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Where business boomed: Changes in federal tax collections by state

Accounting Today

The top three states had an average change percentage of 215.76% between 2021 and 2022.

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Supreme Court suggests support for 2017 tax on foreign earnings

Accounting Today

Key justices suggested the tax, which aimed to collect hundreds of billions of dollars on a one-time basis, wasn't fundamentally different from other levies imposed by Congress over the years.

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GST Registration for Small Businesses

Counto

These returns provide the IRAS with details of the GST you have collected and paid, and they ensure that you remain compliant with Singapores tax laws. Pay GST Due : Based on your GST returns , you will either owe GST to the IRAS or receive a refund, depending on the difference between the GST collected and the GST paid on expenses.

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Understanding GST on Imported Digital Services

Counto

Being GST -registered allows you to claim back the GST on imported services as part of your input tax credits, which helps reduce your overall tax burden. Input Tax Credits : When you’re GST -registered, you can recover the GST you pay on imported digital services by offsetting it against the GST you collect from your customers.

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Essential Accounting Tips for Singapore’s F&B Industry

Counto

Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly. Here’s how you can keep your tax planning on track: Understand GST Requirements : If your revenue exceeds the threshold, ensure you’re registered for Goods and Services Tax (GST) and comply with filing deadlines.

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Accounting Firms vs. Individual Accountants: Which Is Right for Your Small Business?

Counto

This means you benefit from the collective expertise of professionals in different areas of accounting, ensuring every aspect of your financial management is handled with precision and care. Still doing accounting the old way? This broad skill set ensures that your business receives well-rounded financial guidance and advice.

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2025 Regulatory Changes: What SMEs in Singapore Need to Know

Counto

Revisions to the Personal Data Protection Act (PDPA) in Singapore are expected in 2025, including stricter guidelines on the collection, storage, and use of customer data. Increased transparency requirements for data collection and processing. What to Expect: Possible changes to existing tax incentives.