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WLP Group

GST Overview

What Is GST? Goods and Services Tax (GST) also known as Value-Added Tax (VAT) is the consumption tax levied on goods and services. In Singapore, the rate for GST is currently at 7%. However, not all businesses are required to register for GST and there are GST exemptions available for certain industries. If you want … Read more

Singapore Personal Income Tax Rates 2019

Singapore Resident Tax Rates 2019 For Year of Assessment 2019 Source: IRAS Chargeable Income Income Tax Rate (%) Gross Tax Payable ($) First $20,000Next $10,000 02 0200 First $30,000Next $10,000 –3.50 200350 First $40,000Next $40,000 –7 5502,800 First $80,000Next $40,000 –11.5 3,3504,600 First $120,000Next $40,000 –15 7,9506,000 First $160,000Next $40,000 –18 13,9507,200 First $200,000Next $40,000 –19 21,1507,600 First … Read more

Important Corporate Timeline (ACRA/ IRAS/ GST)

After completing the process to incorporate a company in Singapore, you are excited to start working on your product and expanding your business. However, it is important that you first research and mark out all the important filing datelines that you need to meet. Many new businesses make the mistake of missing out on their datelines, … Read more

Complying with ACRA – Singapore Private Limited Companies

Why Do Companies Need To Comply With ACRA? Private Limited Companies in Singapore need to stringently follow all of Accounting and Corporate Regulatory Authority (ACRA) regulations, in order to avoid being penalized. ACRA is the main governing body for business entities and corporate activities in Singapore, and will periodically make slight changes to the regulations … Read more

Company Secretary in a Nutshell

What Is A Company Secretary? Under Section 171 of the Companies Act, all companies in Singapore are required to appoint a corporate secretary within 6 months of incorporation. This includes foreigners who have just set up a company in Singapore. The Secretary appointed by the Company is responsible for ensuring that the Company is in … Read more

XBRL ACRA

What is XBRL? XBRL stands for eXtensible Business Reporting Language. It is a global framework (XML based language) mainly used for communicating and exchanging business information globally on the internet. XBRL is currently the international standard used by most companies worldwide for digital business information and is commonly used in lieu of physical paper documents. … Read more

Employment Pass – The Basics

What Is Singapore Employment Pass? The Singapore Employment Pass (EP) is one of the common work passes issued to foreign employees, business owners, professionals, and executives of Singapore companies/businesses. Unlike work permit and S-Pass, the Employment Pass is not under any quota system and there are no monthly levy charges for EP holders. There is … Read more

Financial Year End for Starters

How To Determine FYE For The Company The Financial Year End (FYE) of a company refers to the end of the company’s accounting period, normally recurring every 12 months. A company’s FYE does not necessarily need to fall on 31 December, and can actually fall on any day within the year. The First FYE for … Read more

What is CorpPass?

Guide to Using CorpPass in Singapore A CorpPass is used by all business and companies set up in Singapore as a digital unique business identity. Corppass is mainly used for online transactions with Government agencies such as IRAS, ACRA, CPF etc. With effect from 1st September 2018, the CorpPass is made mandatory for all businesses in … Read more