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  • PlanAssure PAC
    to Central Provident Fund Complete the tax returns to discharge employer s obligations to the Inland Revenue Authorities Inventory You will provide us with a listing of inventory showing all product numbers identification and a count of the number of each product We can assist you to do this You will provide us with reports of inventory purchased inventory sold and scrapped lost The exact method of such reports will be determined by your needs and the system in your office Annual physical inventory to be taken by you with our assistance We shall reconcile this physical inventory with the inventory accounting kept by us and prepare any adjustments for the discrepancies if any Accounts Receivable If required we prepare and mail out invoices all invoices provided to you for approval prior to mailing If required we prepare bank deposit slips and make bank deposits We reconcile all deposits to bank statement and prepare monthly bank reconciliations If required collections can be done by us according to your credit contol policy We prepare a monthly or periodical schedule showing the amounts owing by each of your customer and their ages Accounts Payable All suppliers invoices will be posted by us

    Original URL path: http://www.planassurepac.com.sg/account.htm (2012-12-22)
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  • PlanAssure PAC
    margin by product or budget variances Our accounting services include Our fully computerized accounting services division staffed with qualified accountants serve a large number of clients and depending on clients needs can assist in all aspects of your accounting requirements including Book keeping maintain accounting records and ledgers including subsidiary ledgers such as fixed assets registers accounts receivable and payable Prepare periodic management accounts cash flow and budgets Provision of

    Original URL path: http://www.planassurepac.com.sg/account01.htm (2012-12-22)
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  • PlanAssure PAC
    SMEs ERIS Start Ups Introduce ERIS Start Ups which allows employees of qualifying start up companies to be exempted from personal income tax on 75 of gains derived from equity based remuneration granted by qualifying start up companies The equity based remuneration must be granted within the first three calendar years of company s incorporation Employees can claim tax exemption on 75 of up to 10 million of qualifying gains arising over a period of 10 years To qualify for ERIS Start Ups the company needs to be incorporated and conducting a trade in Singapore have gross assets with a market value of 100 million or less at the time of being granted the equity based remuneration and have at least one individual shareholder with at least 10 shareholding in start up company ERIS Start Ups is available for stock options or share awards granted between 16 2 2008 and 15 2 2013 in first three years of incorporation of qualifying start up companies Effective Date For stock options and share awards issued during 16 2 2008 to 15 2 2013 both dates inclusive in the first 3 years of incorporation by qualifying start up companies ESTATE DUTY Abolition of Estate Duty Present position Estate Duty is payable on principal value of all property passing or deemed to pass on death of any individual which is subject to exemption on first 9 million of all residential properties and first 600 000 for non residential assets Proposal Estate duty will be abolished This is a long awaited change welcomed by all individuals and will enhance Singapore s attractiveness as a location for wealth investment and management Effective Date For deaths occurring on and after 15 02 2008 CENTRAL PROVIDENT FUND LIFE Bonus Present position Currently Singaporeans who turn age 55 in or after 2013 with at least 40 000 in their CPF Minimum Sum is automatically included in the CPF LIFE scheme Older Singaporeans and those with less than 40 000 in their CPF Minimum Sum can opt in to the CPF LIFE scheme Proposal CPF LIFE scheme is introduced as a new plan to assure Singaporeans of a stream of income for as long as they live Singaporeans who turn age 55 in or after 2013 and have at least 40 000 in their CPF Minimum Sum will be automatically included in the scheme Older Singaporeans and those with less in their Minimum Sum can opt in The Government will provide a sign on Bonus called the LIFE Bonus L Bonus to encourage Singaporeans to enroll in the LIFE scheme L Bonus provided for first five cohorts of Singaporeans who join LIFE scheme i e those aged 46 to 50 in 2008 with up to 54 000 Assessable Income AI and live in a property of up to 11 000 Annual Value AV at time of enrolment Members in the oldest cohort those aged 50 in 2008 can expect to receive between 2 200 and 4 000 Refer to Table

    Original URL path: http://www.planassurepac.com.sg/budget02.htm (2012-12-22)
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  • PlanAssure PAC
    further implementation details including anti avoidance measures for this change by September 2008 The Government will review effectiveness of RISE after 5 years Effective Date From YA 2009 to 2013 Enhancing Financial Services Banking And Capital Markets Present position Current FSI companies enjoy 5 tax payable on qualifying income derived by a FSI Enhanced Tier Bond Market FSI Credit Facilities syndication Derivatives Market Equity Market companies as well as 10 tax payable on other qualifying income derived by FSI Standard Tier Headquarter Services Fund Management companies These schemes are due to expire on 31 December 2008 Proposal The FSI schemes will be renewed for a period of 5 years from 1 1 2009 to 31 12 2013 Finance Minister announced that scope of qualifying activities under the FSI Bond Market Enhanced Tier will be expanded to include trading in qualifying debt securities and qualifying project debt securities with effect from 16 2 2008 The scope of qualifying activities under FSI Derivatives Market Enhanced Tier is also expanded to include trading in exchange traded financial derivatives effective 16 2 2008 Effective Date Extended from 1 1 2009 to 31 12 2013 both dates inclusive Islamic Finance Present position Currently there are no similar tax incentives Proposal To give a 5 concessionary tax rate on income derived from performing specific Shariah compliant activities Effective Date The approval period is from 1 4 2008 to 31 3 2013 both dates inclusive with each successful applicant enjoying incentive for a period of 5 years Enhanced Approved Special Purpose Vehicle ASPV Incentive Present position An ASPV engaged in assets securitisation is tax exempt on income derived from approved asset securitisation transactions entered into during period from 27 2 2004 to 31 12 2008 Tax exemption is granted for payments on over the counter derivatives to a person neither Singapore resident nor a permanent establishment in Singapore by an ASPV engaged in asset securitisation transactions from 27 2 2004 to 31 12 2008 GST recovery is allowed on expenses incurred during incentive period at fixed rate of 76 Remission of stamp duties given on instrument of transfer of assets to ASPV for approved asset securitisation transaction The ASPV is due to expire on 31 12 2008 Proposal The ASPV incentive is extended from 1 01 2009 to 31 12 2013 Effective Date Extended from 1 01 2009 to 31 12 2013 both dates inclusive Family Owned Investment Holding Company Present position Investment holding companies generally own assets for long term investments and derive regular stream of income from these investment assets owned Income derived by investment holding companies is subject to tax at normal corporate income tax rate Individuals are however exempt from income tax on all foreign income received in Singapore as well as on specified investment income derived from Singapore Proposal Finance Minister propose to introduce a new family owned investment holding company FIHC incentive scheme whereby tax exemption is granted to qualifying family owned investment holding companies to the extent that tax exemption mirrors tax exemption on qualifying locally sourced investment income and foreign sourced income granted to individuals Further details will be released by MAS by end May 2008 Effective Date From 1 4 2008 to 31 3 2013 both dates inclusive Debt And Derivative Markets Present position Qualifying income i e interest discount prepayment fees redemption premiums and break costs from QDS is tax exempt for qualifying non residents and qualifying individuals and subject to 10 concessionary tax rate for companies and bodies of persons Incentive expires on 31 12 2008 Proposal Renew Qualifying Debt Securities QDS scheme for a period of 5 years from 1 1 2009 to 31 12 2013 both dates inclusive Scheme will be enhanced effective from 16 2 2008 to exempt all investors from income tax on qualifying income derived from QDS that are qualifying sukuks Islamic bonds or debt securities with tenure of more than 10 years Extend tax exemption period on income derived by primary dealers from trading in Singapore Government Securities from 28 02 2008 to 31 12 2013 both dates inclusive Effective Date Extended from 1 1 2009 to 31 12 2013 both dates inclusive Project Finance Present position The package of tax incentives for project financing is Tax exemption on qualifying income derived from qualifying project debt securities Tax exemption on foreign sourced interest income received by qualifying entities listed on the Singapore Exchange SGX from offshore infrastructure projects assets Remission of stamp duties payable on instrument of transfer relating to qualifying infrastructure projects assets to entities listed or to be listed on the SGX and 5 concessionary tax rate on income derived by a FSI project finance company from arranging underwriting and distributing any qualifying project debt security qualifying loan and from provision of project finance advisory services related to a qualifying infrastructure project Proposal Extend existing tax incentives from 1 1 2009 to 31 12 2011 both dates inclusive Introduce new tax incentive to grant 10 concessionary tax rate for period up to 10 years on income derived by approved company from provision of management services to business trust or fund that owns offshore infrastructure assets and is listed on Singapore Exchange Effective Date Extension of tax incentive effective 1 1 2009 to grant 10 concessionary tax rate for period of 10 years on income derived by company from provision of management services to business trusts and funds owning offshore infrastructure assets and listed in Singapore is valid from 1 4 2008 to 31 3 2011 both dates inclusive Incentives To Promote Offshore Insurance Business Present position An insurer other than a captive insurer a marine and hull liability insurer or an insurer underwriting specialised insurance risks enjoys 10 concessionary tax rate on income from offshore life or general insurance business For the latter tax exemption is granted on income from underwriting qualifying offshore insurance risks Proposal For offshore Islamic insurance takaful or reinsurance retakaful business 5 concessionary tax rate granted to insurer other than a captive insurer a

    Original URL path: http://www.planassurepac.com.sg/budget01.htm (2012-12-22)
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  • PlanAssure PAC
    Business Trusts deriving non taxable supplies such as dividend distribution income to claim input GST incurred on their business expenses To qualify these S REITs and Registered Business Trusts should be involved in infrastructure business ship leasing and aircraft leasing regardless of whether they hold the underlying assets directly or indirectly through multi tiered structures such as SPVs sub trusts Effective Date GST incurred during period from 17 2 2006 to 17 2 2010 both dates inclusive OTHERS Growth Dividends Proposal Growth Dividends GD to share surpluses from over the past year will be given as follow AV criteria for GD are based on the 2007 AVs Effective Date GD will be paid out in two installments in April and October 2008 Skills Development Levy Present position Employers contribute a Skills Development Levy SDL to Skills Development Fund SDF of 1 of gross salary or 2 whichever higher for employees with monthly gross salary of 2 000 or less Proposal Employers will be required to contribute SDL at a reduced levy rate of 0 25 for all employees up to the first 4 500 of their monthly gross remuneration or 2 whichever is higher Effective Date From 1 10 2008 Revised Special Tax Structure for Euro IV Private Diesel Cars Present position An owner of a Euro IV private diesel car pays both road tax and a special tax which is 4 times the annual road tax Proposal For Euro IV cars the special tax structure will be revised to an absolute dollar tax based on the engine capacity of the car at a rate of 1 25 per cubic centimeters cc of the engine capacity subject to a minimum tax of 1 250 Effective Date From 1 7 2008 DISCLAIMER These notes are issued exclusively for the information of

    Original URL path: http://www.planassurepac.com.sg/budget03.htm (2012-12-22)
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