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Streamline tax filings and avoid penalties. Key FinancialStatements You Should Know: There are three primary financialstatements you should focus on: Income Statement : Shows your business’s profitability over a specific period.
During the AGM, financialstatements, which should be no more than 6 months old, are presented to shareholders. Private companies may be exempt from AGMs if financialstatements are sent to shareholders within 5 months after the financial year-end, unless requested otherwise by shareholders.
Example : A newly opened café earning S$120,000 in its first year can have the first S$100,000 of its income exempt from taxes, reducing its overall taxbill during its early phase. These statements provide critical insights into profitability and are essential for tax filings.
Mastering Cash Flow Statements: What Every SME in Singapore Needs to Know For small and medium-sized enterprises (SMEs) in Singapore, mastering cash flow statements is crucial for sustaining growth, ensuring operational efficiency, and navigating the complexities of a competitive market.
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