FRS 116 Leases and its Tax Implications 《财务报告准则第116号》租契及其税务影响 FRS 116 LEASE ACCOUNTING CHANGES 《财务报告准则第116号》租赁会计变更 There is good news for lessors – lessor accounting is substantially unchanged from current accounting. 对于出租人来说，有一个好消息——出租人的会计核算与现行会计核算基本保持不变。 Lessees, on the other hand, bear the brunt of the changes as most leases will now be recognised on their balance sheets as a right-of-use […]
Goods and Services Tax (GST) in Singapore 新加坡消费税(GST) Goods and Services Tax or GST meaning is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. The […]
Tax Clearance for Employers 雇主清税表 1. Overview on Tax Clearance 清税概述 What is Tax Clearance? 什么是清税? Tax Clearance is a process of ensuring that your non-Singapore Citizen employee pays all his taxes when he ceases employment with you in Singapore, or plans to leave Singapore for more than three months. 税务清关是一个确保你的非新加坡公民雇员在终止在新加坡的工作或计划离开新加坡超过三个月时缴纳所有税款的过程。 Tax Clearance obligations apply […]
Common GST Errors on Input Tax Claims 进项税报销中常见的消费税错误 Input tax claims must be supported with valid documents 进项税报销必须提供有效的证明文件 (Scenario hypothesis) Hi I’m Sarah. I run a beauty salon business Radiance Private Limited that is GST registered. Some of you may think that the documents that you need to keep to support your input tax claims […]
Auto Inclusion Scheme for Employment Income 雇佣入息自动纳入计划 What is the Auto Inclusion Scheme (AIS) for employment income? 什么是“雇佣入息自动纳入计划”? The Auto Inclusion Scheme for employment income is a facility in which the employers submit income details of their employees electronically to IRAS. This information is then automatically included in the employees online return and tax assessment […]
Unutilised Items (Losses, Capital Allowances and Donations) 未使用项目(损失、资本免税额及捐款) Carrying forward trade losses, capital allowances and donations – to reduce taxes payable for future years. 结转贸易亏损、资本免税额及捐款-以减少未来数年的应缴税款。 Unutilised Items (Losses, Capital Allowances and Donations) 未使用项目(损失、资本免税额及捐款) In a particular Year of Assessment (YA), a company may have tax deductions/ capital allowances/ donations that could not be fully utilised […]
Company Deductible & Non-deductible Expenses 公司可扣除和不可扣除的费用 When preparing for your annual filings, it is tempting to include all expenses incurred or payment made as expenditure for your company. However, business owners need to understand that not all expenses that are taken up in your accounting books are tax deductible. 当准备你的年度文件时，很容易把所有发生的费用或支付的费用作为公司的支出。然而，企业主需要了解的是，并不是所有的费用，在你的会计账簿上是可以扣税的。 What are Deductible Expenses? 什么是可扣除的开支? […]
Director and Shareholder Income Tax Planning 董事及股东所得税筹划 As a Company director and shareholder, you can consider withdrawing profits from the company either through Director’s remuneration, Director’s fee, or dividends. 作为公司董事和股东，你可以考虑通过董事酬金、董事费或股息从公司提取利润。 Director’s Remuneration 董事的报酬 Do note that if you are a Singapore citizen or Singapore Permanent Resident, CPF contributions are required to be made on your […]
Stamp Duty for Shares 股份印花税 The Stamp Duties Act in Singapore defines stamp duty as a tax levied on immovable properties, stocks and shares in private companies in Singapore. 新加坡印花税法案将印花税定义为对新加坡私人公司的不动产、股票和股份征收的税。 When are Stamp Duties applicable? 印花税何时适用? Transfer of share document. 股份转让文件。 This refers to the documents signed when shares are bought or acquired. If there […]
Capital Allowances and Who Can Claim 资本补贴及谁可以报销 Capital allowances are deductions claimable for the wear and tear of qualifying fixed assets such as industrial machinery, office equipment and sign boards. Capital allowances are generally granted in place of depreciation, which is not deductible. 资本补贴是对符合资格的固定资产(如:工业机械、办公室设备和招牌)的损耗可申请扣除的款项。资本补贴一般用来代替折旧，因为折旧是不可扣除的。 Capital Allowances are Deductions for Fixed Assets 资本补贴是固定资产的扣除项目 Capital allowances are […]
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