Tax terminology and concepts are infamously hard to grasp, and it takes years of practice before accountants can achieve expertise in this area. As tax expenses eat into a considerable portion of a company’s profit, and also because tax computation errors will attract penalties from Inland Revenue Authority of Singapore (IRAS), it is important to understand the common tax terms and get your basic concepts right.

A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances. Find out how to prepare a tax computation and the common filing mistakes to avoid in this blog post.

As YA 2021 corporate tax season opens for filing, we thought it an opportune time to highlight three of the tax changes announced by Budget 2020 and 2021 that will support businesses who have invested in new assets and/or renovation and refurbishment of business premises and ease the cashflow of businesses.

As we begin the new year, we thought it an opportune time to highlight the key compliance deadlines for non-listed small businesses in Singapore. As missing these compliance deadlines comes with hefty late fees and penalties, it is imperative that small business owners take steps to ensure these deadlines are met in a timely manner. In this blog post, we outline the various compliance deadlines from Accounting and Corporate Regulatory Authority of Singapore (“ACRA”) and Inland Revenue Authority of Singapore (“IRAS”) that are applicable to non-listed businesses.