Tax & Compliance
Essential Accounting Records Every Business in Singapore Must Keep
Effective accounting records form the backbone of a company’s financial management, supporting informed decision-making, accurate reporting, and smooth audits. In Singapore, businesses must pay special attention to this area due to clear regulatory expectations from both ACRA and IRAS, which require companies to maintain documents that reflect genuine business activities and support all tax submissions….
Balance Sheet Explained: Structure, Purpose, and Practical Use
In business decision-making, numbers only create value when they are properly understood. Many business owners and investors review financial reports regularly, yet struggle to see how those figures reflect a company’s real financial position. The balance sheet addresses this gap by presenting a clear and structured view of a business’s financial standing at a specific…
Unaudited Financial Report in Singapore: Rules and Practical Insights
In Singapore’s highly regulated business environment, financial transparency remains a core requirement even when statutory audits are not mandatory. An unaudited financial report plays a critical role in helping companies present a structured and compliant view of their financial position without undergoing a full audit process. For business owners, these reports support internal decision-making and…
A Complete Guide to Capital Gains Tax in Singapore
In Singapore, capital gains tax is often a source of confusion. While the country is widely recognized for having no formal capital gains tax, the rules have important nuances depending on the type of transaction. The Inland Revenue Authority of Singapore (IRAS) distinguishes carefully between “capital” gains and “income” gains. Many profits from property sales,…
What Is Bookkeeping? A Complete Guide
Bookkeeping is one of the most essential processes in business accounting because it forms the backbone of how organizations understand, monitor, and manage their financial activities. At its core, bookkeeping involves the systematic recording, organizing, and maintaining of financial data. This information plays a central role in helping companies assess performance and maintain financial stability….
Tax Clearance Singapore: What Employers Must Know
Tax clearance in Singapore is a mandatory requirement under the Inland Revenue Authority of Singapore (IRAS) for employers who hire foreign employees or Singapore Permanent Residents. Known as IRAS tax clearance, the process ensures that all outstanding income taxes are fully settled before the employee leaves Singapore, ceases employment, or begins an overseas assignment. Fulfilling…
How to complete your Singapore EP renewal efficiently
Renewing a Singapore Employment Pass (EP) is essential for foreign professionals who wish to continue working and residing legally in Singapore. The renewal process ensures both employers and employees remain fully compliant with the Ministry of Manpower’s (MOM) requirements, including qualifying salary, role relevance, and the COMPASS framework. MOM permits renewal applications to be submitted…
Top Accounting Software for Small Business Success 2025
Accurate financial management is fundamental to every small enterprise, and the right tools can significantly improve efficiency and decision-making. Traditional manual bookkeeping is gradually being replaced by digital solutions, with modern small business accounting software offering automated processes, real-time insights, and greater accuracy than paper-based systems. Cloud-enabled platforms have further accelerated this shift by allowing…
Singapore Audit Requirements: Key rules and Importance
In Singapore, company audits serve as a cornerstone of financial integrity and regulatory compliance. Governed by the Companies Act and monitored by ACRA, audits ensure that a company’s financial statements present a true and fair view in accordance with the Singapore Financial Reporting Standards (SFRS). Understanding audit requirements Singapore is therefore critical, not only to…
Dividend Income Tax Singapore: A Complete Guide for Investors
Singapore’s reputation as a low-tax jurisdiction makes it a strategic hub for global investors and multinational companies. Yet one common question remains: is dividend taxable in Singapore? Understanding the nuances of the Singapore dividend tax system is crucial for shareholders, business owners, and foreign investors looking to structure their income efficiently. Under the one-tier corporate…
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