The tax exemption scheme for newly incorporated companies was introduced in Year of Assessment (YA) 2005 and further enhanced in YA 2008.

Under this scheme, a newly incorporated company that meets the qualifying conditions can claim full tax exemption (100%) on the first $100,000 of Chargeable Income for the first three YAs from incorporation. 

A further 50% exemption is given on the next $200,000 of the Chargeable Income for the first three YAs from incorporation. 

If a company does not meet the qualifying conditions, there are still tax exemptions that it will be able to enjoy. Do contact us at shamala@mss-consultancy.com to find out more.

Do you know as a sole-proprietor/self-employed person, you are required to keep proper records and accounts of your business transactions. This is so that your income earned and business expenses claimed can be readily determined. You must be able to support your records and accounts with invoices, receipts, vouchers and other supporting documents. Estimates and improper records are not acceptable.

Employment pass holders and S pass holders can apply with fixed monthly salary of S$4000 can apply for dependent pass for their spouse and unmarried children. For Dependent pass to work in Singapore, he or she is required to apply for letter of consent with Ministry of Manpower. Each application would be assessed on its merits. The letter of consent ceases to be valid , when the dependent pass is cancelled or pass holder is no longer employed. We assist to complete your documentation and review your application, however, there is no assurance on the pass being approved or rejected. The result of the application depends completely on the discretion of MOM officer. MOM will look into the credentials of the company and applicant. Therefore, it is very important to get all the required documents completed and submitted with MOM.

Accounting is the recording of financial transactions plus storing, sorting, retrieving, summarising, and presenting the information in various reports and analyses.

One part of accounting focuses on presenting the information in the form of general-purpose financial statements (balance sheet, income statement, etc.) to people outside of the company. In Singapore, these external reports must be prepared in accordance with financial reporting standards of Singapore (FRS)

Have you heard of the Productivity and Innovation Credit (PIC) scheme? Are you confused by the following: 
1. Cash payout applications
2. PIC Bonus
3. PIC+ scheme

Let us help you understand the scheme better and advice you on how it applies to your company. 
Do give us a call at +65 9199 3243 or email us at shamala@mss-consultancy.com.