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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.
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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
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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.
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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.
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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.
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ESG Reporting and Accounting
As part of our ESG and Sustainability Services, our team will work with you on various aspects of ESG accounting and ESG reporting so that your business can be pursue a sustainable future.
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Expected Credit Loss
Our team of ECL modelling specialists combine help clients implement provisioning methodology and processes which are right for them.
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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.
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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.
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Corporate Finance
Our corporate finance team helps companies with capital raising, mergers and acquisitions, private equity, strategic joint ventures, special situations and more.
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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
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Valuations
Our valuation specialists blend technical expertise with a pragmatic outlook to deliver support in financial reporting, transactions, restructuring, and disputes.
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Sustainability with the ARC framework
Backed by the CTC Grant, businesses can tap on the ARC Framework to gain access to sustainability internally, transform business processes, redefine job roles for workers, and enhance productivity. Companies can leverage this grant to drive workforce and enterprise transformation.
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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.
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Corporate Tax Compliance
Our corporate tax teams prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and realise tax benefits.
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Tax Governance
Our Tax Governance Services are designed to assist organisations in establishing effective tax governance practices, enabling them to navigate the intricate tax environment with confidence.
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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.
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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.
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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.
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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.
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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.
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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.
16 February 2024 – Off the back of the Singapore Budget announcement by Finance Minister Mr Lawrence Wong, experts from Grant Thornton Singapore share their insights.
On the Personal Income Tax rebate: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore (沈建華, 税务合伙人,致同新加坡)
“To provide some assistance to individuals deal with the rising cost-of-living, a PIT Rebate of up to $200 was one of the measures announced. It would have been nice to see an increase in the income tax rate bands to deal with wage inflation as the bands have not changed in many years. This leads to a “stealth tax” where even if individuals’ wages only increase with the level of inflation, they pay more taxes due to the stagnant income tax brackets.”
On the raising dependent’s or caregiver’s income threshold: Adrian SHAM, Tax and Private Clients Partner, Grant Thornton Singapore (沈建華, 税务合伙人,致同新加坡)
"Being able to retain these reliefs whilst giving the dependent family more flexibility in seeking some work is a welcomed move especially since the income threshold has not moved in many years."
On the refundable investment credit: David SANDISON, Head of Tax and Singapore Practice Leader, Grant Thornton Singapore
“The qualifying refundable investment credits appear to be structured as a qualifying refundable tax credit as defined in the OECD Pillar 2 Tax Rules and commentary. This is good news for Multi-National Groups with entities in Singapore that could have an overall effective tax rate below 15% under the Pillar 2 rules. The new credits may eliminate or reduce the amount of future top up taxes whether these are payable in Singapore or overseas.
“Interestingly, the Annexes to the Budget statement suggest that this system is being introduced “to enhance Singapore’s attractiveness for investments”. We believe this overstates the case. Rather we see this as a defence mechanism to prevent the flight of existing investments and as a means of levelling the playing field in the region where other jurisdictions will inevitably be contemplating the same mechanisms. Singapore will stay ahead because of its other economic and political stability charms.”
On the implementation of the Income Inclusion Rule and Domestic Top-up Tax for MNE groups affected by BEPS: David SANDISON, Head of Tax and Singapore Practice Leader, Grant Thornton Singapore
“It would have been helpful if there could have been some clarity around the fate of existing tax incentive regimes for companies not affected by BEPS. The inference is that they will not be affected, but there may be many companies sitting on the edge of their seats waiting for some sort of confirmation. Having said that, the extensions and modifications to existing tax incentives regimes (to introduce additional concessionary tax rates) strongly suggest traditional incentives are set to survive for non-BEPS candidates. This will result in a two-speed tax economy in Singapore.”
On the additional concessionary tax rates (Numbers 7-11 in ‘Maintaining a Fair and Competitive Tax System’): Eng Min LOR, Tax Partner, Grant Thornton Singapore (盧英敏, 税务合伙人, 致同新加坡)
“It appears that the Singapore’s tax incentives regime will remain relevant and competitive with the introduction of the new additional tier of 15% for schemes such as the Development and Expansion Incentive and the Global Trader Program and 10% for schemes such as the Finance and Treasury Centre incentive and the Aircraft Leasing Scheme.”
On nuclear power: David SANDISON, Head of Tax and Singapore Practice Leader, Grant Thornton Singapore
“It is refreshing to hear that the government is beginning to consider nuclear power as an effective clean alternative to other intermittent power initiatives in the attempt at net zero, rather than a blinkered “green agenda” approach. Hopefully, this will enable the new Refundable Investment Credit scheme to be put to good use in developing the strength of Singapore’s “defences” which include defending energy security.”
On the Overseas Humanitarian Assistance Tax Deduction: Eng Min LOR, Tax Partner, Grant Thornton Singapore (盧英敏, 税务合伙人, 致同新加坡)
“The introduction of the Overseas Humanitarian Assistance Tax Deduction scheme is a good initial move to encourage individuals and companies to contribute to worthy causes outside Singapore and to show the world that the little red dot cares!”