Goods & Services Tax – When Can You Apply the GST Zero-Rating Provisions in Singapore?


This article was first published on ezinearticles.com on 16 May 2012.

Dear Friends and Business Associates:

Singapore is one of the popular jurisdictions for foreign investors to set up their business and operational headquarters. As we all know, Singapore does not have any natural resources. The survival of the Singapore economy depends on both domestic consumption of goods and services and international trades.

The Goods & Services Tax (“GST“) was introduced in Singapore on 1 April 1994. One objective of introducing a GST system in Singapore would be to allow and facilitate a shift of the focus from direct taxation to indirect taxation from a tax revenue collection perspective.

What types of transactions are subject to GST in Singapore?
Continue reading Goods & Services Tax – When Can You Apply the GST Zero-Rating Provisions in Singapore?

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A Certified Public Accountant was fined for Under-reporting Income


Dear Friends and Business Associates

The Inland Revenue Authority of Singapore (“IRAS“) reported in their website on 13 April 2012 that a certified public accountant (“CPA“) was charged for under-reporting his income of approximately S$100,000 and S$55,000 in his income tax returns for Years of Assessment (“YA“) 2006 and 2007 without any reasonable excuse.  As a result, he was fined with a penalty of approximately S$52,000 which is two times the tax undercharged.   This CPA’s act of under-reporting was discovered through one of IRAS’ regular audit programs that targets a cross-section of industries and professional groups.

What does this mean to you?

Continue reading A Certified Public Accountant was fined for Under-reporting Income

Income Tax – Tax Agents Must Act Responsibly and Comply With the Law


Dear Clients and Business Associates,

The Inland Revenue Authority of Singapore (“IRAS“) reported in their website today that a certified public accountant (“CPA“) was charged on two counts of helping one of his clients to falsify expenses in its income tax returns for the Years of Assessment 2005 and 2006, purportedly as payments made to a shell company in the British Virgin Islands.

The CPA was fined for a total of S$270,983 for seven offences of assisting his client to evade tax.  The composition includes the sum of approximately S$37,000, which is three times the amount of tax evaded by his client.

What does this mean to you?

Continue reading Income Tax – Tax Agents Must Act Responsibly and Comply With the Law

Jack HM Wong Named One of the Notable Singapore Tax Practitioners of 2011


Awards

26 February 2012

Singapore, February 26, 2012 – Jack HM Wong, the Founder and Lead Business & Tax Advisor of WHM Consulting Pte Ltd has been named one of the Notable Singapore Tax Practitioners by Chambers & Partners in 2011.  Jack entered into the Chambers & Partners list for the first time in 2010 and this is the second time in a row for Jack to be recognized for his expertise in Singapore taxation.

According to Chambers & Partners, Jack wins praise “for his effective balance of technical skill and client services.”  One commentator noted  “He is always timely in his advice and accommodating of our needs.”

Jack HM Wong, the Founder and Lead Business & Tax Advisor of WHM Consulting, said, “I am extremely delighted when I receive this piece of news.  I believe one of the major challenges for most of the tax practitioners in Singapore is that they are not only required to provide their clients with good quality advices, but also they must be able to exceed their clients’  expectation to win their trust and confidence.   It is unacceptable by my standard if the advice I gave did not address my clients’ concern or if the advice is not delivered on time.  In my opinion, a top tax advisor should possess not just the technical skills but also the business skills.  It is my observation that in Singapore, there are many excellent tax advisors which are good in one but not both.  They can be technically strong but they have not been trained to have good listening ears to understand what their clients want.  Alternatively, they have good listening ears but the technical skills are just above average.   And  I truly believe that my success in getting this market recognition is due to my balanced approach in treating my clients as my valued business partners, not just a client-advisor relationship, and grow with them in their businesses.”

Singapore 2012 Budget – Tax Implications for Multinational Companies


Dear Clients and Business Associates,

We are pleased to attach our Singapore 2012 Budget Commentary in which to discuss the tax implications for Multinational Companies for your information.

2012 Budget Commentary

We trust that you will find our comments useful.  If you have any questions or comments on this alert, please contact us at jack.wong@whm-consulting.com.

Best regards
Jack HM Wong
Founder and Lead Business & Tax Advisor
WHM Consulting Pte Ltd
E-mail: jack.wong@whm-consulting.com

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