Is GST payable on costs awarded by the court?

In a litigation case where party-to-party costs are awarded by the court, and a party to the case has to pay costs to the other party, is GST chargeable on those costs? In the case of Chan Wai Leen v Ho Dat Khoon [2024] SGHC(A) 24, this question was considered by the court which expressed

What You Need to Know About Incorporating a Company in Singapore

What You Need to Know About Incorporating a Company in Singapore

What You Need to Know About Incorporating a Company in Singapore The incorporation of a company or registration of an entity is an important step all new businesses must take in Singapore. Besides, in order for your business to sell or conduct business legally in the country, it must be registered with the Accounting and

Types of Business Entities in Singapore

Types of Business Entities in Singapore

Types of Business Entities in Singapore Before a business begins selling goods and services in Singapore, it must first go through the process to legally register itself with the country, one of the most common of which is company incorporation. The first step to registering a business or company incorporation is choosing the right business

Common Audit Challenges in Small Business Operations

Common Audit Challenges in Small Business Operations

Common Audit Challenges in Small Business Operations Companies are required to prepare financial statements complying with Financial Reporting Standards in Singapore unless they are dormant. An audit of those financial statements provides a certain level of assurance regarding their reliability. However, audits are challenging to navigate, especially for a small business. Here, we’ll take a

Understanding Singapore’s Taxation System: A Guide for Small Businesses

Understanding Singapore’s Taxation System: A Guide for Small Businesses

Understanding Singapore’s Taxation System: A Guide for Small Businesses Singapore is a conducive place for small businesses, entrepreneurs, and multinational corporations due mainly to its business-friendly environment and world-class infrastructure. If you’re planning to kickstart your new venture here, understanding and being able to navigate our taxation system is crucial to your success. In this

Here’s How Engaging a Professional Corporate Secretary Can Benefit Your Business

Here’s How Engaging a Professional Corporate Secretary Can Benefit Your Business

Here’s How Engaging a Professional Corporate Secretary Can Benefit Your Business The role of a corporate secretary or company secretary and the assistance they provide are often misunderstood or underestimated. Contrary to common belief, they’re not simply personnel responsible for planning schedules, they’re professionals critical for ensuring not only legal compliance, but also fostering administrative

Avoiding Common Errors in Complying with GST Regulations in Singapore

Avoiding Common Errors in Complying with GST Regulations in Singapore

Avoiding Common Errors in Complying with GST Regulations in Singapore Regulatory frameworks in Singapore are stringent and constantly evolving; regardless of the industry you’re operating in, there are rules to follow. One such regulation critical for businesses to adhere to are the guidelines related to Goods and Services Tax (GST). Errors in compliance with GST

Budget 2023 Update – Enterprise Innovation Scheme

Budget 2023 Update – Enterprise Innovation Scheme The Enterprise Innovation Scheme (“EIS” or “Scheme”) was announced earlier this year in Budget 2023 and detailed guidelines on the Scheme was released by the Inland Revenue Authority of Singapore (“IRAS”) on 30 June 2023. Under the EIS, enhanced tax deductions and allowances will be granted for qualifying

Registration for Goods and Services Tax (“GST”) In Singapore

Registration for Goods and Services Tax (“GST”) In Singapore Compulsory GST Registration A person may be liable for compulsory registration under the Goods and Services Tax Act 1993 (“GST Act”) under the following categories of thresholds: Person who makes taxable supplies, Overseas Vendor Registration (“OVR”) for overseas persons supplying Seventh Schedule supplies in Singapore, or

Requirements in relation to Registrable Controllers, Nominee Directors and Nominee Shareholders

Requirements in relation to Registrable Controllers, Nominee Directors and Nominee Shareholders Unless exempted, all companies incorporated in Singapore and foreign companies registered in Singapore are required to comply with the Companies Act 1967 relating to Registrable Controllers, Nominee Directors and Nominee Shareholders. The legislative provisions have extra-territorial effects as they apply to all natural persons,

New Requirements under Corporate Registers (Miscellaneous Amendments) Act

New Requirements under Corporate Registers (Miscellaneous Amendments) Act The Accounting and Corporate Regulatory Authority (“ACRA”) has implemented new compliance requirements relating to nominee shareholders and registrable controllers of companies incorporated or registered in Singapore and LLPs. These new requirements took effect from 4 October 2022. New Register of Nominee Shareholders to be maintained by the

Transfer of Registration and Re-domiciliation of Foreign Companies to Singapore

Transfer of Registration and Re-domiciliation of Foreign Companies to Singapore A foreign corporate entity (“foreign company”) may apply to transfer its registration to (i.e. re-domiciliate) and be registered as a company limited by shares in Singapore. Upon such re-domiciliation and transfer of its registration to Singapore, the foreign company will be treated like a company

Stamp Duty on Transfers of Shares in Property-Holding Entities

General Stamp duty is tax on instruments (documents). Generally, stamp duty is payable on the instrument for conveyance, assignment or transfer on sale of any stock or shares or any equity interest of the stocks and shares at a rate of 0.2% of the amount of the consideration on such conveyance, assignment or transfer. Transfers

More stringent criteria for Section 13O and 13U schemes wef 18 April 2022

The family office schemes are administered by the Monetary Authority of Singapore (MAS) which has announced more stringent criteria for the family office incentive schemes. These new requirements for new applications under section 13O (previously section 13R) and section 13U (previously section 13X) will be effective from 18 April 2022 onwards. The updated criteria relate

Tax Changes Arising from Budget 2022

There were significant changes in various taxes arising from the 2022 Budget announced by the Minister for Finance on 18 February 2022. The key changes include increases in Goods and Services Tax (GST) rates, individual income tax rates for higher income brackets and property taxes on residential properties. These changes will affect a number of

GST: Missing Trader Fraud Arrangements wef 1 January 2021

What is a Missing Trader Fraud (MTF) Arrangement? As indicated by its name, the objective of such an arrangement is to defraud the tax authority (Inland Revenue Authority of Singapore, or “IRAS”) and cause loss of public (tax) revenue. In a typical Missing Trader Fraud (MTF) arrangement illustrated by IRAS, a trader (the Missing Trader)

Singapore’s Nationwide E-Invoicing Initiative

What is the nationwide e-invoicing initiative? The Singapore nationwide e-invoicing initiative was started by the Government to encourage businesses to send and receive invoices electronically. Under this arrangement, invoice data is exchanged between suppliers and customers in a standardised electronic format based on PEPPOL specifications. The invoice will be automatically entered into the accounting system