New requirements under the Corporate Registers On 4 October 2022, Singapore Accounting and Corporate Regulatory Authority (ACRA) implemented new requirements for strengthening its corporate governance regime supporting Singapore’s commitment to combating money laundering, terrorism financing, and other threats to financial system integrity. These updates were made following the passage of the Corporate Registers (Miscellaneous Amendments)… Read more The post New requirements under the Corporate Registers (Miscellaneous Amendments) Act appeared first on Accounting Solutions ..read more

GST to increase over the next two years In Singapore, the goods and services tax (GST) rate will increase from 7% to 9% in 2 stages: From 1 January 2023 – 7% to 8% From 1 January 2024 – 8% to 9% The initial S$6 billion Assurance Package, which was announced in the year 2020,… Read more The post Singapore will increase its GST from 7% to 9% appeared first on Accounting Solutions ..read more

Singapore is one of the most business-friendly economy in the world Singapore has one of the most stable political environments in Southeast Asia, offering a strong sense of security and comfort for businesses and investors. It offers a wide variety of dining and entertainment options, world-class education systems, and quality health care providers that make it… Read more The post 10 Reasons Why Business Outsourcing Is A Great Idea appeared first on Accounting Solutions ..read more

Interest payments Any interest paid to a non-resident entity in connection with a loan or indebtedness is subject to withholding tax. There are several examples of interest, including interest on overdue trade accounts and interest on credit terms granted by suppliers. Interest on late payments of goods is taxed even if the interest is treated… Read more The post Learn More About Withholding Tax Treatment of Specific Payments appeared first on Accounting Solutions ..read more

Transfer Pricing in Singapore – How Does It Work When you enter into a commercial contract with your subsidiary companies, many business owners want to enter at a price that is lower than the market rate. This will enable them to make sure that their contract is safe from the state’s eyes and, at the same… Read more The post Learn More About Transfer Pricing Administration in Singapore appeared first on Accounting Solutions ..read more

Guidance to carry out Financial Reporting Duties for Singapore Companies Strong and vibrant markets are dependent on high-quality financial information. Financial statements are becoming increasingly important as investors, suppliers, financial institutions, customers, company directors, and corporate executives seek to better understand the business. In recent years, the business environment has also become more complex and… Read more The post Learn More About Directors Duties in relation to Financial Reporting appeared first on Accounting Solutions ..read more

Singapore Companies must file Annual Returns All companies, including public corporations, not-for-profit companies, and private companies, by Singapore law, must file annual returns (ARs) once every year. Remember that an Annual Returns is not a financial document. Instead, it’s an electronic record of publicly accessible information about your company at ACRA. That information, includes your… Read more The post What Singapore Companies Need to Know About Annual Returns Filing appeared first on Accounting Solutions ..read more

Choosing the right, reliable, and trustworthy bookkeeping service in Singapore is never easy. As a company’s accounting records are confidential, the accountant is exposed to this level of sensitivity. The confidentiality of financial records has a significant impact on the success of a business. Therefore, you should hire a competent and qualified accountant to assist… Read more The post What You Should Consider In A Monthly Bookkeeping Service appeared first on Accounting Solutions ..read more

Exemptions for small companies in Singapore Today, in an increasingly fast-paced world, it is critical that small businesses work together to ensure value and security meet individual and mutual objectives. However, it is challenging to maintain smooth operations when each associated organisation operates under its internal systems and philosophies. Therefore, audits are of utmost importance.… Read more The post Find Out More About Audit Exemptions in Singapore appeared first on Accounting Solutions ..read more

All successful businesses are built upon the principles of transparency and accountability. As a business owner, you must have a solid understanding of the financial operations of your company. Here are some helpful tips on how to approach the matter. Ensure that you train your staff adequately Your staff will benefit from the training they… Read more The post Learn More About How to Improve Your Finance Operations appeared first on Accounting Solutions ..read more