Counto

JANUARY 9, 2025

You must also notify your customers that you are now a GST -registered business and include the GST on invoices. 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.

Collections 52

Collections Tax Corporation Tax Financial Statements 52

Counto

JANUARY 9, 2025

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. This ensures that the tax doesnt unnecessarily eat into your profits.

Tax 52

Tax Collections Budgeting Corporation Tax 52

Counto

NOVEMBER 7, 2024

Improve Invoicing : Use invoicing software to streamline billing and ensure payments are collected promptly. Engage Professional Advice : Seek advice from tax professionals familiar with Singapore’s tax landscape to optimise your tax efficiency and ensure full compliance with corporate tax regulations.

Financial Statements 40

Financial Statements Accounting Accounting Payroll 40

Counto

JANUARY 7, 2025

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.

Corporation Tax 52

Corporation Tax Payroll Financial Reporting Collections 52

Counto

SEPTEMBER 12, 2024

Keeping Accurate Records Documentation Requirements: To claim input tax, agencies must maintain detailed records such as invoices and receipts that clearly show the GST amount charged. Example: An invoice for SGD 2,000 worth of office equipment with clear GST details allows you to claim the input tax credit.

Tax 52

Tax Collections Corporation Tax Invoicing 52

Counto

SEPTEMBER 12, 2024

These tools automate tasks such as recording transactions, generating invoices, and creating financial reports. Efficient Collections: Implement procedures for managing collections to expedite payments and reduce outstanding debts. Establish a Robust Bookkeeping System 1.1 Analyse Financial Reports Regularly 4.1

Deposits 52

Deposits Budgeting Accounting Accounting 52

Counto

OCTOBER 16, 2024

Comprehensive Data Collection Centralised Data Management : Gather all financial information, including invoices, receipts, and purchase orders, into a single system for easy access. Experience the Counto advantage Counto is the trusted outsourced provider of accounting, tax preparation and CFO services for startups and SMEs.

Purchase Order 52

Purchase Order Corporation Tax Tax Auditing 52