Starting from 1 January 2023, the Goods and Service Tax (GST) rate has been increased from 7 per cent to 8 per cent, with further plans to increase to 9 per cent starting from 1 January 2024. Businesses of all sizes should not take the GST rate hike lightly and should...
Section 19B of the Singapore Income Tax Act permits companies to claim writing down allowances (WDA) on capital expenditures incurred on the acquisition of qualifying Intellectual Property Rights (IPRs) for use in their business. The company must submit an independent...
As most of us know, Singapore’s Goods and Service Tax (GST) rate will increase from 7% to 8% starting from January 1, 2023. The GST rate hike will impact all GST-registered businesses that produce or sell goods or services subject to the standard rate of GST....
There are many potential errors to avoid when preparing a tax return. Corporate taxpayers in Singapore must promptly file their tax returns with the Inland Revenue Authority of Singapore (IRAS). Companies in Singapore are given sufficient time to prepare and file...
Singapore’s Finance Minister stated in his Budget 2022 speech that Singapore’s Goods and Services Tax (GST) rate would be raised from 7% to 8% on January 1, 2023, and from 8% to 9% on January 1, 2024. Businesses and consumers need to consider the hidden...
GST or Goods and Services Tax registered companies in Singapore are required to fulfil a number of responsibilities. Some of the GST-registered businesses’ responsibilities are to charge and account for GST, complete GST filing on time, keep proper records, and...
