Revision to the Mosque Building & Mendaki Fund (MBMF) contribution

With effect from 1 March 2009, the new rates payable by Muslim employees every month are shown in the table below. Kindly update your payroll system to reflect the change

Jobs Credit Scheme

The Jobs Credit Scheme was introduced to encourage businesses to preserve jobs in the downturn. Businesses in operation that have made Central Provident Fund (CPF) contributions for their employees

Special Employment Credit

As part of the 2011 Budget Initiatives, the Government has introduced a Special Employment Credit (SEC) to encourage employers to attract and retain older low-wage Singaporeans.

Taxation in Singapore

Singapore does not tax capital gains. The major types of taxes that affect businesses and companies in Singapore are namely income tax, goods and services tax, stamp duty, property tax and customs and excise duties.

Singapore as a base for investing in other countries

Singapore is an attractive location for doing business

Taxman on the Audit Run

We would like to alert clients of the recent stepped up audits by IRAS on past tax filings and relevant financial statements. Such queries are generally raised via IRAS’ desk or field audits.

XBRL Filing

XBRL stands for eXtensible Business Reporting Language, a language used in computers to present financial statements such that they can be retrieved from online records and transferred directly to users such as auditors, regulators, financial analysts for various purposes. More information on XBRL can be found at http://www.xbrl.org.

Tax Deduction for Expenditure Incurred on Renovation or Refurbishment Works

You are eligible to claim a tax deduction for capital expenditure on fixtures, fittings and installations incurred during the period from 16 February 2008 to 15 February 2013 when you undertake renovation or refurbishment works (“R&R costs”) on your business premises.