Key Budget Tax Changes
TAKEAWAYS Described by Deputy Prime Minister and Finance Minister Lawrence Wong as a “Valentine’s Day present to all”, this year’s highly anticipated Budget delivered a slew of supporting measures designed to help Singaporeans cope with the immediate challenges of higher costs of living and, at the same time, it sets out key moves to enhance […]
Contracts With Customers
TAKEAWAYS IFRS 15 Revenue from Contracts with Customers defers the disclosures of onerous contracts to IAS 37 Provisions, Contingent Liabilities and Contingent Assets.1 Under IFRS 15 para 31, an entity recognises revenue when it satisfies a performance obligation – the unit of account being a performance obligation. Under IAS 37 para 66, an entity provides for the present obligation […]
Future Proofing the Tax and Finance Functions
TAKEAWAYS The global landscape is undergoing a seismic shift, with the COVID-19 pandemic and accelerated digitalisation being among the key triggers. In response to this shift, many businesses are re-examining and re-evaluating aspects of their operating models, and one area is the transformation of the tax and finance functions. In this article, we discuss why […]
Managing Global Aspirations
TAKEAWAYS More Singapore firms are planning to expand overseas this year, according to the annual SME Pulse Check survey by DBS. This tracks closely with the objectives of the Singapore Economy 2030 plan, as outlined in Budget 2022. The survey, as reported in The Straits Times recently, noted that while most companies took defensive stances last year, […]
What Women Want
TAKEAWAYS In Singapore, mid-career women seek to join more inclusive workplaces to advance their careers. This is one of the key findings in a new global study undertaken by Chartered Accountants Worldwide (CAW)’s Equality, Diversity, and Inclusion Taskforce. The study sought to understand and map the career journeys of women in Chartered Accountancy through indepth […]
Futureproofing The Tax And Finance Functions
TAKEAWAYS The global landscape is undergoing a seismic shift, with the COVID-19 pandemic and accelerated digitalisation being among the key triggers. In response to this shift, many businesses are re-examining and re-evaluating aspects of their operating models, and one area is the transformation of the tax and finance functions. In this article, we discuss why […]
Extension of IRAS’ Power To Disclose Taxpayers Information
TAKEAWAYS In this era of big data, businesses and organisations place great importance on data privacy and confidentiality to assure customers and users that they can be trusted with personal data. It is no wonder that some eyebrows were raised last year when the government proposed amendments to tax laws to facilitate the disclosure of […]
Social Entrepreneurship: ESG For Charities (Part 2)
TAKEAWAYS In Part 1 of this article, published in the February issue, I explained the 3Ws of ESG for Charities. To recap, ESG is a framework that has been popularised the world over by corporates but in recent times, it has become a hot topic of discussion within the People sector. As charities embark on their […]
The Bare Side Of Transfer Pricing
TAKEAWAYS Indicative margins are generally applicable for loans under a certain value. What can be done if a related party loan exceeds the threshold? This was just one of the many transfer pricing (TP) issues discussed at a new-format online session organised by the Singapore Chartered Tax Professionals. During the robust session which focused on TP […]
Five Investing Mistakes Beginners should avoid
There is no such thing as the “perfect investor”, but getting the fundamentals right is a good starting point TAKEAWAYS Ah, the pandemic years. Many people started their investing journey then, thanks to their spare cash – some of which was likely given by the government as part of the COVID-19 relief packages. As they […]
