KCHo, Author at A1 Accounting

New licence conditions for employment agencies to strengthen fair hiring to kick in on the 1st of October

New licence conditions for employment agencies (EAs) to strengthen fair hiring to kick in on the 1st of October

17 Comments / Corporate Article, Useful Articles / KCHo

To strengthen fair employment practices, the Ministry of Manpower is putting in place new licence conditions for all new and existing employment agencies when they engage in recruitment work. These new licence conditions are No discrimination practices are allowed Workplace discrimination based on age, race, nationality, gender and disability is not allowed. Where discriminatory practices […]

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Company director hit with record SGD$113,400 fine

1 Comment / Corporate Article / KCHo

A company director was hit with a record SGD$113,400 fine for multiple breaches of the Companies Act. They include failing to hold annual general meetings (AGMs) and failing to file annual returns (ARs). According to the Accounting and Corporate Regulatory Authority (ACRA), Tan Hang Song was fined SGD$113,400. The fine was nearly double the previous

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A director was fined a record SGD$57,000 for offences under the Companies Act

Leave a Comment / Corporate Article / KCHo

A company director Lawrence Fong Kok Liang has been fined a record SGD$57,000 for 38 charges. Fong had failed to hold the annual general meeting and failed to file the annual returns of 19 companies. Fong had been convicted in 2014 for similar offences and compounded 60 similar offences. In April and May of 2018,

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Xero. The ideal accounting partner for small businesses.

Leave a Comment / Accounting Article, Accounting Bookkeeping Tax and XBRL, Featured Companies / KCHo

Xero is excellent for small businesses. It is an application to do your account which enable fulfilling most accounting tasks required for your small businesses. It is built on a true double-entry accounting framework. It allows business owners to track and manages sales, purchases, inventory and payroll by creating records for customers, suppliers, employees and

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Implementation of Section 121 of Companies (Amendment) Act 2014

Leave a Comment / Accounting Bookkeeping Tax and XBRL, Corporate Article / KCHo

Section 121 of the Companies (Amendment) Act 2014 which introduces new sections 202A and 202B of the Companies Act (the “Act”) took effect on 20 April 2018. Concurrently, the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance-Sheet) Regulations 2018 (the “Regulations”) has been issued to operationalise sections 202A and 202B. The

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Corporate Tax Filing

Leave a Comment / Accounting Bookkeeping Tax and XBRL, Corporate Article, Useful Articles / KCHo

Singapore is a very attractive place to do business. It is safe, corruption-free, has a highly-skilled workforce and a very attractive corporate tax system. Singapore has a single-tier corporate tax system. There is no double taxation on the monies received by shareholders. Tax paid by a company for its chargeable income is final and all dividends

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New Grant for Artificial Intelligence and Data Analytics

Leave a Comment / Corporate Article, Government Grant, Useful Articles / KCHo

The Monetary Authority of Singapore (MAS) launched a new $27 million Artificial Intelligence and Data Analytics (AIDA) Grant under the Financial Sector Technology and Innovation (FSTI) Scheme. The objective of this grant is to promote the use of Artificial Intelligence (AI) and data analytics in financial institutions. This AIDA Grant will focus on two tracks,

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How to authorise a third party to file your company corporate tax

Leave a Comment / Accounting Bookkeeping Tax and XBRL, Corporate Article, Corppass, Questions and Answers, Useful Articles / KCHo

Tax filing season is here and for some companies, that means looking for a third party with the relevant expertise to file the company’s corporate taxes with the Inland Revenue Authority of Singapore. Here is a step by step guide on how to authorise a third party entity to file your corporate tax. Note: You

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Guide To Profit And Loss Statement For Small And Medium Business Owners

Leave a Comment / Accounting Article, Corporate Article, Useful Articles / KCHo

Profit and Loss Statements, also commonly known as P&L or income statements, show you the profitability of your business over a given period of time. The Profit and Loss Statements are usually prepared monthly, quarterly, and yearly. The Importance Of Profit and Loss Statements First and foremost, companies are required by law to complete their

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What is a Data Protection Officer?

Leave a Comment / Corporate Article, Questions and Answers, Useful Articles / KCHo

Under the Personal Data Protection Act (PDPA), organisations are required to appoint at least one person as the Data Protection Officer (DPO). The broad role of the DPO is to ensure that the organisation complies with the PDPA. The DPO can either be a person from within the organisation or the organisation can appoint a

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KCHo