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Important Deadline for Employers: Submit Employee Income Data by March 1st to Avoid Penalties

February 23, 2024

Important Deadline for Employers: Submit Employee Income Data by March 1st to Avoid Penalties Timely compliance ensures a smoother tax filing process for over 2 million employees. The Inland Revenue Authority of Singapore (IRAS) reminds all employers that they are legally obligated to submit their employees’ 2023 employment income information by March 1, 2024. This […]

Streamlined Tax Filing 2024 for Self-Employed

Streamlined Tax Filing for 2024 Self-Employed

March 08, 2024

Singapore’s IRAS Simplifies Tax Filing for Self-Employed The Inland Revenue Authority of Singapore (IRAS) has introduced two initiatives to streamline tax filing for self-employed individuals (SEPs) in 2024, particularly for commission agents and delivery workers. Pre-filled Tax Returns: Over 100,000 commission agents will benefit from pre-filled income information in their tax returns, sourced from collaborating […]

Consultation: CSP Regulation & Beneficial Ownership

March 22, 2024

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) are proposing a new Corporate Service Providers (CSP) Bill. This bill aims to strengthen the regulatory framework for the CSP sector. Additionally, amendments are proposed to the Companies Act 1967 and the Limited Liability Partnerships Act 2005 to enhance transparency of beneficial […]

Payment regulation and protect digital payment token

MAS Expands Payment Regulation & Protects Digital Payment Token Users

April 05, 2024

The Monetary Authority of Singapore (MAS) announced amendments to the Payment Services Act (PS Act) on 2 April 2024. These changes aim to: Expand the scope of regulated payment services under MAS supervision. Introduce user protection and financial stability requirements for digital payment token (DPT) service providers. The amendments will be implemented in stages […]

Singapore: InvoiceNow Adoption for GST Businesses & Free Services for New Companies

April 19, 2024

The Inland Revenue Authority of Singapore (IRAS), in collaboration with the Infocomm Media Development Authority (IMDA), is introducing a phased approach for GST-registered businesses to transmit electronic invoice (e-invoice) data directly to IRAS. This initiative, known as the ‘GST InvoiceNow Requirement,’ will begin in November 2025. To ease the transition, newly incorporated businesses that […]