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Tighter criteria for family offices to get tax incentives
26/04/2022
Tighter criteria for family offices in S’pore to get tax incentives Feel free to contact us if you are needing financial consultancy at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #FamilyOffices #Section13O
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Wage Credit Scheme payouts by end-March 2022
30/03/2022
The final tranche of payouts under the Wage Credit Scheme (WCS) will be paid out by end-March 2022. By 31 Mar 2022, eligible employers will be notified of their payout amount and have their payouts credited directly to their accounts through PayNow Corporate or GIRO. The government extended the WCS by 1 year for Budget… View Article
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Annual Tax Relief for CPF Top Up
29/03/2022
With effect from 1 January 2022, an individual can enjoy annual tax relief of: up to $8,000 (previously $7,000) when one tops up to one’s own Special/Retirement Account and/or MediSave Account; AND- an additional tax relief of up to $8,000 (previously $7,000) when you top up your loved ones’ Special/Retirement Account and/or MediSave Account. More… View Article
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COMPASS Framework for EP Applications/ Renewal
17/03/2022
COMPASS FRAMEWORK FOR EP APPLICATIONS / RENEWAL MOM will implement a new framework to assess Employment Pass applications on 1 Sep 2023 New COMPASS framework aims to ensure these pass holders better complement the resident workforce Applicants will be assessed according to four “foundational” criteria and two bonus criteria Applicants must score 40 points across… View Article
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Budget 2022 – PERSONAL TAX INCREASE
26/02/2022
PERSONAL TAX INCREASE Personal Income Tax rates ceiling increased from 22% to 23-24%. This will take effect from the year of assessment 2024. Non-residents’ employment income is taxed at the flat rate of 15 per cent or the progressive resident tax rates, whichever is higher. Feel free to contact us if you are needing financial… View Article
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Budget 2022 – CARBON TAX INCREASE
25/02/2022
CARBON TAX INCREASE The carbon tax will be raised to $25 per tonne in 2024 and 2025 and $45 per tonne in 2026 and 2027, expecting to reach $50 to $80 per tonne by 2030. The current tax of $5 per tonne of emissions will remain unchanged until 2023. Large emitters in Singapore will from… View Article
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Budget 2022 – HIGHER WEALTH TAXES
24/02/2022
HIGHER WEALTH TAXES Wealth Taxes in SG: Property Tax, Additional Registration Fee (ARF) for vehicles, Stamp Duties. Property Tax on Investment properties will increase to 12-36%, from 10-20%. Property Tax on Owner-occupied properties for the portion of annual value in excess of $30,000 will be increased to 6-32%, compared to 4-16% presently, effective from YA2023…. View Article
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Budget 2022 – MEASURES TO UPLIFT LOWER-WAGE WORKERS
23/02/2022
GOVT TO IMPLEMENT MEASURES TO UPLIFT LOWER-WAGE WORKERS PROGRESSIVE WAGE CREDIT SCHEME: between 2022 to 2026 co-funding by government on wage increases for lower-wage workers by up to 50% in the first two years WORKFARE INCOME SUPPLEMENT ENHANCED: raised qualifying salary to $2,500 from $2,300 extended to younger workers from 30-34 years old increase the… View Article
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Budget 2022 – FOREIGN WORKER POLICY CHANGES
22/02/2022
FOREIGN WORKER POLICY CHANGES MINIMUM QUALIFYING SALARY FOR NEW EP APPLICANTS raised up to $5,000; $5,500 for Financial Sector apply to new EP applications with effect 1 Sep 2022 apply to renewal applications with effect 1 Sep 2023 MINIMUM QUALIFYING SALARY FOR NEW SP APPLICANTS raised up to $3,000; $3,500 for Financial Sector lower Dependency… View Article
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Budget 2022 – GST TO INCREASE TO 9% IN TWO STAGES
21/02/2022
GST TO INCREASE TO 8% ON 1 JAN 2023, AND TO 9% ON 1 JAN 2024 Government fees and charges will not be increased for a year from Jan 1, 2023. CDC vouchers $200 per household in 2023, and another $200 per household in 2024. All Singaporeans children and seniors will receive MediSave top-ups worth… View Article
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