Insights · Standards · Compliance
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Singapore Budget 2025, delivered on 18 February 2025, provided further cost relief while supporting workforce and business transformation. Key measures for businesses: Cost Support CIT Rebate (YA 2025): 50% of tax payable, capped at S$40,000. CIT Rebate Cash Grant: Minimum…
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SFRS(I) Changes Effective 1 January 2027
Two new Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2027. SFRS(I) 18 Presentation and Disclosure in Financial Statements Replaces SFRS(I) 1-1 Presentation of Financial Statements. Introduces operating, investing and financing categories…
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SFRS(I) Changes Effective 1 January 2026
The following amendments to Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2026. Classification and Measurement of Financial Instruments (SFRS(I) 9 and SFRS(I) 7) Clarifies how to assess financial assets with ESG-linked…
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MOM Announcements 2024: EP Salary, LQS and Marine Shipyard Changes
At the Committee of Supply debate in March 2024, the Ministry of Manpower (MOM) announced the following foreign workforce changes. Employment Pass (EP) Qualifying Salary Minimum raised to S$5,600 (from S$5,000), rising with age to S$10,700 for candidates in their…
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Budget 2024: Key Highlights for Businesses
Singapore Budget 2024, delivered on 16 February 2024, focused on helping businesses manage costs, transform and grow. Key measures for businesses: Cost Support Corporate Income Tax (CIT) Rebate (YA 2024): 50% of tax payable, capped at S$40,000. CIT Rebate Cash…
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SFRS(I) Changes Effective 1 January 2025
The following amendment to Singapore Financial Reporting Standards (International) (SFRS(I)) applies to annual periods beginning on or after 1 January 2025. Lack of Exchangeability (SFRS(I) 1-21) Sets out when a currency is considered exchangeable into another currency and how to…
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SFRS(I) Changes Effective 1 January 2024
The following amendments to Singapore Financial Reporting Standards (International) (SFRS(I)) apply to annual periods beginning on or after 1 January 2024. Classification of Liabilities as Current or Non-current (SFRS(I) 1-1) Clarifies that classification depends on the right to defer settlement…