RECOMMENDED GOOD HR POLICIES & PRACTICES – RETRENCHMENT

Year 2020 pandemic-Covid19 is affecting almost everyone globally. Not only it took away life but also a huge dramatic change in our daily routines. Economic downturn and businesses are depleting their reserves to stay afloat. Unfortunately, not all companies have a strong reserve to battle this pandemic in the long run. Hence, cost cutting measures [...]

2020-11-14T12:43:28+08:00November 11th, 2020|

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

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 [...]

2020-11-14T12:44:37+08:00July 17th, 2020|

Company director hit with record SGD$113,400 fine

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 [...]

2020-07-06T20:31:46+08:00July 16th, 2020|

Implementation of Section 121 of Companies (Amendment) Act 2014

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 [...]

2020-11-14T12:47:36+08:00July 16th, 2020|

Corporate Tax Filing

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 [...]

2020-11-14T13:09:40+08:00July 15th, 2020|

New Grant for Artificial Intelligence and Data Analytics

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, [...]

2020-11-14T13:11:32+08:00July 14th, 2020|

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

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 [...]

2020-11-14T13:17:09+08:00July 14th, 2020|

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

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 [...]

2020-11-14T13:15:27+08:00July 13th, 2020|
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