The 2022 Singapore budget statement was delivered by the Minister of Finance, Mr Lawrence Wong on 18 February 2022, with the theme of charting a new way forward together. Enhancements were made with a view to building a fairer and more resilient tax system. These...
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...
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...
Under FRS 109, impairment allowance on trade receivables would be measured as follows: Only impairment losses recognised in the profit and loss account (“P&L”) in respect of credit-impaired financial instruments on revenue account (such as trade receivables) are...
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...
