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Combating Tax Avoidance: The GloBE Rules and Domestic Top-up Tax Explained

May 31, 2024

The GloBE Rules aim to create a unified system for taxing multinational companies. This system ensures they pay at least a minimum tax rate (currently 15%) on their profits in each country they operate in. The rules achieve this by imposing an extra tax if a company’s effective tax rate in a specific country […]

Building singapore future accountancy workforce

Building Singapore’s Future Accountancy Workforce

May 17, 2024

The AWRC released a report on 10th May, proposing strategies to attract talent and bolster Singapore’s accounting workforce. Key Recommendations The AWRC proposes three key recommendations to strengthen Singapore’s accounting workforce: Firstly, they recommend making the profession more attractive by reviewing compensation structures, bring more purpose in the work by redesigning the jobs, and […]

Tax Payment Assistance

May 03, 2024

IRAS understands that encountering financial difficulties can make timely tax payments challenging. If you are facing such difficulties, IRAS encourages you to contact them before the due date. IRAS is here to work with you and develop a suitable payment plan that accommodates your specific circumstances Following the announcement during Budget 2024, homeowners residing in […]

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 […]

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 […]

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 […]

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 […]

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 […]

ACRA Cancels Registration of Filing Agent and Qualified Individual for AML/CFT Breaches

ACRA Revokes Registration of Filing Agent and Qualified Individual Due to AML/CFT Violations

February 07, 2024

On January 19, 2024, the Accounting and Corporate Regulatory Authority (ACRA) revoked the registrations of the filing agent (RFA) LW Business Consultancy Pte Ltd (LWBC) and the qualified individual (RQI) Wang Junjie (Wang). This action was taken on January 18, 2024, due to violations of anti-money laundering and countering the financing of terrorism (AML/CFT) controls […]