Counto

JANUARY 6, 2024

How to Set Up a Holding Company in Singapore If you’re a business owner contemplating the establishment of a holding company in Singapore, you’re on the right track to optimise your corporate structure and gain a competitive edge. Companies in Singapore are subject to a flat corporate tax rate of 17% on all taxable income.

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Corporation Tax Tax Financial Reporting Accounting 52

Counto

JANUARY 27, 2024

The Significance of a Company Secretarial Firm in Singapore A corporate secretary plays a pivotal role in various aspects of a company’s lifecycle. Addressing the legal and tax implications of your chosen structure. Identifying available tax incentives and exemptions. Developing tax-efficient corporate structures.

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Tax 52

Reconciled Solutions

JANUARY 22, 2024

The Corporate Transparency Act was enacted by Congress to combat money laundering, tax fraud, and terrorism. The post The Corporate Transparency Act: What You Must Know appeared first on Reconciled Solutions. Here's what you need to know.

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Reconciling Tax 52

Counto

JANUARY 11, 2024

Offshore companies, often incorporated in jurisdictions different from their principal place of operation, offer numerous advantages, including tax benefits, simplified reporting requirements, and more. Reduced Tax Liability: Singapore boasts a straightforward and low tax system. Why Incorporate a Singapore Offshore Company?

Tax 52

Tax Payroll Accounting Accounting 52

Counto

JANUARY 8, 2024

Whether it’s for better aligning with your business cycle or optimising tax exemptions, altering your FYE is possible. Choosing the FYE holds significant importance as it determines the annual deadlines for your corporate filings and tax obligations. What makes the FYE of a company very important? Visit the mytax.iras.gov.sg

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Financial Statements Tax Accounting Accounting 52

Counto

JANUARY 9, 2024

Key Singapore Startup Tax Exemption Schemes Singapore is renowned for its business-friendly environment, and one of the perks it offers to budding entrepreneurs is a range of tax exemption schemes. In this blog post, we’ll delve into the key tax exemption schemes that can significantly benefit your new company in Singapore.

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Tax Corporation Tax Accounting Accounting 52

Counto

JANUARY 17, 2024

This role is vital for ensuring compliance with regulatory obligations and maintaining proper corporate governance. Register for Goods and Services Tax (GST) If your company’s projected or actual annual revenue exceeds S$1 million, register for Goods and Services Tax (GST).

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Auditing Tax Financial Reporting Accounting 52

Counto

JANUARY 11, 2024

The Accounting and Corporate Regulatory Authority ( ACRA ) mandates this process to ensure transparency, accountability, and compliance with the Singapore Financial Reporting Standards (SFRS). Include financial statements in the supporting documents when filing corporate tax returns with the Inland Revenue Authority of Singapore (IRAS).

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Financial Statements AR Corporation Tax Tax 52

Counto

JANUARY 8, 2024

This transition offers numerous advantages, including limited liability, tax benefits, wider funding options, and more. Tax Benefits: Pte Ltd companies enjoy corporate tax incentives, potentially resulting in lower tax liability compared to sole proprietors who are taxed at personal income tax rates.

Corporation Tax 52

Corporation Tax Tax Accounting Accounting 52

Accounting Tools

JANUARY 24, 2024

Second, interest expenses are tax deductible, which lowers the after-tax cost of debt financing. Related AccountingTools Courses Corporate Cash Management Corporate Finance Treasurer's Guidebook Related Articles Debt Security Debt Types (podcast) Funded Debt Refinancing Debt (podcast) Subordinated Debt

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Corporate Finance Tax 40

Counto

JANUARY 15, 2024

Well, it all stems from the strict mandates laid out by the Accounting & Corporate Regulatory Authority (ACRA), which dictate that every company operating in Singapore must have a local resident director. Signing routine documents such as tax forms and bank resolutions. tax returns). What is a Nominee Director?

Deposits 52

Deposits Tax Accounting Accounting 52

Less Accounting

JANUARY 17, 2024

Less Accounting software is a simplified accounting software with all the powerful features you need, but none of the heavy technical jargon and functions that are meant for accountants and large corporations. Set Aside Taxes : Freelancers often face the challenge of managing their own taxes.

Bookkeeping 52

Bookkeeping Financial Records Outsourced Bookkeeping Accounting Software 52

Counto

JANUARY 11, 2024

This online portal is managed by the Accounting and Corporate Regulatory Authority (ACRA) in Singapore. Income Taxes in Singapore Singapore has a progressive income tax system with different rates for residents and non-residents. Let the pro team at Counto take care of your company incorporation, accounting, taxes, and payroll.

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Payroll Financial Statements Tax Accounting 52

Counto

JANUARY 16, 2024

Low Tax Environment : Singapore’s flat corporate tax rate of 17% and tax exemptions for startups make it tax-efficient for businesses. Global Connectivity : The country’s Free Trade agreements with the EU and Trans-Pacific provide a gateway to international markets.

Corporation Tax 52

Corporation Tax Tax Accounting Accounting 52

Counto

JANUARY 3, 2024

A Business Owner’s Guide to ACRA in Singapore – 2024 Overview In the bustling corporate landscape of Singapore, the Accounting and Corporate Regulatory Authority (ACRA) plays a pivotal role, serving as the regulatory body overseeing business entities. What is ACRA? Time is money.

Financial Reporting 52

Financial Reporting Tax Accounting Accounting 52

Counto

JANUARY 8, 2024

Taxation Sole Proprietorship: Sole proprietors are taxed at their personal income tax rates, based on the business’s profits. Tax rebates and deductions are determined by personal factors, such as dependents and charitable contributions. Pte Ltd: Pte Ltd companies are subject to a corporate tax rate of 17%.

Corporation Tax 52

Corporation Tax Tax Financial Records Accounting 52

Accounting Tools

JANUARY 19, 2024

For example, national governments can issue debentures, because they can raise taxes to pay off their obligations. Examples of Debentures Both corporations and governments make use of debentures. Debentures are normally only issued by the largest and most creditworthy of debt issuers, whose ability to repay is beyond question.

Corporate Finance 40

Corporate Finance Billing Tax 40

Nanonets

JANUARY 17, 2024

However, this report also includes all the purchases and taxes paid during the period. Total and Subtotal Amount The next thing included in the expense report is the total of every expense and the total expense (including tax that the company pays). However, making a separate report for taxes can be hectic.

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Expense Reports Budgeting Account Reconciliation Accounts Payable 52

Accounting Tools

JANUARY 24, 2024

Debt may also be guaranteed by a third party, such as an owner or a corporate parent. Second, interest expense is tax deductible, so its net cost to the borrower can be comparatively low. Alternatively, the debt may be unsecured.

Corporate Finance 40

Corporate Finance Tax Accounting Accounting 40

Counto

JANUARY 11, 2024

The income statement holds significant importance in the corporate landscape for several reasons: Enables Informed Decision-Making: Business owners can analyze income statements to assess their current financial position and make informed decisions to achieve their financial goals efficiently. Net Income: Income before taxes minus taxes.

Financial Statements 40

Financial Statements Record Keeping Tax Accounting 40

Accounting Tools

JANUARY 9, 2024

A firm can incorporate various poison pill features into its corporate documents in order to make hostile takeovers more difficult for someone to achieve. The outcome is that company management remains in charge, so the transaction is an anti-takeover mechanism.

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CPA Tax 40

Nanonets

JANUARY 25, 2024

Global business services, shared services, procure-to-pay, order to cash, record to report, and tax organizations are areas of focus, where it shares best practice tips through webinars, articles, white papers and more. They offer insights, analysis, and advice on various aspects of technology, business strategies, and market trends.

Accounts Payable 52

Accounts Payable Accounts Payable AP AR 52

Accounting Tools

JANUARY 2, 2024

Or, if the entity is a government, it cannot raise sufficient cash from taxes to pay for its bond obligations. Related AccountingTools Course Corporate Finance Types of Financial Risk There are several types of financial risk, which include those noted below.

Corporate Finance 40

Corporate Finance Tax 40

Counto

JANUARY 8, 2024

Subsidiary Provides strong limited liability protection and access to tax incentives, suitable for long-term ventures. A subsidiary is a Singapore-registered private limited company, with its shareholders primarily composed of either local or foreign corporate entities. Appoint a qualified company secretary.

Auditing 52

Auditing Financial Statements Financial Records Tax 52

Counto

JANUARY 28, 2024

There are two types of sellers on Lazada — individual or corporate. Individual sellers typically need to provide an image of their NRIC, while corporate sellers may need to submit ACRA business information. Let the pro team at Counto take care of your incorporation, accounting and taxes. Time is money.

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Bookkeeping Services Payroll Budgeting Bookkeeping 52

Counto

JANUARY 9, 2024

This process involves registering with the Accounting and Corporate Regulatory Authority (ACRA) through the BizFile+ platform. While there are various business structures available, setting up a private limited company is the most common choice. Upon successful registration, your company will be assigned a Unique Entity Number (UEN).

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Tax Accounting Accounting 52

Accounting Today

JANUARY 11, 2024

The official start date of tax season for individual taxpayers will be on Jan. 29, but the Internal Revenue Service plans to accept business tax returns as soon as Jan.

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Tax Corporation Tax 291

Accounting Today

JANUARY 9, 2024

International tax professionals are concerned that multinational companies could be facing the prospect of double taxation as a result of the OECD's tax changes, according to a new survey by EY.

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Tax Corporation Tax 252

Accounting Today

JANUARY 10, 2024

The global 15% minimum tax will deliver a significant boost to government revenues and reshape the landscape for multinationals that shift profits around the world.

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Tax Corporation Tax 234

Counto

JANUARY 10, 2024

XBRL Filing for Companies in Singapore In Singapore, companies are required to file their financial statements in XBRL (eXtensible Business Reporting Language) format with the Accounting and Corporate Regulatory Authority (ACRA). Let the pro team at Counto take care of your accounting and taxes. Time is money.

Financial Statements 52

Financial Statements Microsoft Excel Financial Reporting Data Entry 52

Accounting Today

JANUARY 30, 2024

With the Qualified Business Income tax deduction of 20% set to expire in 2025 (unless it's extended), clients who are starting a business may wonder how their choice of entity will impact their QBI deduction and ultimately their bottom line.

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Tax Corporation Tax 145

Accounting Today

JANUARY 30, 2024

These five management tips can lead dwindling teams to meet compliance requirements — and turn tax departments into value-add parts of an organization.

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Budgeting Tax Corporation Tax 131

Counto

JANUARY 2, 2024

Tax Advantages : Singapore offers competitive tax rates, including attractive tax exemptions for newly incorporated companies. The Accounting and Corporate Regulatory Authority (ACRA) oversees this process, and a quick online name availability search can help you verify name availability. Registering Your Company 2.1

Corporation Tax 52

Corporation Tax Tax Accounting Accounting 52

Counto

JANUARY 2, 2024

The Singapore Standard Industrial Classification (SSIC) codes are a standardised classification system assigned to every registered business entity in Singapore by the Accounting and Corporate Regulatory Authority (ACRA). Taxation : Your SSIC code can affect your tax obligations. Review the manual to understand the available options.

Computation 52

Computation Customer Service Corporate Finance Tax 52

Nanonets

JANUARY 17, 2024

InnovateX adopted an expense system that automatically updated with the latest tax and regulatory requirements, ensuring compliance and avoiding a potential hefty fine due to an overlooked tax regulation. Ensuring adherence to both corporate policies and regulatory mandates is like walking a tightrope.

Expense Reports 52

Expense Reports Budgeting Data Entry Auditing 52

Counto

JANUARY 6, 2024

As a first-time entrepreneur, understanding the basics of shares and share classes is essential for setting up your startup’s corporate structure. Summary Shares and share classes play a pivotal role in shaping the corporate structure and governance of your startup. Time is money.

Tax 52

Tax Accounting Accounting 52

Accounting Today

JANUARY 8, 2024

Donald Trump plans to make permanent the 2017 individual tax cuts that he enacted as president while keeping corporate tax levels unchanged in an appeal to working and middle class voters should he retake the White House.

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Corporation Tax Tax 216