Category: blog

3 Simple Ways To Save On Paying Corporate Taxes

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It is well known that Singapore is one of the best countries in the world for entrepreneurs to set up their businesses. The nation’s political stability, highly educated population, and relatively low-interest at 17% flat-rate for profits exceeding S$300K. This is a huge draw for investors. On top of this, the Singaporean government has also offered several ways for businesses to cut down on their corporate tax. Here’s a useful list to find out how you lower the level of…

Getting GST Ready by 2023 – 3 Key Steps You Must Take to Avoid Unexpected Expenses

Getting GST ready by 2023 - blog header

The new GST hike will kick in by January 2023 – and it is vital that your business is prepared to handle this change. Failure to comply or delaying your preparation might result in devastating financial losses that could have easily been avoided. IRAS, for example, may fine businesses up to $10,000 and a penalty of 10% of the tax due for businesses that are late or failed to register for GST. It’s essential therefore to understand the key steps…

4 ways to take the pain out of compiling year-end Financial Statements in Singapore

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December is around the corner and it’s time to focus on your year-end closing. Your accountants will, no doubt, be hard at work to collate key information with your stakeholders and have an overall review of your company’s cash flow, budget, and performance. These are stressful times, but luckily, there are ways to avoid that. Here are 4 ways you can take the pain out of compiling your year-end financial statements in Singapore. 1. Have a robust review of the…

Benefits of Adoption of Charities Accounting Standard (CAS)

Charities Accounting Standard (CAS) was introduced by the Singapore Accounting Standards Council on 24 June 2011 tailored to simplify the compliance for small charities, societies and companies limited by guarantee. It is straightforward and minimises financial information disclosures that are relevant to your organisation while increases transparency and accountability in financial reporting to the donating public and other stakeholders. By and large, the adoption of CAS will be mostly ‘one-off’ changes to your accounting systems and implementation of CAS would have…