The COVID-19 pandemic is more than just a healthcare crisis, it has affected many other sectors such as aviation, tourism, hospitality, and retail. The pandemic has also accelerated technology disruption in every way possible, causing some businesses to pivot to remain relevant in this new normal. Despite the challenges faced in the last two years, the situation has spurred growth and resulted in an encouraging start-up ecosystem in Singapore.
What You Need to Know about IRAS’s Mandatory Electronic Refunds for Goods & Services Tax (GST) and Corporate Income Tax (CIT)?
Effective 3rd January 2022, GST and CIT refunds will be made only via electronic means i.e. GIRO or PayNow Corporate. This means the Inland Revenue Authority of Singapore (IRAS) will cease the issuance of cheques for such refunds.
What is the Register of Registrable Controllers and Why Singapore Companies Must Submit This Document?
Since 31 Mar 2017, companies, foreign companies, and limited liability partnerships (unless exempted) are required to keep a register of registrable controllers (RORC) either in their registered office address or at the office of their authorised filing agent. Effective 30-JUL-2020, in addition to keeping a RORC at their end, entities will have to lodge the same information in their RORC with ACRA?s central register within 2 business days of updating their RORC.
If your entity, <COMPANY NAME>, has yet to lodge the particulars of your registrable controller(s) with ACRA, you may wish to do so via this link at the earliest.
Accounting and Corporate Regulatory Authority (ACRA)