GST Updates

GST Updates

Missing Trader Fraud (“MTF”) MTF is a fraud scheme used by crime syndicates to defraud tax authorities of GST. Effective from 1.1.2021, a GST registered trader will not be allowed to claim GST input tax on supplies made to him which he knew or should have known are...
Budget 2021 Corporate Tax Highlights

Budget 2021 Corporate Tax Highlights

Extension of Job Support Scheme (JSS) Firms in Tier 1 (Aviation, Aerospace, etc.) and 2 (Food Services, Retail, Marine and Offshore, etc) sectors will have the support of JSS covering wages paid up to September 2021.   As JSS grants are tax exempt, businesses would do...
Audit Exemption

Audit Exemption

With recent amendments to the Singapore Companies Act – The Companies (Amendment) Act 2014, a significant number of companies that previously required an audit will no longer need to do so.  The audit exemption is applicable for financial years beginning on or...