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
Author Archives: Wee Kong Eng
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 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 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 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 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 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
Change in Goods and Services Tax (GST) rate from 1 January 2024
Change in Goods and Services Tax (GST) rate from 1 January 2024 Changes in Standard GST rate The standard Goods and Services Tax (“GST”) rate in Singapore was increased on 1 January 2023 and 2024 from 7% to 9% in the following manner: a. 1 January 2023 – Increase in standard GST rate from 7%
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
