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Multinational-enterprises-are-required-file-Country-by-Country-Reporting-to-IRAS

Multinational enterprises (MNEs) are required to prepare and file Country-by-Country Reporting (CbCR) to IRAS

August 24, 2022

For financial years (FYs) commencing on or after 1 January 2017, multinational companies (MNEs) with their headquarters in Singapore are required to produce and submit CbC Reports to IRAS if they meet certain requirements. What is Country-by-Country Reporting (CbCR)? The Organization for Economic Co-operation and Development (OECD) announced Country-by-Country Reporting (CbCR) as a form of […]

Singpass and Iras’s scam warning from police and Iras’ advice

August 10, 2022

Shared advice from the Singapore Police Force And IRAS regarding scams involving SingPass and IRAS links Phishing scams are rising and seem to target Singaporeans more than before. In July 2022, at least 51 people had fallen to scammers who pretended to be from IRAS. It’s been a total of at least $37,400. The scam […]

GST Rate Change Preparation

July 28, 2022

Early preparation for a smooth transition to the new GST rate can save you time and energy. To reflect the new rate, you may need to modify your point-of-sale, invoicing, accounting, and other systems, as well as your price displays. GST rate to apply The GST rate you charge on a supply should generally be […]

Amendments to Regulatory Regime for Corporate Service Providers in Singapore

July 13, 2022

Singapore, May 31 2022 – The Companies Act, the ACRA Act, and a new Corporate Service Providers Bill (CSP Bill) are all being proposed for revision by the Accounting and Corporate Regulatory Authority (ACRA). From May 31 to July 19, 2022, interested parties are encouraged to comment on these legislative ideas. Background To maintain a […]

40,000 businesses are aided through the Small Business Recovery Grant

June 29, 2022

The Small Businesses Recovery Grant (SBRG) program is a scheme set up to help businesses recover from the impact of the COVID-19 Safe Management Measures. The scheme was set up to provide one-off cash support to small businesses in sectors most affected by COVID-19. This blog will determine if a business is eligible for the […]

Timelines for updating changes in Registers

June 15, 2022

ACRA has made an announcement. Starting on May 30, 2022, companies must input information received from nominee directors (including any revisions) onto their Register of Nominee Directors (ROND) within 7 days of receiving it. Following any changes, foreign corporations must update their Register of Members within 30 days. Following the passage of the Corporate Registers […]

Upgrades to BizFile+ homepage and eForms

June 01, 2022

BizFile+ homepage and certain ACRA eServices have been improved as of May 13, 2022, to better meet the needs of their clients. New Look For BizFile+ Homepage BizFile+ is the most comprehensive business filing software in Singapore. Since its inception in 2003, BizFile+ has been the go-to eService for business registration and filing in Singapore. […]

IRAS Tighten The Robust Anti-Gaming System For Ease In Doing Business

May 13, 2022

IRAS referred to Mr Ang Ah Lay’s letter titled “IRAS should account for system’s failure to identify cheating,” published in ST Forum on January 18, 2022. Any scheme that helps a broad range of firms must strike a careful balance between making it easier for legitimate enterprises to acquire subsidies swiftly and efficiently and doing […]

Singapore Job Support Scheme: Over $28.1 billion disbursed since Febuary 2020

April 20, 2022

1. From 31 March 2022, over 19,500 companies will receive final JSS payouts totalling more than $145 million under the Jobs Sustain Scheme (JSS) to support the wages of over 289,500 local employees. These employers work in industries such as food services, which were impacted by safe management measures implemented in the second half of […]