Insights · Standards · Compliance
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A recent Singapore High Court decision is a reminder that a personal guarantee can become a personal debt. What Happened A doctor promoted to medical director of an aesthetics clinic signed a deed of guarantee for the clinic’s S$600,000 loan.…
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Employment Expense Claims: Common Misconceptions
IRAS has flagged over 3,000 taxpayers for false, incorrect or unsupported employment expense claims. Some advice circulating online and through messages is misleading. Can I Claim a Percentage of Meals or Entertainment? No. Employment expenses are deductible only if they…
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GST: Input Tax on Supplier Invoices Unpaid After 12 Months
GST-registered businesses may claim input tax before paying their suppliers. However, if a supplier is not paid within 12 months from the payment due date, the input tax claimed must be repaid to the Comptroller of GST. Partial Payment Only…
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Do Intermediate Holding Companies Need Consolidated Accounts?
A Singapore intermediate holding company may be exempt from preparing consolidated financial statements. Whether it qualifies depends on its reporting framework and on how its parent prepares its accounts. The Exemption (Paragraph 4(a) of FRS 110 / SFRS(I) 10) It…
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Case Study: Director Ordered to Return S$1.2 Million to His Company
A recent Singapore court case shows that company funds cannot be withdrawn freely when a business is in financial difficulty. What Happened A business owner withdrew about S$1.18 million through dividends and shareholder loan repayments after his company began facing…
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Sole Proprietorship: A Simple Way to Start Your Business
Not every new business needs a company. A sole proprietorship or partnership is a simple, cost-effective way to test an idea, freelance or earn side income. Advantages Lower compliance costs and simple administration Well suited to testing business ideas and…
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MOM Announcements 2026: EP, S Pass, LQS and Levy Changes
At the Committee of Supply debate in March 2026, the Ministry of Manpower (MOM) announced the following foreign workforce changes. Employment Pass (EP) Minimum qualifying salary raised to S$6,000 (from S$5,600), rising with age to S$11,500 for candidates aged 45…
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Budget 2026: Key Highlights for Businesses
Singapore Budget 2026, delivered on 12 February 2026, focuses on easing business costs and accelerating AI adoption. Key highlights: Corporate Tax Relief CIT Rebate (YA 2026): 40% of tax payable, capped at S$30,000 (YA 2025: 50%, cap S$40,000). CIT Rebate…
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Simplified Liquidation Programme (SLP): Key Revisions
The Simplified Liquidation Programme (SLP), administered by the Insolvency and Public Trustee’s Office (IPTO), has been extended beyond its original COVID-19 sunset and refined to keep it focused on small, straightforward insolvencies. Key Revisions Extended: SLP continues as a simpler,…
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Missing Trader Fraud and GST Input Tax Exposure
The Inland Revenue Authority of Singapore (IRAS) continues to place significant audit focus on Missing Trader Fraud (MTF), a GST risk area that can result in the denial of input tax claims, penalties, and interest. Businesses may be exposed even…