E-Newsletter 2010

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09 September 2010	Issue 09/2010
Dear Valued Clients, In our ninth edition of our e-Newsletter, we would like to highlight the following matters which may be of your concern and interests.

We wish to inform you that IRAS is implementing a wide ranging campaign to help SMEs to keep good record including invoices, tax receipts, accounting schedules and bank statements. (Extracted from Straits Times on 11 August 2010) To encourage compliances with the tax laws, IRAS are conducting Taxpayer Audit Regularly i.e. tax audit involving an examination of the records and source documents of the taxpayers to verify that returns submitted by taxpayers are in compliance with tax laws. Recently, IRAS enforces a stricter approach in investigation of tax evasion of tax payers. Under Singapore Income Tax Act, the management of the company has the responsibility to put in place controls or measures to ensure the company's income tax declarations are duly supported with source documents. And one measure, which will widely enforced by IRAS by late of next year, involves imposing a fine on those who do not keep good records. Circular released by IRAS: Basic Records Keeping guide for Small Businesses Common Errors discovered for Corporate Tax Common Errors discovered for Individual Income Tax Allowable and disallowable Business Expenses "Never mind what others do; do better than yourself, beat your own record from day to day, and you are a success"	The basis of any successful business begins with proper Strategic Planning and Cash Flow Analysis. To help our client to define organisation's strategy and to prevent the Cash Flow problem, we have expanded our range of services to include Strategic Planning & Cash Flow Analysis. The strategies are tested, through 'What ifs' to achieve your desired outcomes from the Income Statement and Balance Sheet provided. It enables you to review your whole business in strategy view, or focus attention on one outcome in the graphics view. For more information, please refer to here. We would also like to highlight the EnterpriseOne had recently introduced a channel called Productivity@Word where tools, resources, and case studies are available for your to experience the productivity journey. For more information, please refer to EnterpriseOne website here. We value feedback and welcome any enquiries. You can reach us at Office Tel:+65 6533 7393 - Partner: Tan Chin Ren(Ext.129) - Manager: Peter Lee (Ext: 105) - Customer Service Division: Eileen (Ext.103) - Corporate Secretarial Division: Peggy(Ext.115) - Tax Enquires : Lianyu (Ext.123) - Email : info@tanchan-cpa.com - Address: 26 Eng Hoon Street, Singapore 169776
Disclaimer: This email is intended for the use of the addressee. If you are not the intended recipient of this message, kindly notify us at info@tanchan-cpa.com. While all reasonable care has been taken in the preparation of information contained in this newsletter, Tan, Chan & Partners takes no responsibility for any action (s) taken on the basis of information contained herein or for any errors or omissions in that information.