annually in accordance with the Singapore Financial Reporting Standards (SFRS). On 1 Jan 2011, the SFRS for Small Entities (SFRS for SE) was introduced by the Accounting Standards Council (ASC) of Singapore. The purpose of SFRS for SE…Read More
Taxation & Accounting FAQs
The Singapore individual income tax rates for YA 2007 and onwards are shown below. Singapore individual / personal income taxes are charged progressively (0% – 20%), based on your chargeable income. The chargeable income is your income plus any other personal income, minus all deductions, reliefs and rebates. CHARGEABLE INCOME…Read More
Income from overseas is taxable in the following scenarios: It is received in Singapore through partnerships established in Singapore Your overseas income is incidental income (Example: Incidental income is the income earned when you travel/are posted overseas because of work for which you are paid in Singapore).
The Stamp Duty Tax for property transfer in Singapore is as follows: Value of property Rate (%) First S$180,000 1.0 Next S$180,000 2.0 Thereafter 3.0
Central Provident Fund (CPF) payments are to be paid monthly and within 14 days after the end of the month for which CPF contributions are due.
You need to assess if your turnover in any past 12 months or the next 12 months is more than S$1 million. If it is, you need to register for Goods & Services Tax (GST) immediately. If it is not, no action is required from you from this point. However,…Read More