Under what conditions can customisation or installation services be considered separately from the related product sale?

by Willie Tan | Aug 5, 2024 | Bookkeeping

Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 “Revenue from Contracts with Customers,” customisation or installation services can be considered separately from the related product sale under the following conditions:  ...

Can contract acquisition costs be capitalised, or must they be expensed?

by Willie Tan | Aug 2, 2024 | Bookkeeping

Under the Financial Reporting Standards (FRS), particularly FRS 15/ASC 606, contract acquisition costs can be capitalised, rather than expensed immediately, if conditions are met.   Capitalisation of Contract Acquisition Costs 1. Incremental Costs of Obtaining a...

A Close Look at Singapore’s Corporate Tax Rates and Exemptions

by Willie Tan | Aug 1, 2024 | Tax

Whether you’re a new entrepreneur or an experienced business owner, grasping Singapore’s corporate tax landscape is vital. At only 17%, Singapore’s corporate income tax rate is among the lowest worldwide, making it an attractive destination for...

Trading Licenses for Commodities in Singapore

by Willie Tan | Jul 31, 2024 | Running Your Company

The Commodity Trading Sector in Singapore Singapore hosts approximately 300 global trading companies, operating under the International Enterprise Global Traders Program, which includes some of the world’s largest commodity groups. Its strategic geographical...

Overview of Senior Employment Credit (SEC), Enabling Employment Credit (EEC), and CPF Transition Offset (CTO) Programs

by Willie Tan | Jul 29, 2024 | Running Your Company

Senior Employment Credit (SEC) The SEC program offers wage subsidies to Singapore employers hiring senior Singaporean workers. The aim is to assist businesses in managing the higher costs associated with the increased Retirement and Re-employment Ages. For 2023 to...