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Since May 2014, a total ban of alcohol with closing of night schools and limitation of nightlife areas took effect. The Liquor Control (Supply and Consumption) Bill was subsequently proposed and assented by the President of Singapore. Liquor licence categorisation is regulated by the new Act as follows: Class 1A: Trading Hours 0600hrs to 2359hrs
The Singapore government has argued that reducing the rate of GST would benefit the wealthy more than the poor, as the bulk of GST is collected from foreigners and higher-income earners. In 2010, 84.2% of all GST paid was collected from foreigners and the top 40% of Singaporean households, while the bottom 20% of households contributed only 4% ...
The buyer can then be reimbursed for paying the tax, but only by successfully selling the value-added product to the buyer at the next stage. In the previous examples, if the retailer fails to sell some of its inventory, it suffers a greater financial loss in the VAT scheme, in comparison to the sales tax regulatory system, by having paid a ...
It takes the form of a periodic electronic statement that lists all the chargeable service events that occurred during a reporting cycle, along with detailed tax and currency information. This standard is developed by TWIST , [ 1 ] a not-for-profit industry group delivering open, XML -based, standards in certain financial processes.
Special licences: for extending liquor selling hours past the normal times (3 am in a pub because of a live coverage of sport events overseas, increasingly uncommon after the Sale and Supply of Liquor Act 2012 came into effect), or for granting on- or off-licences for a site that normally does not sell alcohol for the purpose of a series of ...
On 1 September 1992, the Inland Revenue Authority of Singapore (IRAS) was established by legislation as a statutory board [3] under the Ministry of Finance. With this conversion, IRAS was incorporated by the Inland Revenue Authority of Singapore Act to take over the functions previously performed by the Inland Revenue Department.
In September 2018, it was announced that the Singapore government has appointed NETS as the master acquirer to unify and roll out e-payments to all 12,000 stalls at hawker centres, canteens and coffee shops in Singapore. [18] The Government will cover transaction fees of 0.5% payable by merchants until 31 December 2024. [19]
SG&A (alternately SGA, SAG, G&A or SGNA) is an initialism used in accounting to refer to Selling, General and Administrative Expenses, which is a major non-production cost presented in an income statement (statement of profit or loss). SGA expenses consist of the combined costs of operating the company, which breaks down to: