In the field of accounting and taxation, if some of the implications are not properly dealt with, it can leave a sour taste for the persons involved despite the noble intentions behind the scheme. With over 140,000* employers benefiting from this significant wage support measure, the scheme obviously has a very wide reach and can therefore affect beneficiaries of differing profiles in a fair number of ways. This contrasts with some countries in the region whereby wage support is only possible after cutting through some red tape. The Jobs Support Scheme (JSS) is meant to help enterprises retain their local employees during this period of grave economic uncertainty, by way of the Government providing cash subsidies to co-fund between 25% to 75% of the first $4,600 of gross monthly wages paid to each local employee in a ten-month period.įor many businesses, the JSS possibly represented a huge lifeline, with exceptional support being provided during the ‘circuit breaker’ period where the wage support for the months of Apr and May 2020 were topped-up to 75% for all firms regardless of sector.Īn additional sweetener for eligible businesses come in the form of the automatic nature of periodic JSS payouts, whereby application for the scheme is not required. Loh Eng Kiat, Tax Practice Leader at Baker Tilly Singapore
Susan Foong, Assurance Practice Leader at Baker Tilly Singapore Using an AAA battery model to power us along Monday, JJobs Support Scheme: Boon for businesses or bane for beancounters? As we prepare to exit the circuit breaker, here is a more benign piece aimed at spreading positive vibes especially in the tax field. Some have told me that the tone of the article was "scary" even if it represents some "hard truths" in the world of taxation. Last week, my op-ed "Settling the (tax) score after the fall" (BT, May 22) described how a theme of vengeance could end up hurting many taxpayers especially if they slacken in their tax affairs during these trying times. Sporrong & Eriksson revisionsbyrå - Kalmar.Sandbergs Redovisning och Revision AB - Linköping.Sandbergs Redovisning och Revision AB - Atvidaberg.Revisionsbyrån Lehto & Partner AB - Luleå.Forma Jurister och Ekonomer AB - Sundsvall.Baker Tilly Östra Värmland - Kristinehamn.Baker Tilly Helsingborg KB - Helsingborg.Ahnell & Partner Revisionsbyrå - Hässleholm.Adsum Revisorer & Företagskonsulter - Västerås.
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