Nov 12, 2016 | Business, Tax
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... 
Nov 12, 2016 | Business, Payroll
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...Nov 12, 2016 | Accounting, Business
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...Nov 12, 2016 | Accounting, Business, Tax
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...Nov 12, 2016 | Business, Tax
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...