Estimated Chargeable Income (ECI) is an estimate of the total taxable income for a given Year of Assessment (YA). ECI is calculated based on the total income, minus all tax-allowable expenses and other such deductions. Here are some important things that you need to know about ECI. Who needs to file ECI? All the companies … Read more
What Is It Better To Convert To A Private Limited Company? A sole proprietorship or partnership is an easier and least costly business structure to operate as compared to private limited. However, incorporating a company as a sole proprietorship or partnership has limitations that may be resolved by converting your business into a private limited … Read more
If you are currently working in Singapore and are looking to move your family members to Singapore, you will required to apply for a Dependant’s Pass (DP). There are some criteria that need to be fulfilled before you can obtain a DP, and this article will provide more information on who can apply for this … Read more
What is a Letter of Consent (LOC)? A Letter of Consent is for an individual holding a valid pass – Dependant’s Pass (DP), Long-term Visit Pass (LTVP) or Long-term Visit Pass + (LTVP+), and wants to work in Singapore. Their employer or an employment agent needs to apply for LOC on their behalf, and it … Read more
Why Do Employers Are Required to File Form IR8A? IR8A is the reporting of employee’s earnings under IR8A, Appendix 8A / 8B and the IR8S. Employers in Singapore are lawfully required under S68(2) of the Income Tax Act to prepare Form IR8A, along with Appendix 8A, Appendix 8B or Form IR8S that are valid for … Read more
What are the criteria set by ACRA to resolve tax affairs? When a company decides to cease operation, a strike-off application has to be made to ACRA in order for the dissolution of Company to take effect. Prior to the application, it is important to note that the company should first resolve all the tax … Read more
What is Dormant Company? Starting a business is difficult. There’s the manufacturing of your product or service, satisfying customers and making sure that all your financials are in order. It’s no wonder than 90% of businesses fail in their first year and another 90% of businesses that do make it past the first year end … Read more
What is Personal Tax Rates? Similar to corporate tax, Singapore’s personal tax rate is one of the lowest and most competitive in the world. Depending on the tier of income earned, tax rates start from 0% to a maximum of 22% and there are also various tax reliefs that the taxpayer can apply to reduce … Read more
Why businesses should migrate their accounts to Xero? Want to move your accounting from Excel, MYOB, Quickbooks (Desktop & Online), SQL, UBS and Zoho to XERO cloud accounting system? WLP Singapore accounting firm can help you take care in migrating to XERO, setting up your online XERO Accounting and bringing your data over. Its simple. Migrate to XERO quickly and … Read more
What are Dividends? Dividends are the distribution of profits by a company to its shareholders. At the end of the financial year, the company’s board will assess the financial status of the company and decides if the company has performed well financially, and distribute payouts to the shareholders as final dividends. If the assessment is … Read more