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From 1 February 2021, the default Direct Debit deduction date will be changed from the 14th day of the following month to 2 working days after the submission date.

This is to ensure that employers complete their payment quickly when they submit their CPF contributions after the due date (i.e. on the last day of the calendar month). Employers will still have the flexibility to choose their preferred deduction date. Please refer to the example below.

Deduction Date

Companies are advised to ensure sufficient funds is maintained in the bank account for a successful deduction.

Source: CPF Board

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A director of a company incorporated under the Companies Act, Cap 50 ('the Act') has to comply with a number of statutory obligations under the Act. The following are two of the statutory obligations which ACRA takes enforcement action against.
→ Section 175 of the Act requires the company to hold an Annual General Meeting (AGM). Listed companies are to hold the AGM within 4 months after Financial Year End (FYE), while any other company is to hold their AGM within 6 months after FYE. Private companies may not need to hold an AGM if they meet the criteria specified in section 175A of the Act (elaborated below).

→ Section 197 of the Act requires a listed company to file Annual Returns (AR) within 5 months after FYE, and for all other companies, within 7 months after FYE. For companies having a share capital and keeping a branch register outside Singapore, Annual Returns must be filed within 6 months after FYE in the case of a listed company or within 8 months after FYE in the case of a company that is not listed.

Market Readiness Assistance

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As announced at Budget 2021, the maximum support level of up to 80% will be extended for 6 months, until 31 March 2022. MRA will also be enhanced to include Trade Credit Insurance (TCI) as a supportable area under the overseas market set-up pillar with effect from 1 April 2021.

Small and medium enterprises (SMEs) will receive an international boost with the Market Readiness Assistance (MRA) grant to help take your business overseas.

Eligible SMEs will receive the following support:

  • Up to 70% of eligible costs, capped at S$100,000 per company per new market* from 1 April 2020 to 31 March 2023 that covers:
    • Overseas market promotion (capped at S$20,000)
    • Overseas business development (capped at S$50,000)
    • Overseas market set-up (capped at S$30,000)
  • Each application is limited to one activity in a single overseas market (e.g. market entry, or participation in a trade fair)

 

Eligibility

  • Business entity is registered/incorporated in Singapore
  • New market entry criteria, i.e. target overseas country whereby the applicant has not exceeded S$100,000 in overseas sales in each of the last three preceding years
  • At least 30% local shareholdin
  • Group Annual Sales Turnover of not more than S$100 million; OR Company's Group Employment Size of not more than 200 employees

 

There are some advantages to expand your business into Malaysia now. Please visit our Malaysia website for more information. Kindly take note that we have developed a new website for Malaysia entity and we will update Malaysia news there.

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Filing for the Year of Assessment (YA) 2021 begins on 1 Mar 2021. If you need to submit an income tax return, please do so by the following dates.

e-Filing: 18 Apr 2021
Paper Filing: 15 Apr 2021

To e-File your tax return, log in to myTax Portal using your SingPass 2FA or IRAS Unique Account (IUA).

You can file your income tax return either via mobile phone or desktop.

Productivity Solutions Grant

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  • PSG will be enhanced to encourage enterprises to continue their digitalisation and productivity upgrading efforts
  • The maximum funding support level will be raised to 80% from 1 April 2020 to 31 December 2020
    • Online collaboration tools
    • Virtual meeting and telephony tools
    • Queue management systems
    • Temperature screening solutions
  • Who can apply?
    •  Business entities who meet the following criteria:
      • Registered and operating in Singapore
      • Purchase/lease/subscription of the IT solutions or equipment must be used in Singapore
      • (For selected solutions only) Have a minimum of 30% local shareholding
  • How to apply?
    • 3 steps:
      • Access the list of supportable solutions and identify relevant solutions that best suit your business needs.
      • For IT solutions: Get a quotation from the pre-approved vendor
      • For Equipment: Source for the equipment and get a quotation from the vendor
      • Submit an application on the Business Grants Portal (BGP)
      • * You will need to register for a CorpPass account to transact on the portal.
  • Pre-scoped IT Solutions
    • Please refer to https://govassist.gobusiness.gov.sg/productivity-solutions-grant/itsolution/others/
    • Solutions supported under the Productivity Solutions Grant are regularly reviewed. Do take note of the current support levels and grant caps
      •  Accounting Management and Human Resource Management System (HRMS)
      • Accounting Management and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM) and Sales Management System
      • Accounting Management, Customer Relationship Management (CRM), Inventory Management and Sales Management System
      • Accounting Management, Inventory Management and Sales Management System
      • Customer Relationship Management (CRM)
      • Customer Relationship Management (CRM) and Sales Management System
      • Cyber Security - EndPoint Protection Platform
      • Cyber Security - Unified Threat Management
      • Document Management and Mobile Access System
      • EndPoint Protection Platform
      • Fleet Management System
      • Human Resource E-scheduling System
      • Human Resource Management System (HRMS)
      • Human Resource Shared Services (HRSS) Needs Analysis + HR Administrative Support & Payroll Processing via a HRMS
      • Human Resource Shared Services (HRSS) Recruitment/On-boarding
      • Inventory Management and Sales Management System
      • Inventory Management System
      • Managed Detection and Response
      • Remote Working - Online Collaboration Tools
      • Remote Working - Virtual Meeting Solution
      • Unified Threat Management
      • Video Analytics for Crowd Management
      • Visitor Management - Queue Management System
      • Visitor Management - Temperature Screening Solution