The Singapore government has introduced various financing support, tax and other temporary relief measures in light of the COVID-19 pandemic, with the aim to help Singapore businesses survive through this difficult time.
 
Some of these measures announced during the Unity Budget by the Finance Minister have already been shared in our previous blog post: #SGBUDGET2020 – What Singapore Companies Need to Know. 
 
Since then, additional measures were announced in the supplementary Resilience and Solidarity Budgets. You may refer to a summary of the Key COVID-19 Measures for Individuals and Households / Key COVID-19 Measures for Businesses and Self-Employed (updated as of 6 May 2020) from the Singapore Budget website here.
 
This blog post will highlight the measures relating to filing deadlines and tax reliefs in response to COVID-19. This information is accurate as of 19 May 2020. However, due to the fluidity of the situation, this info may not always reflect the most updated developments. We encourage you to visit the websites of relevant authorities from time to time for the latest updates.

​In 2019, Singapore’s economy grew by a modest 0.7% - the weakest growth since the 2008 Financial Crisis. The Ministry of Trade and Industry (MTI) has downgraded Singapore’s growth forecast to -0.5 – 1.5% from 0.5 – 2.5% and this indicates a possible recession.
 
With the COVID-19 outbreak, the Ministry of Finance (MOF)’s budget 2020 has set aside a substantial amount of focus and resources into helping businesses and industries towards cushioning the impact from such uncertainties.
 
In this post, we will look at the initiatives announced in this year’s budget that aims to help sectors who have been financially hit as well as measures to help them tide through this tough season.

​Whenever you do business, achieving anti-money laundering (AML) compliance means dealing with financial regulators and understanding legislation that are imposed at the local level, while at the same time maintaining globally recognized standards.
 
Singapore takes a serious view on money laundering, and terrorism financing, where policies enforced by the Ministry of Finance (MOF) include detecting, and deterring money laundering and terrorism financing as well as protecting the integrity of the system from illegal activities.

​If you are a business owner, it is important to be aware of the AML regulations for compliance purposes.

The Corporate Tax Filing Season is here. This post will provide you with the information on corporate income tax filing to help you better understand your tax filing obligations.
 
Does my company need to file a tax return this year?

From 31 March 2017, Accounting and Corporate Regulatory Authority of Singapore (ACRA) amended the Companies Act to improve transparency of company ownership and reduce the opportunity for Singapore companies to be used for illegal purposes. This will align Singapore with international standards, and boost Singapore’s ongoing efforts to maintain a strong reputation as a trusted and clean financial hub. In view of this, all registered companies in Singapore are required to maintain a register of registrable controllers unless otherwise exempted.

​The Myanmar Internal Revenue Department (IRD) has confirmed that all tax payers including state-owned enterprises, co-operatives and private enterprises shall adopt the financial year 1 October – 30 September effective from 1 October 2019. This confirmation is in line with the provisions as set in the Union Taxation Law (UTL) 2018 and UTL 2018/2019. Previously the change of financial year only applied to state-owned enterprises and financial institutions governed by the Central Bank of Myanmar (CBM). 

Singapore’s Finance Minister; Mr Heng Swee Kiat delivered the country’s Budget Statement on 18 February 2019. Calling it ‘expansionary’, Budget 2019 focuses on broader economic changes and enhances enterprise transformation. This year, the government will be rolling out several initiatives for businesses in Singapore. This blog post will give you an overview of the key features of these initiatives, and what it means for you and your business.
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As Myanmar is expected to experience rapid growth, the country’s overall infrastructure will need to be upgraded to cater to the growing needs of its urban population. This is where numerous foreign investments come in to develop and improve the country’s infrastructure. As a result, a larger middle class will also emerge as these investments usually lead to increasing jobs and incomes. Over time, these middle class citizens with increased income will demand more sophisticated products and services. 

Singapore Government Access (also known as CorpPass), is a digital service created and monitored by the Government Technology Agency (GovTech) of Singapore. It is now the only login method for businesses to transact with the government. This is effective from 1 September 2018. This means that previous login methods  such as Singapore Personal Access (SingPass) and e-Services  Authorization System (EASY) will no longer be available.