by admin | Sep 13, 2018 | Accounting, Tech News
FRS 115 includes application guidance for an entity to determine whether it is a principal or an agent i.e. based on whether it controls the specified goods or services before the transaction (principal) or not (agent). Key Learning Point When a third party is...
by admin | Sep 13, 2018 | Accounting, Tech News
The accounting for construction contracts were guided by FRS 11 Construction Contracts. After 1 January 2018, the FRS 11 became superseded by FRS 115. Under FRS 115, construction contract is treated exactly the same as any other contract with customers. The FRS 115...
by admin | Sep 12, 2018 | Stamp Duties, Tech News
On 10 September 2018, the Stamp Duties (Amendment) Bill 2018 was read for the second time by the Second Minister for Finance, Mr. Lawrence Wong at the Parliament. The amendments proposed are as follows: To provide for stamp duty to be levied on electronic records that...
by admin | Sep 12, 2018 | Income Tax, Tech News
On 10 September 2018, the Ministry of Finance has published the summary of responses to public consultation on the draft Income Tax (Amendment) Bill 2018, The Bill was tabled for its first reading at Parliament on 9 October 2018. The details on draft Bill proposed are...
by admin | Sep 8, 2018 | Goods and Services Tax, Tech News
Qualifying funds may incur GST when the fund procures fund management service and other services from GST-registered businesses. All qualifying funds that are managed by a prescribed fund manager in Singapore are allowed to claim GST incurred on expenses at an annual...
