Asiabiz Welcomes ACRA’s Latest Initiative To Enhance Corporate Governance
“ACRA’s new guidebook for company directors will enlighten the aspiring directors as well as existing company directors on their statutory obligations and streamline the compliance measures. This will become an indispensable handbook for all entrepreneurs in Singapore,” Says Rikhil Bakhda, of Asiabizservices Pte. Ltd., a Singapore based and corporate services agency.” Accounting and Corporate Regulatory [...]
Can we use non-cash consideration to increase the paid-up capital of our company?
Yes, non-cash considerations such as fixed assets can be used to increase the paid-up capital. However, sufficient evidence of the valuation of the assets must be provided.
Do I need to pay tax in Singapore as a visiting professional?
My engagement in Singapore as a visiting professional spreads over 5 months. My home country has a tax treaty with Singapore. Do I still need to pay tax in Singapore? Whether you need to pay tax in Singapore would depend on the provisions of the tax treaty. For example, under the tax treaty between Singapore [...]
What is the penalty for the late registration of GST?
If you are late in registering for GST, you will be guilty of an offence and be liable on conviction to a fine up to S$10,000 and to a penalty equal to 10% of the tax due in respect of each year commencing from the date on which you are required to make the notification [...]
Backdated GST Registration
If I fail to register and did not collect any GST from my customers, will my GST registration still be backdated? Yes. You will be required to account for and pay the GST on all your taxable supplies made from the date that you should be registered and to pay the relevant penalties. This is [...]
If I am liable to register, can I choose the date that I want to commence registration?
Once you are liable to register, you are required to inform the Comptroller for GST within 30 days from the date your liability arises. The Comptroller will register you within the next 30 days. You can be registered earlier than this date (subject to the Comptroller’s approval).
Exemption from GST Registration
My turnover is more than S$1 million in the past 12 months but I do not want to be registered for GST. Can I be exempted from registration? No. It is compulsory for you to register for GST once your liability to register arises. The only exemption is when you are certain that your turnover [...]
Rules for GST Registration
I am a director of several companies, partner of multiple partnerships and owner of sole-proprietorship businesses. What is the registration rule for each type of business engagement to determine my liability to register for GST? Incorporated companies are separate legal entities. The registration liability of an incorporated company will be determined on its own. It [...]
What should I do now if my company turnover is about to reach 1 million?
You need to assess if your turnover in any past 12 months or the next 12 months is more than S$1 million. If it is, you need to applyfor GST Registration immediately. If it is not, no action is required from you from this point. However, you need to continue to monitor your turnover and [...]
What is Taxable Turnover?
“Taxable Turnover” is the total value of all taxable supplies made in Singapore (excluding GST) in the course of furtherance of business. This includes the value of all standard-rated (GST at prevailing rates) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies and the sale of capital assets. For the purpose [...]
