Data Analytics Adoption in SMEs 2020

“The business world is facing technology disruptions that will re-define business models and strategies. To remain relevant, businesses must embrace digitalisation and transform their business models to utilise technological advancements. Among these innovations are data and analytics, which have become the heart of technological advancements.

ISCA, Singapore Institute of Technology and RSM Singapore have produced a joint report titled, “Data Analytics Adoption in Singapore SMEs”.  This study seeks to understand the adoption of data analytics (DA) among Singapore small and medium-sized enterprises (SMEs) by examining their readiness and technological capability of adopting DA, the extent of analytics tasks embraced, the perceived “usefulness” of DA and their reasons for adopting or rejecting DA.” ISCA

Repositioning for the New Reality

“When the dust finally settles on the coronavirus disease (Covid-19), the pandemic will leave behind an indelible mark in the history of mankind. The world will change. Healthcare systems will be revamped or at the very least, improved, in many countries. People will behave differently – they may still avoid crowds post-pandemic. The way we work will change too. While businesses tackle the immediate challenges, those with an eye on the future as well will be the ones who can keep ahead of the competition.” Perrine Oh, ISCA

Helping Business to Start Fast and Start Right

Aspiring entrepreneurs can now seamlessly register a sole proprietorship or partnership with ACRA through the GoBusiness plaform.  They can also stay updated on the status of their business registration and other applications and transactions on the GoBusiness Dashboard.   

Income Tax Advance Ruling System

“An advance ruling is a written interpretation of the Income Tax Act 1947 on how certain issues that arise from a proposed arrangement are to be treated for tax purposes. A ruling request has to be one where there are issues that require interpretation of the law, and not one seeking to know what the law clearly provides (e.g. what is the basis period for trade income).” IRAS

ACRA IRAS Seamless Filing Initiative Login to BizFile+

ACRA and the Inland Revenue Authority of Singapore (IRAS) have partnered accounting software providers to co-create a new digital solution that allows SMEs to automate the preparation and filing of statutory filings with ACRA and IRAS seamlessly.

Update on BizFile+ - Longer Time for Filing and No Imposition of Filing Penalties

“We have notified the key professional bodies that we work with, and will be providing the following reliefs to affected business entitles and CSPs” ACRA

Government cash grant (announced in Fortitude Budget)

Cash grant to qualifying property owners that help support rental relief for Small and Medium Enterprises (SMEs) and specified Non-Profit Organisations (NPOs) tenant-occupiers of prescribed properties.

ACRA's Support Measures and Guidance during COVID-19 Login to BizFile+

The Ministry of Law intends to extend the duration of the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (the “Order”), to 30 June 2021.

Eligible Firms To Receive Jobs Growth Incentive Automatically From March 2021

The Government has set aside $1 billion to support businesses to hire locals under the Jobs Growth Incentive (JGI) scheme. 

Charities and Non-Profit Organisations

“Charities and non-profit organisations are required to register for GST if their annual taxable supplies exceed S$1 million even if they are engaged mostly in non-business activities.” IRAS