Singapore Tax Basis Period

It is not unusual, in some circumstances, for a taxpayer to have more than one basis period for a particular year of assessment. For assessment purposes, the whole of the income derived from different basis periods must be combined to form the statutory income for the...
What Are Wages

What Are Wages

Wages under the Singapore Central Provident Fund Act is defined as any kind of remuneration in money that is either granted or even due to an employee as a result of his or her employment. Such remuneration is usually inclusive of all allowances, bonuses, overtime pay...

Accounting vs Finance Department

Most of the small and mid-sized companies in Singapore today do not have a separate Finance and Accounting departments. Finance departments are made to perform 2 different jobs. First is to manage the company’s financial assets (finance) and second is to track and...

Accounting Date vs Accounting Year

Accounting date is the date on which a trade or business makes up its accounts. Accounting period is the period by reference to which a trade or business is chargeable. The accounting period of a trade or business commences when: a previous accounting period ends a...

Year of Assessment and Basis Period

In Singapore, income tax is annual in its structure and organisation. Since income tax is charged on a preceding year basis, it is important to distinguish between a “year of assessment” and the “basis period” for a year of assessment. Each...
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