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Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.
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Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
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Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
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Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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Finance Transformation
Our Finance Transformation services are designed to challenge the status quo and enable your finance team to play a more strategic role in the organisation.
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Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
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Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
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Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
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Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
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Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.
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Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
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Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
Due to the impact of COVID-19, businesses have had to incur additional costs to adjust to new work requirements and facilitate remote working. Recently, the Inland Revenue Authority of Singapore (“IRAS”) clarified the rules on the claiming of input tax in respect of certain COVID-19 related costs.
Claiming input tax on COVID-19 related costs:
The guidelines announced are targeted at giving certainty to businesses that provide accommodation and other types of benefits to their employees impacted by the COVID-19 pandemic and the various circuit breaker measures. Whether the GST incurred can be claimed depends on the specific circumstances
GST incurred on accommodation, food, transport to and from testing facilities, and thermometers for employees (likely to be via employee expense claim) on SHN is claimable as input tax if the employee was issued with a SHN having returned to Singapore from a business trip (unless the same accommodation was being provided prior to 1 February 2020).
GST incurred on such costs for employees under SHN having returned to Singapore from personal trips is not claimable as input tax
Such costs are classified as “medical expenses” and therefore, remain irrecoverable under Regulation 26 of the GST (General) Regulations
Where the Malaysian employee normally resides overseas and is required to remain in Singapore for business continuity purposes during the MCO period, the IRAS considers the expense to be for the purpose of the business and the GST incurred on the accommodation costs is claimable as input tax the IRAS, and
Provided the PPE (e.g. masks, thermometers, hand sanitiser etc) is provided to employees for business purposes (e.g. use in the business office/outlet/environment) the GST incurred is claimable as input tax
GST incurred by employees (subsequently reimbursed by their employer) on incremental utility expenses, telephone bills, and broadband fees while WFH, is claimable as input tax subject to specific conditions and restrictions.
GST is claimable as input tax on the business portion of such expenses incurred. The supply (and therefore invoice) should be contracted in the employee’s name.
The IRAS have proposed specific proxies for businesses to use where it is difficult to determine the actual business portion of the expenses (e.g. 4/7 concession for mobile phones and broadbands fees)
Where businesses have purchased and provide office equipment for use at the employees’ homes, the GST incurred is claimable as input tax provided the company owns the equipment (e.g. it is recorded as an asset in their books of account)
Other key COVID-19 related tax considerations:
Further to David’s article “Where were you when the music stopped?” - dated 18 May 2020 - on the residence issues arising from COVID-19, the IRAS has published a number of additional Corporate Income Tax “CIT” and Personal Income tax “IT” considerations.
- Clarification on the CIT treatments of the vast array of grants / pay-outs (e.g. Job Support Scheme, COVID-19 Quarantine Order Allowance and Temporary Housing Support)
- An additional tax exemption, over and above those granted administrative concession or exemption from IT, for specific cash allowances provided to employees impacted by COVID-19 border control arrangements (up to a specified amount)
Our approach / how we help:
As COVID-19 creates additional pressure on cashflow, please talk to us to discuss how we can help ensure that you maximise your GST recovery and benefit from the other tax reliefs provided to businesses in Singapore.
Feel free to contact David, Jeremy or your Grant Thornton contact person and we would be pleased to have a preliminary discussion.