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Mastermind of GST Fraud Jailed 8 Weeks in Singapore Tan Wan Wen, who masterminded a plan to defraud the Comptroller of Goods and Services Tax (“GST”) of GST refunds by using multiple shell businesses, was sentenced to 8 weeks in jail. She was also ordered to pay a penalty of $55,141.17, three times the amount…
Two Companies and a Director Convicted for Making Fraudulent PIC Claim One IT Distribution Pte Ltd (“One IT”) and its director, Alan Ang Soon Teck (“Alan Ang”), have been convicted of assisting Chuan Huat Electronics Pte Ltd (“Chuan Huat Electronics”) to obtain a higher amount of Productivity and Innovation Credit (“PIC”) cash payout which Chuan…
Personal Income Tax Filing Season for Year 2015 in Singapore Time to file your Singapore personal tax return Singapore’s personal income tax year is from 1 January to 31 December and income is assessed on a preceding year basis. Annual personal tax returns for Year 2015 must be filed with IRAS by 15 April…
February 2016 IASB Update published The February 2016 International Accounting Standards Board (IASB) Update has been published. The February 2016 IASB Update has been published. The topics for discussion were: Insurance Contracts Goodwill and Impairment IFRS Implementation Issues Financial Instruments with Characteristics of Equity
Filing of Income Tax Computations in Functional Currencies Other Than Singapore Dollars The new Singapore-Rwanda Avoidance of Double Taxation Agreement (DTA) and a revised Singapore-Thailand DTA enter into force on 15 February 2016. The DTAs provide clarity on tax matters and eliminate double taxation relating to cross-border transactions between Singapore and the respective jurisdictions. The…
3E Accounting Launches The Global Accounting Network – 3E Accounting International As one of the leading one-stop corporate solution providers in Singapore, 3E Accounting today launched a unique global network – 3E Accounting International. The global network will capitalise the professional knowledge and expertise of its network members to provide corporate solutions to customers across…
Update on BizFile+ : Further Extension of Filing Time and No Imposition of Filing Penalties ACRA is further extending the time to file Annual Returns, Annual Declarations, Business Registration to meet ACRA Deadline on Extension of Filing Time. Renewals and any statutorily required filings which are due between 26 Dec 2015 and 3 Mar 2016,…
Updates from ASC – ASC Publishes the 2016 Volume of FRSs and INT FRSs ASC publishes the 2016 volume of FRSs and INT FRSs. Financial Reporting Standards (FRSs) refer to Financial Reporting Standards and Interpretations of Financial Reporting Standards issued by the ASC. FRSs issued by the ASC are published for your own personal non-commercial…
Singapore Keeps No. 2 Position in Global Talent Index for the Third Straight Year Singapore has been ranked the world’s second-most talent-competitive country for the third straight year, behind Switzerland. This makes it the only Asian country in the top 10 of the Global Talent Competitiveness Index compiled by the business school Insead. The annual…
Wage Credit Scheme Payouts for 2016 Employers are reminded to make CPF Contributions for employees by 14 Jan 2016 to receive Wage Credit Scheme payouts Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 14 January 2016 in order to receive the third tranche of Wage Credit…
Singapore-Luxembourg Avoidance of Double Taxation Agreement Enter Into Force The revised Singapore-Luxembourg Avoidance of Double Taxation Agreement (DTA) entered into force on 28 December 2015. The revised DTA lowers the withholding tax rates for dividends, interest and royalties, lengthens the period test for determining permanent establishments as well as provides a more mutually favourable tax…
GOODS AND SERVICES TAX (GST) – Launch of GST Bulletin Issue 11 IRAS are pleased to inform you that a new issue of the bi-annual GST Bulletin has been released. The GST Bulletin features bite-sized information on recent changes in GST law and GST treatment on issues commonly faced by GST-registered businesses. Some key topics…