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 is an attractive location for doing business

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 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.

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.

The Singapore Accounting Standards Council (ASC) issued a Statement of Intent for the adoption of the Financial Reporting Standard for Small Entities (FRS for Small Entities) in June 2010.