by Willie Tan | Aug 20, 2024 | Running Your Company
Employers need to be aware of their Central Provident Fund (CPF) contribution obligations across various components of employee remuneration. As a general rule, CPF contributions are mandatory for all cash-based compensation directly related to work performance. This...
by Willie Tan | Aug 14, 2024 | Running Your Company
The Monetary Authority of Singapore (MAS), along with DBS, HSBC, OCBC, UOB, SPTel, and SpeQtral, has entered into a Memorandum of Understanding (MoU) to collaborate on quantum security initiatives. The partnership aims to explore the application of Quantum Key...
by Willie Tan | Aug 5, 2024 | Bookkeeping
Under Singapore Financial Reporting Standards (SFRS), specifically SFRS 15 “Revenue from Contracts with Customers,” non-refundable upfront fees are generally not recognised as revenue when received. Instead, these fees are considered part of the total...
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: ...
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...
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...
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...
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...
by Willie Tan | Jul 25, 2024 | Starting a Company
The textile sector, one of the oldest segments of the manufacturing industry, has consistently performed well within the global economy. Asian countries are renowned for their textile mills and manufacturing firms that export products worldwide. Singapore, in...
by Willie Tan | Jul 24, 2024 | GST
We have recently shared with our client the GST treatment for advertising services provided by their Singapore entity. They are unclear as some of their services are provided locally as well as overseas to customers at various locations. To understand the various...
