BizFile was introduced in Singapore over 15 years ago and it was considered as a serious innovation in government communication with the business. Presently, ACRA is being utilized to make online data management simple, swift, and efficient.
Singapore is widely recognized for its highly-efficient and competitive tax system, which lets companies, partnership firms, sole proprietor and entrepreneurs (individuals) enjoy low tax rates and several types of tax relief. The Inland Revenue Authority of Singapore (IRAS) is the central tax administrator of the country.
For the forecast period of 2019-24, it is estimated that Singapore’s ready-to-eat food (RTE) market will achieve a CAGR (Compound Annual Growth Rate) of 2.6%. Due to the increased exposure to numerous cultures, Singapore’s citizens are experimenting with new and different foods.
Singapore is known for transparency in its government and its Accounting policies and procedures. Accounting in Singapore is governed by strict rules, regulations, guidelines, and more that are established by Singapore’s government.
With the recent rise to 3.3% of the resident unemployment rate, Singapore’s Deputy Prime Minister announced on May 23rd that another $33 billion SGD ($23.2 USD) will be allocated to business and workers in order to support the country’s economy.