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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.

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

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Announced by our Prime Minister, Mr. Lee Hsien Loong on 03 April 2020 (Friday), as part of the Government’s stricter measures to “minimise physical contact” and keep the Covid-19 pandemic in check, our Singapore Office will be shut down temporarily from 07/04/2020 (Tuesday) to 04/05/2020 (Monday). 

We will try our best to have all correspondence via email & WhatsApp during this period and we sincerely apologies for any delay in replying.

Sorry for any inconvenience caused and thanks for your understanding.

Corporate Tax Filing Season 2020

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Corporate tax filing season 2020 for Singapore will be due very soon.

  • The deadline will be on 15 December 2020.
  • From YA2020, e-Filing of the Corporate Income Tax Returns (Form C-S/ C) is COMPULSORY for all companies.
  • However, in light of the COVID-19 situation, companies with financial years ending in Oct 2019 to Dec 2019, IRAS is prepared to grant a 1-month extension till 15 Jan 2021 to e-File the YA 2020 CIT Returns, on a case-by-case basis by submitting the form by 27 November 2020.
  • Key tax changes for YA2020:
    • A Corporate Income Tax Rebate of 25% of tax payable, capped at $15,000, will be granted for YA 2020
    • The Loss Carry-Back Relief has been enhanced for YA 2020. Companies may elect for either the current carry-back relief system or enhanced carry-back relief system for YA 2020
    • * From YA 2020, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below have the option to file Form C-S (Lite), a simplified version of Form C-S.

We do provide tax computation and filing service. Please feel free to contact us at +65 – 6674 6674

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NOT-Taxable Payouts

S/N

Payout

Purpose of Payout

Tax Treatment of Payout

1

Self-Employed Person Income Relief Scheme payout

To help eligible self-employed persons (SEPs) tide over this period of economic uncertainty

NOT taxable as the payout is meant to support individuals through the exceptional circumstances arising from the COVID-19 pandemic

2

COVID-19 Support Grant

To support individuals who have lost their jobs as a result of the COVID-19 pandemic, while they find a new job or attend training

3

Workfare Special Payment (under Care and Support package)

To provide support to Singaporeans during this period of economic uncertainty

4

Temporary Relief Fund payout

To support those who require immediate help to cope with basic living expenses as a result of the COVID-19 pandemic

5

NTUC Care Fund (COVID-19) payout

To provide one-off financial assistance to National Trades Union Congress (NTUC) union members who are in financial difficulty or retrenched due to the COVID-19 pandemic

6

Wage support for tourist guides licensed by the Singapore Tourism Board

Payout to Singaporean seafarers funded by the Maritime and Port Authority of Singapore under the Seafarers Relief Package

To provide wage support for licensed tourist guides

NOT taxable as the payout is meant to support individuals through the exceptional circumstances arising from the COVID-19 pandemic

7

To assist Singaporean seafarers who are unable to secure shipboard employment

8

Jobs Support Scheme Payout

To help enterprises retain local employees (Singapore Citizens and Permanent Residents) during this period of economic uncertainty

NOT taxable as the payout is to help employers retain their local employees by providing cashflow support or mitigate the financial impact of COVID-19 containment measures for employers and SEPs

9

COVID-19 Quarantine Order Allowance scheme payout

COVID-19 Leave-of Absence (LOA) scheme payout

To mitigate the financial impact for those who have been served, or whose workers have been served, a Quarantine Order, LOA or SHN

 

COVID-19 Stay-Home Notice (SHN) scheme Payout

 

10

Courage Fund COVID19 Relief schemes

For more information on the schemes, please refer to NCSS

To provide relief and support to low-income families, healthcare workers and other specified individuals who have supported the national response to COVID-19 and in doing so, contracted COVID19

NOT taxable as these are unconditional gifts

Taxable Payouts

S/N

Payout

Purpose of Payout

Tax Treatment of Payout

1

Temporary Housing Support for employers affected by Malaysia's Movement Control Order

To help employers defray the additional costs of providing short-term housing to affected workers

Taxable as the payout received is to defray the operating costs of a business and is revenue in nature

2

Senior Worker Support Package

• Senior Employment Credit

• CPF Transition Offset Scheme

• Senior Worker Early Adopter Grant

• Part Time Reemployment Grant

To support employment of senior workers

3

Assistance scheme to defray third-party professional cleaning and disinfection costs for premises with confirmed COVID-19 cases

To provide assistance to defray cleaning costs for premises with confirmed COVID-19 cases

4

Special relief for unhired taxis

To help taxi operators defray the costs of their unhired fleet of taxis

5

Wage Credit Scheme (including the enhancements made as part of the Stabilisation and Support Package in Budget 2020)

To support wage increases for Singaporean workers

6

Jobs Growth Incentive

To provide wage support to eligible employers with new local hires between Sep 2020 and Feb 2021

7

Construction Restart Booster

To help construction firms defray costs in procuring additional materials/equipment to comply with COVID-Safe Worksite requirements