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Climate Reporting in FY 2025: Singapore Takes Action

July 12, 2024

A new study by the Accounting and Corporate Regulatory Authority (ACRA) and the Sustainable and Green Finance Institute (SGFIN) at the National University of Singapore reveals positive progress in climate reporting by large, listed companies in Singapore. Notably, 78% of these companies belong to carbon-intensive sectors. The study further identifies strategies to bolster climate-related disclosures, […]

Company Tax Filings During Liquidation Proceedings

June 28, 2024

Companies under Liquidation During liquidation, companies must fulfill specific tax obligations before the process can be finalized. Duties of Liquidators When a company undergoes voluntary or compulsory liquidation, a court-appointed or company-designated liquidator assumes responsibility for the company’s affairs. This includes fulfilling specific duties outlined in the Income Tax Act of 1947. Section 59(1) of […]

Important Announcement: Identifying Official Government SMS in Singapore

June 14, 2024

To streamline communication and combat impersonation scams, the Singapore Government is implementing a single SMS Sender ID, http://gov.sg , for all government agencies. Effective 1 July 2024, residents will receive government SMS notifications exclusively from gov.sg instead of individual agency IDs. Ensure the authenticity of gov.sg and prevent spoofing, the government has collaborated with […]

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 […]