Coronavirus COVID-19

back

Global site

Global site
Africa
Americas
Asia Pacific
Europe
Middle East

Skip to content
Skip to navigation

type to see results

back

Audit and Assurance
Business Process Outsourcing
Business Risk
Corporate Finance
CFO Services
Forensic Advisory
Restructuring and Insolvency
Tax
Transaction Advisory
Valuations

Whether you’re legally obligated to undertake an audit or it is part of your best practice procedures or a milestone to pursue your strategic ambitions – no...

Accounting Advisory
Our accounting advisory team help businesses meet their complex financial reporting requirements. The team can support in applying new financial reporting standards, IFRS/ US GAAP conversions, financial statement preparation, consolidation and more.

Business Process Outsourcing

Our business process outsourcing team can provide accounting and payroll services to help you reduce costs, improve efficiencies and, in many cases, ensure...

Payroll
Our team can handle your payroll processing needs to help you reduce cost and saves time so that you can focus on your core competencies
Managed accounting and bookkeeping
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.

CFO Services

Our CFO services team helps CFOs in defining business strategy, mitigating risks and mentoring the leadership.

Accounting Advisory
Our team helps companies keep up with changes to international and domestic financial reporting standards so that they have the right accounting policies and operating models to prevent unexpected surprises.
Crypto Accounting Advisory Service
Our team can help you explore appropriate accounting treatment for accounting for holdings in cryptocurrencies, issuance of cryptocurrencies and other crypto/blockchain related accounting issues.
Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
Managed Accounting and Bookkeeping Services
Outsourcing the financial reporting function is a growing trend among middle market and startup companies, as it provides a cost-effective way to improve the finance and accounting function. Our team can help with financial statement preparation, consolidation and technical on-call advisory.

Tax

We use a combination of reason and instinct based on our experience and local insights as we work with you to develop strategies that help you to understand...

Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
Goods and Services Tax
Our GST team supports organisations throughout the entire business life-cycle. We can help with GST registration, compliance, risk management, scheme renewals, transaction advisory and more.
Transfer Pricing
Our Transfer Pricing team advises clients on their transfer pricing matters on and end-to-end basis right from the designing of policies, to assistance with annual compliance and assistance with defense against the claims of competing tax authorities.
Employer Solutions
Our Employer Solutions team helps businesses remain compliant in Singapore as well as globally as a result of their employees' movements. From running local payroll, to implementing a global equity reward scheme or even advising on the structure of employees’ cross-border travel.
Private Client Services
Our private client services team provides a comprehensive cross section of advisory services to high net worth individuals and corporate executives, allowing such individuals to concentrate on their business interests.

Transaction Advisory

Our team can help in conducting thorough due diligence on the fine detail and providing value-focused and pragmatic advice throughout the transaction.

Business Tax Advisory
Our business tax team can help you navigate the international tax landscape, grow through mergers and acquisitions, or plan an exit strategy.
Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
Financial Due Diligence
From exploring the strategic options available to businesses and shareholders through to advising and project managing the chosen solution, our team provide a truly integrated offering
Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.

Related insights:

Mergers & Acquisitions Reducing risk in cross-border transactions

15 Jan 2018

Cross-border merger and acquisition opportunities are increasing as healthy company financials in many economies drive an appetite for deals.

Careers

Working at Grant Thornton

Learn more about our culture and how we enable you to thrive

Welfare and benefits
We believe that a thriving team is one where each individual feels valued, fulfilled, and empowered to achieve their best. Our welfare and benefits aim to care for your wellbeing both professionally and personally.
Career development
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.
Diversity and Inclusion
We want to help our people learn and grow in the right direction. We seek to provide each individual with the right opportunities and support to enable them to achieve their best.

The COVID-19 situation continues to evolve and the advice to businesses on how to respond is constantly being updated.

As the virus continues to evolve, our aim remains the same, to serve our people, clients, and communities with care and confidence.

While there may be some industries that are more directly impacted by the virus – including health and aged care, education and tourism – with international travel and trade suspended, and no way to predict how many people may contract the virus, all industries will face issues around supply chain, workforce and cash flow.

With specialists across tax, compliance, and restructuring, we are here to help.

How the Singapore government are supporting those affected

The Solidarity Budget mobilises another S$5.1 billion of government funds, taking us over the S$60 billion mark, and utilises reserves that the nation had saved for that rainy day to combat the fall-out from what is already a mighty storm, and which is still
brewing.
Employers will receive 25% cash grant on the first SGD 4,600 of gross monthly wages of each local employee on their CPF payroll.
Higher payouts are available for employers in Aviation and Tourism (75% rather than 25% cash grant) and Food Services (50% rather than 25%).
All companies with corporate income tax payments that are due in April, May and June 2020 will be granted an automatic three-month deferral of these payments. The payments that are deferred from April, May and June 2020 have to be paid in July, August and September 2020 respectively.
Employees who have already filed their YA 2020 tax return may opt to defer their income tax payments due in May, June and July.
A new COVID-19 Support Grant has been introduced, the grant provides financial assistance while these individuals find a new job or attend training. Successful applicants will receive a monthly cash grant of $800, for three months.
The Care and Support Package that was announced during Budget 2020 has been enhanced. This will provide further assurance and support to Singaporeans who are concerned about coping with their household expenses during this period of exceptional economic uncertainty.
Non-residential properties will be granted an enhanced rebate for Property Tax (PT) payable for the period 1 January 2020 to 31 December 2020.
The Government has announced sector specific support for the Aviation, Tourism, Land Transport, Maritime and Arts and Culture sectors.

We have summarised the main takeaways here [ 198 kb ].

Business continuity plans and crisis management

The current situation continues to evolve and businesses will need to remain agile and alert. A good starting point on creating a response to COVID-19 is the World Health Organisation’s technical guidance on how to mitigate the spread of COVID-19.

Some areas to consider include:

Your people

Have measures been put in place to support good hygiene and health for your people, including restrictions to international travel, advice on attending client meetings, site visits and events?
Do you have a clearly communicated policy on what your people should do if they are feeling unwell – including seeking medical attention and isolation? What will this mean for colleagues and clients if you suspect a case of COVID-19?

Review your customers and suppliers

Do you need to inform your clients and customers of any changes to your services? This could include different opening times, delays in deliveries or deadlines.
Do you have plans in place to ensure regular and clear communications to clients about your policies and updates on changes to service?
With international travel and export impacted by COVID-19, have you assessed the strength of your supply chain and do you have alternatives in place if you need to source another provider?
Which customers will need extended terms from you and which suppliers might require different arrangements? Liaise with your suppliers to determine how they can support you.

Cash flow and financing

Any changes or delays in service can have an impact on cash flow. Do you need to have discussions with clients or suppliers about renegotiating terms?
Your banker will be invaluable in helping you over the next couple of months. Plan early if you are going to need additional funding to get restarted. Make sure your banker is across your plans and understands where you are going.
Most banks have hardship teams offering a range of services that may be of support.

Check your insurance cover

Re-assessing insurance coverage – businesses may have insurance coverage to protect certain assets, however, they should ensure they are covered for the business interruption expenses that natural disasters can cause.

Stakeholder management

During these difficult periods, proactive stakeholder management becomes extremely important, in particular with financiers, shareholders, customers and employees. Communicate with these groups early and often!

Get advice and look after yourself and your people

In addition to ensuring the health and safety of yourself and your people, we strongly encourage you to speak to your advisors about how your business can respond to COVID-19.

Download our COVID-19 Business Checklist now. [ 468 kb ]

As always, we are here to support you in times of difficulty. With a multidisciplinary network of specialists, there are many ways we can assist you now and into the future.

Responding to Coronavirus COVID-19

The COVID-19 situation continues to evolve and the advice to businesses on how to respond is constantly being updated.

As the virus continues to evolve, our aim remains the same, to serve our people, clients, and communities with care and confidence.

Latest content

How the Singapore government are supporting those affected

We have summarised the main takeaways here [ 198 kb ].

Business continuity plans and crisis management

Some areas to consider include:

Subscribe to receive our latest Covid-19 content

As always, we are here to support you in times of difficulty. With a multidisciplinary network of specialists, there are many ways we can assist you now and into the future.

For further information on please contact:

Share this page