Intime Accounting Pte Ltd

COVID changed the way we work in ways many of us never expected.

Things that once had to be done in person suddenly moved online. We learned to work remotely, rely on digital documents, use electronic signatures, and keep businesses running from almost anywhere.

Now, we are entering another period of change, this time driven by AI.

Perhaps the conversation shouldn't just be about whether AI can be used in accounting. Maybe it's about looking at the way we work today and asking ourselves: Are there processes we are still following simply because "that's how we've always done it"?

The next few years could bring changes we can't fully predict yet. But one thing is certain: the accounting profession will continue to evolve. The businesses that embrace change, stay curious, and remain open to doing things differently will be the ones best prepared for what's ahead.

So, what are we doing today that might feel completely outdated six years from now? 🤔

Learn more: intime.com.sg
Enquiries: [email protected] | (+65) 6221 6366

279 high-income earners. $49 million in additional taxes recovered.
A recent report by The Straits Times highlighted that IRAS has identified 279 high-income earners who used artificial or sham arrangements to reduce their personal tax liabilities. Between 2021 and 2025, IRAS investigated 124 cases and recovered $49 million in additional taxes.
Many of these arrangements involved setting up private companies to receive personal income, followed by extracting the profits through tax-exempt dividends or shareholder loans that did not reflect genuine commercial activities. Where the structure exists mainly to obtain a tax advantage, IRAS has the power to disregard it and assess tax based on the actual economic reality.
For business owners, this is an important reminder:
Having a company is not a tax avoidance scheme.
A corporate structure should exist because there is a genuine business purpose—such as employing staff, serving customers, managing business risks, or supporting future growth—not simply because it reduces tax.
Good tax planning is about:
Structuring your business for legitimate commercial reasons.
Making full use of incentives and reliefs that the law allows.
Maintaining proper documentation to support your transactions.
Seeking professional advice before implementing complex arrangements.
As tax authorities continue to strengthen enforcement, the cost of getting it wrong can go far beyond additional taxes. It can lead to penalties, lengthy investigations, legal disputes, and reputational damage. Since the Year of Assessment 2023, taxpayers found to have entered into contrived tax avoidance arrangements may also face a 50% surcharge on the tax avoided.
The objective should never be to pay less tax at any cost.
The objective should be to pay the right amount of tax—while building a business on a strong, compliant, and sustainable foundation.
Your Accounts, In Time, Every Time.

GST on flower garlands at nightclubs? Yes. 🌸

It may sound unusual, but there is an important GST lesson behind this.

According to IRAS, GST applies to the full amount paid for flower garlands sold at nightclubs — not just the portion retained by the nightclub.

This highlights a common misunderstanding among businesses:

GST is not always based on how much money you ultimately keep.

The correct GST treatment depends on questions such as:

* What exactly is being supplied?
* Who is making the supply?
* Is the business acting as a principal or an agent?
* What is the actual amount paid by the customer?

This is not just relevant to nightclubs.

The same questions can arise in businesses involving:

commissions, agent arrangements, online sales collection, reimbursements and payments collected on behalf of others.

A transaction may look simple from a cash-flow perspective, but its GST treatment can be very different.

The lesson for business owners?

Before deciding how much GST to account for, understand the true nature of the transaction — not just how much money ends up in your bank account.

Because when it comes to GST, “I only kept part of the money” may not be the full answer.

Your Accounts, In Time, Every Time.

Today, Intime celebrates 16 incredible years of growth, trust, challenges, milestones and meaningful partnerships. 💙

This journey would not have been possible without our amazing clients, partners and team. Thank you for believing in us and being part of our story.

From where we started in 2010 to where we are today — every milestone has been built together.

Here’s to the next chapter, more milestones and many more years ahead! 🥂✨

Just like a goalkeeper protects the goal, we protect your business from costly financial mistakes.

At Intime, we help businesses stay compliant, keep accurate records, and make informed decisions with confidence.

Because every business needs a Financial Goalkeeper.

Is your accounts on fire 🔥 ?

Contact Intime to put out the fire for you! 🧑‍🚒

Before it’s too late.

Happy Vesak Day.

Wishing you and your loved ones peace, wisdom and happiness this Vesak Day. 🪷