Blog
Money laundering using shell companies
07/03/2024
Money laundering using shell companies: Shell companies in S’pore linked to money laundering operation in India Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #moneylaunderingcase
Read More
IRAS (Amendment) Bill
01/03/2024
Under the new IRAS (Amendment) Bill passed recently, the amendments grant IRAS the powers of: – administering scheduled public schemes for the Government, or any other statutory body. – investigating fraud and abuse and – recovering grant funds that were disbursed wrongly. The new powers will allow it to access premises, conduct… View Article
Read More
S’pore keeps 2024 growth forecast
27/02/2024
Low growth forecast for Singapore for 2024, as expansion in 2023 slowed to 1.1%. Singapore keeps 2024 growth forecast at 1%-3% as economy slows to 1.1% expansion in 2023 Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #GrowthForecast
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More
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
Read More