Blog
S’pore key exports to rebound in 2024
26/02/2024
Singapore key exports expected to grow in 2024 as her key trading partners, China, the US and the Asean-5 – Indonesia, Malaysia, the Philippines, Singapore and Thailand – are expected to see growth pick up. Singapore key exports to rebound in 2024 after 13.1% fall in 2023 on weak global demand Contact us for professional… View Article
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Budget 2024 – Corporate Income Rate
25/02/2024
* Moving forward, pillar 2 of BEPS 2.0 – an OECD project where more than 140 countries agree to bring the minimum effective tax rate of large corporates to 15% – will be implemented. * Currently, the headline corporate income rate is 17% in Singapore, but some investors pay an effective rate that is as… View Article
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Additional buyers’ stamp duties
24/02/2024
Budget 2024 – Additional buyers’ stamp duties for property developers * “Some flexibility” will also be accrued to the ABSD regime for housing developers. Currently, developers are granted an ABSD remission if they sell all units in their development by a deadline. For those who can’t sell all their units, they are subject to a… View Article
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Budget 2024 – Personal income tax rebates
24/02/2024
* There will be a personal income tax rebate of 50% for the AY 2024, capped at S$200. * Currently, taxpayers may also claim a range of dependent-related tax reliefs, if the dependants have an annual income of S$4,000 or less. This threshold will be raised to S$8,000 with effect from AY 2025. Contact us… View Article
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Budget 2024 – Employment Matters
23/02/2024
* CPF Contribution Rates will increase by 1.5 percentage points for those aged 55 to 65. *From 2025 onwards, the government will raise the maximum amount members can put into their CPF RA to receive higher CPF payouts. * The government’s CPF Transition Offset for employers will also be extended by another year to cover… View Article
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Budget 2024 – Employment matters
23/02/2024
* The qualifying income cap for the Workfare Income Supplement scheme will be raised from S$2,500 to S$3,000 to continue narrowing the income inequality gap. * Workfare payouts will be raised; lower-wage senior workers will qualify for a maximum annual payout of S$4,900, up from S$4,200. * The local qualifying salary, which is the lowest… View Article
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Budget 2024 – More SkillsFuture Credits
23/02/2024
Currently, all eligible Singaporeans aged 25 and above are entitled to S$500 in SkillsFuture credit to better upskill themselves and promote lifelong learning. Now, a new SkillsFuture Level-Up Programme will be introduced with a focus on supporting mid-career workers. This comprises a S$4,000 top-up in SkillsFuture credit top-up in May 2024 for Singaporeans aged 40… View Article
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Govt to refund $7.5m in GST wrongly collected by 6 agencies over 5 years
22/02/2024
According to Singapore’s goods and services tax system, GST should not be charged on fees for regulatory services. Do look out for refunds of GST previously wrongly collected by government agencies. Govt to refund $7.5m in GST wrongly collected by 6 agencies over 5 years Contact us for professional advice at +65 66363691, +65 9326… View Article
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EMPLOYEES OF THE FUTURE
22/02/2024
Why employees of the future need a new superpower – agility Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions
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Budget 2024 – Helping local firms to level up
22/02/2024
* Many Singapore companies grow rapidly by partnering with MNCs based locally. * To date, the PACT scheme (Partnerships for Capability Transformation) has been set in place to facilitate such collaborations. -In the coming months, this scheme will be enhanced to further support partnerships in these areas, specifically in capability training, internationalisation, and corporate venturing…. View Article
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