IRAS Year of Assessment for Tax filing: Tax Facts
By Singaporean law, individuals (employees or sole proprietors) and companies are required to file their annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). What is Year of Assessment (YA)? The IRAS defines Year of Assessment as the year income tax is computed, filed to tax authorities and tax bills are settled.…
Read more
POSTED BY
Tax Dept
Capital Gain Tax in Singapore: Tax Facts
Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). In general, capital gains derived in Singapore are not taxable, hence not required to be declared as income in the tax returns. Singapore’s zero capital gains tax policy has the aim of…
Read more POSTED BY
Tax Dept
Chargeable and Non Chargeable Income in Singapore: Tax Facts
Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). A common phrase used by tax professionals is chargeable income. Chargeable income is defined as total taxable income less deductible expenses. The final tax percentage will then be levied on the chargeable…
Read more POSTED BY
Tax Dept
Accounting fraud takes a new dimension in China
China’s biggest accounting firm Ruihua CPA’s is being investigated by the China Securities Regulatory Commission (CSRC) after one of its clients was found to have infested its profits by RMB 12billion ( US$1.74billion)over four years! This is not the first time Ruihua was investigated 3 years ago they were barred from handling any IPO work…
Read more
POSTED BY
Paul Wan, FCA
Accounting for Cryptocurrencies
With rapid changes in technology and business environment, holdings of cryptocurrencies allow businesses and individuals to transact directly to each other without any intermediary such as banks or financial institutions. Accordingly, it appears practical issues on how to account for such assets given the fact that there is no accounting standard currently provide direct guidance,…
Read more
POSTED BY
