Financial Reporting Standard – FRS 116 Leases

This standard is released on 30 June 2016 and is effective for annual periods beginning on or after 1 January 2019.
This standard removes the concept of operating and finances lease for lessee and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Continue reading “Financial Reporting Standard – FRS 116 Leases”

Budget 2017 – General Changes To Business

Corporate Income Tax Rebate (“CIT”)

Currently, CIT rebate is 50% of tax payable, capped at S$20,000.

For YA2017, the cap on the CIT rebate will be increased from $20,000 to $25,000. The rebate remains unchanged at 50% of tax payable.
For YA2018, the cap on CIT rebate will be reduced to S$10,000. The rebate will be granted at 20% of tax payable. Continue reading “Budget 2017 – General Changes To Business”