by Willie Tan | Jul 1, 2024 | Glossary
Statutory income is a term used primarily in tax law to refer to income specifically defined by statute as subject to tax. This type of income includes all earnings that are legally required to be reported to the tax authorities and is subject to taxation according to...
by Willie Tan | Jun 28, 2024 | Glossary
The Comptroller of Income Tax in Singapore is a key official within the Inland Revenue Authority of Singapore (IRAS), responsible for the administration and enforcement of income tax laws. The role involves several critical functions and powers as stipulated in the...
by Willie Tan | May 31, 2024 | Glossary
A branch office in Singapore is a legal structure that allows a foreign company to establish a presence in Singapore. It is essentially an extension of the parent company and not a separate legal entity. Here are some key characteristics of a branch office in...
by Daryl Lum | May 15, 2024 | Growing Your Company
Financial reporting stands as a fundamental pillar for ensuring transparent and accountable financial management across organizations. This in-depth exploration aims to uncover the essence of financial reporting, its significance, various forms of financial reports,...
by Daryl Lum | May 15, 2024 | Growing Your Company
Budgeting serves as a pivotal element in a company’s financial strategy, setting financial objectives and monitoring progress towards these goals. It plays a crucial role in managing finances by guiding resource distribution, pinpointing potential risks and...
by Daryl Lum | May 15, 2024 | Growing Your Company
Forecasting leverages historical data and analytical assumptions to project future financial outcomes, serving as a pivotal tool for strategic decision-making. Through the extrapolation of past financial trends, forecasting offers a comprehensive view of anticipated...
by Daryl Lum | May 13, 2024 | Running Your Company
Retrenchment is the termination of permanent employees. This is usually because of redundancy or a reorganisation of the company or business. When we speak of the term retrenchment exercise, we usually refer to it as the termination of a noticeable number of...
by Daryl Lum | May 13, 2024 | Glossary
Deductions, in the context of taxation, refer to specific expenses or allowances that can be subtracted from an individual’s or a company’s assessable income to arrive at their chargeable income. These deductions are typically permitted by tax authorities...
by Daryl Lum | May 13, 2024 | Glossary
Chargeable income in Singapore refers to the taxable income of an individual or a company after deducting allowable expenses, reliefs, and rebates from their assessable income. In other words, it’s the income on which tax is calculated. For individuals,...
