What is ASK and How Do Businesses in Singapore Benefit from It?
ASK stands for Assisted Self-Help Kit and it is a program developed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in assessing the accuracy of their Goods and Services Tax (GST) filings. ASK may be implemented by businesses in Singapore voluntarily, or the IRAS may also invite the business to implement ASK,…
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Tax Dept
What is an Internal Audit and How Can it Benefit a Company?
An internal audit is a procedure that involves a systematic evaluation of a company’s accounting and reporting processes, along with its corporate governance and internal controls. This type of audit seeks to determine if there are any flaws or weaknesses that could affect the accuracy of a company’s financial reports, to correct them before an…
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Dev Team
GST Rate Increase Singapore: Tax Facts
Late last year, the Singapore government announced plans to raise GST by 2 percentage points. In the Singapore Budget 2018, the next proposed GST increase will happen between 2021 and 2025, from the current rate of 7% to 9%. In the recent Singapore Budget 2019 delivered by Finance Minister, Mr Heng Swee Keat, a similar…
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Tax Dept
Exempt supplies under Singapore GST legislation: Tax Facts
As per the rules and guidelines set by the Inland Revenue Authority of Singapore (IRAS), GST may be charged on sales of locally-made goods and services rendered excluding exported goods, international services and exempt supplies. GST registered companies may claim back GST incurred on business expenses and quarterly GST returns must be submitted to IRAS…
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Tax Dept
5 Top Mid-Tier Accounting Firms in Singapore
Mid-tier accounting firms in Singapore are considered to be strong players in any domestic market outside of the industry’s “Big Four”. While they don’t have the full reach that top firms such as KPMG or PWC have, their international presence is enough to cater to middle market clients worldwide. The following is a list of…
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