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Explanatory Notes

SECTION A - INCOME/EXPENSES
  • Wholesale Sales in Singapore refers to the amount received or receivable from trading of goods within Singapore, with other manufacturers, wholesalers and retailers.
  • Wholesale Sales Outside Singapore refers to the amount received or receivable from re-exports, exports of goods manufactured in Singapore, offshore merchandise and transhipment cargo.
  • Retail Sales and Other Revenue refers to all other income derived from retail sales, commissions, service charges, administrative & management fees, royalties and other sources of operating income.
  • Operating Revenue generally refers to fees or income earned from the provision of services and goods sold. It includes fees earned from the provision of consultancy & professional services, management & administrative fees, repairs/servicing charges, rental or lease income (except from land and finance leases), contract, subcontract and commission fees, royalties & license fees and any other operating income. Government subvention/subsidy on healthcare, education and childcare services to patients, students and parents should also be included. Business transactions with Singapore residents and firms as well as transactions with overseas clients are to be reported.

    Amount should exclude Goods & Services Tax (GST) and non-operating revenue such as gifts, loans, contributions, rental from land, grants, taxes and gross revenue collected on behalf of others.

    For firms operating on a commission basis e.g. ticketing agencies, money changers and remittance services, you should report the commission earned and not the total value of the sales on which commissions were paid.

    For local branches of foreign airlines and foreign shipping lines, operating revenue refers to the reimbursement from their head offices for the operating expenditure they incurred.
  • E-commerce Revenue refers to the revenue earned from the sale of goods and services whereby your company receives orders or agrees on the price and terms of sale via online means. This includes transactions through your company's / third-party websites (e.g. online marketplaces, food delivery platforms), mobile applications, extranet or Electronic Data Interchange such as GeBIZ. This excludes agreement through telephone calls, facsimile and emails. Payment and delivery may or may not be made online.
  • Operating Expenditure Excluding Remuneration, Depreciation and Indirect Taxes refers to all current expenditure incurred by the establishment in its business with adjustment for changes in inventory. It includes expenses incurred from purchases of goods & materials for own use and resale, rental expenses for operating leases, work given out, rental & maintenance of machinery, equipment & premises, legal, accounting & other professional services, transport & travelling, utilities, advertisement, entertainment, stationery & printing, post, courier & telecommunications, fuel & lubricants, cargo handling expenses, port charges, charter fees and other general expenses that are connected with the establishment's operation.

    Amount should exclude deductible GST, remuneration paid, indirect taxes (e.g. road tax, property taxes, foreign workers levy, licence fees and stamp duties), depreciation and non-operating expenses such as goodwill, bad debts, renovation & major repairs and assets written off.

    For local branches of foreign airlines and foreign shipping lines, operating expenditure refers only to expenditure incurred by the branch offices in providing support services to their head offices (i.e. foreign airlines and foreign shipping lines) and expenditure paid by them on behalf of their head offices.
  • Remuneration refers to total remuneration of employees, crew onboard vessels or aircraft and working directors which includes wages and salaries, commissions, bonuses, overtime pay, CPF contributions and other benefits such as medical benefits, cost of food, accommodation and other benefits in kind provided by employers but excludes gratuities and retrenchment benefits. Remuneration also includes directors' fee, e.g. amount for attending board of directors' meetings. Remuneration of staff working outside Singapore and working proprietors and partners should be excluded.
SECTION B – RIGHT-OF-USE ASSETS
  • SFRS(I) 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets is of low value.
  • If a firm leases assets from other firms, the composition of Right-of-Use (ROU) assets is considered primarily operating leases if roughly 75% of assets leased from others are under operating lease contracts. Similarly, the composition will be primarily financial leases if 75% of the leased assets are under financial lease contracts. Otherwise, it will be a mix of operating and financial leases.
SECTION C - STRUCTURE OF FIXED ASSETS IN SINGAPORE (EXCLUSIVE OF GST)
Please report Right-of-Use (ROU) assets related figures together with Fixed Assets. If unable to split Right-of-Use Assets to individual asset category, please report Fixed Assets owned by your company.
  • Net book value refers to cost of fixed assets net of accumulated depreciation. This will include existing assets; and ROU assets arising from the adoption of SFRS(I)16.
  • Additions (including major repairs) refers to the total cost of acquiring the assets, inclusive of import duty, registration fees, delivery and installation charges.
  • Of which: Additions to Right-of-Use Assets leased from others refers to the total cost of acquiring new ROU assets, inclusive of import duty, registration fees, delivery and installation changes.
  • Land refers to the ground, including the soil covering and any associated surface waters, over which ownership rights are enforced. It can be empty or with buildings or other structures situated on it or running through it. However, the value of land should exclude any buildings or other structures situated on it or running through it.
  • Building and structure consists of residential buildings and other buildings and structures, including fixtures, facilities and equipment such as storage tanks, water and sewerage systems, lifts and escalators, central cooling and ventilation equipment that are integral to the building and structure. Examples of other buildings and structures include commercial, institutional and industrial buildings, civil engineering works, industrial and power plants and public monuments. It also includes the costs of site clearance and preparation as well as major reconstruction and capitalised repairs and improvements.
  • Transport equipment consists of equipment for moving people and objects. Examples include motor vehicles; trailers and semitrailers; railway locomotives and rolling stocks; ships, boats and other floating structures (including floating or submersible drilling or production platforms); and aircrafts. It also includes major reconstruction and capitalised repairs and improvements.
  • Telecommunications equipment includes mobile phones, personal digital assistants (PDAs), satellite dishes, audio-visual equipment (e.g. radios, television sets); and other television/radio transmitters and receivers.
  • Other machinery and equipment consists of machinery and equipment not classified in other asset categories. Examples include generators, engines and turbines; cranes and other lifting and handling equipment; electrical machinery and equipment; medical equipment and instruments; precision, optical and photographic instruments; accounting machinery (e.g. ATMs, cash registers and ticket-issuing machines); sports equipment; musical instruments; and other special purpose machinery. Tools that are relatively inexpensive and purchased at a relatively steady rate, such as hand tools, may be excluded. Machinery and equipment integral to buildings and structures should also be excluded.
  • Computers and peripheral equipment includes computers, servers (hardware), laptops, printers, copiers and fax machines.
  • Furniture and fittings refers to furniture and lighting fixtures of a kind used in offices.

Item 2a: Total number of persons engaged as at end period
This refers to paid employees (those in your payroll, including part-time workers and workers on commission basis paid directly by your establishment), working proprietors/partners/directors and unpaid family workers including persons on medical and casual leave.

Item 2b and 3: Operating revenue (exclude Goods and Services Tax)
This generally refers to fees or income earned from the provision of services and goods sold.
Amount should exclude Goods & Services Tax (GST) and non-operating revenue.

For specific industries, please refer to the more specific definition on operating revenue:
Firms operating on a commission basis (e.g. ticketing agencies and freight forwarders)
 This refers to the commission earned and not the total value of the sales on which commissions were paid.
Wholesalers
 This refers to the re-sale of new and used goods to retailers, to industrial, commercial, institutional or professional users; or to other wholesalers; or acting as agents or brokers in buying merchandise for, or selling merchandise to, such persons or companies. Manufacturing and retail sales should be excluded.
Motor vehicle dealers
 This refers to the gross value of all vehicles sold, including both sales for cash and credit. The value of Certificate of Entitlement (COE), Additional Registration Fee (ARF), Registration Fee (RF), Import Duty (ID), Road Tax and Insurance Premiums should be excluded.
Banks, finance companies and other financial institutions
 This refers to total interest earned form loans and advances, securities, bills and negotiable certificate of deposit (NCD), commissions, gains on foreign exchange transactions and other income.
Stock and share brokers
 This refers to total commissions earned on share/stock transactions.
Foreign exchange brokers
 This refers to total brokerage fees earned on foreign exchange transactions.
Insurance companies
 This refers to total amount of premiums received and receivable.
Real estate developers
 This refers to downpayment and progressive payment received on property sold. This also includes service charges received.
Property agents
 This refers to total value of services rendered including commissions earned.

SECTION A - INCOME/EXPENSES
  • Wholesale Sales in Singapore refers to the amount received or receivable from trading of goods within Singapore, with other manufacturers, wholesalers and retailers.
  • Wholesale Sales Outside Singapore refers to the amount received or receivable from re-exports, exports of goods manufactured in Singapore, offshore merchandise and transhipment cargo.
  • Retail Sales and Other Revenue refers to all other income derived from retail sales, commissions, service charges, administrative & management fees, royalties and other sources of operating income.
  • Operating Revenue generally refers to fees or income earned from the provision of services and goods sold. It includes fees earned from the provision of consultancy & professional services, management & administrative fees, repairs/servicing charges, rental or lease income (except from land and finance leases), contract, subcontract and commission fees, royalties & license fees and any other operating income. Government subvention/subsidy on healthcare, education and childcare services to patients, students and parents should also be included. Business transactions with Singapore residents and firms as well as transactions with overseas clients are to be reported.

    Amount should exclude Goods & Services Tax (GST) and non-operating revenue such as gifts, loans, contributions, rental from land, grants, taxes and gross revenue collected on behalf of others.

    For firms operating on a commission basis e.g. ticketing agencies, money changers and remittance services, you should report the commission earned and not the total value of the sales on which commissions were paid.

    For local branches of foreign airlines and foreign shipping lines, operating revenue refers to the reimbursement from their head offices for the operating expenditure they incurred.
  • E-commerce Revenue refers to the revenue earned from the sale of goods and services whereby your company receives orders or agrees on the price and terms of sale via online means, e.g. through your company's website, third-party websites, mobile applications, extranet or Electronic Data Interchange (e.g. GeBIZ). Payment and delivery may or may not be made online.
  • Operating Expenditure Excluding Remuneration, Depreciation and Indirect Taxes refers to all current expenditure incurred by the establishment in its business with adjustment for changes in inventory. It includes expenses incurred from purchases of goods & materials for own use and resale, rental expenses for operating leases, work given out, rental & maintenance of machinery, equipment & premises, legal, accounting & other professional services, transport & travelling, utilities, advertisement, entertainment, stationery & printing, post, courier & telecommunications, fuel & lubricants, cargo handling expenses, port charges, charter fees and other general expenses that are connected with the establishment's operation.

    Amount should exclude deductible GST, remuneration paid, indirect taxes (e.g. road tax, property taxes, foreign workers levy, licence fees and stamp duties), depreciation and non-operating expenses such as goodwill, bad debts, renovation & major repairs and assets written off.

    For local branches of foreign airlines and foreign shipping lines, operating expenditure refers only to expenditure incurred by the branch offices in providing support services to their head offices (i.e. foreign airlines and foreign shipping lines) and expenditure paid by them on behalf of their head offices.
  • Remuneration refers to total remuneration of employees, crew onboard vessels or aircraft and working directors which includes wages and salaries, commissions, bonuses, overtime pay, CPF contributions and other benefits such as medical benefits, cost of food, accommodation and other benefits in kind provided by employers but excludes gratuities and retrenchment benefits. Remuneration also includes directors' fee, e.g. amount for attending board of directors' meetings. Remuneration of staff working outside Singapore and working proprietors and partners should be excluded.
SECTION B – RIGHT-OF-USE ASSETS
  • SFRS(I) 16 introduces a single lessee accounting model and requires a lessee to recognise assets and liabilities for all leases with a term of more than 12 months, unless the underlying assets is of low value.
  • If a firm leases assets from other firms, the composition of Right-of-Use (ROU) assets is considered primarily operating leases if roughly 75% of assets leased from others are under operating lease contracts. Similarly, the composition will be primarily financial leases if 75% of the leased assets are under financial lease contracts. Otherwise, it will be a mix of operating and financial leases.
SECTION C - STRUCTURE OF FIXED ASSETS IN SINGAPORE (EXCLUSIVE OF GST)
Please report Right-of-Use (ROU) assets related figures together with Fixed Assets. If unable to split Right-of-Use Assets to individual asset category, please report Fixed Assets owned by your company.
  • Net book value refers to cost of fixed assets net of accumulated depreciation. This will include existing assets; and ROU assets arising from the adoption of SFRS(I)16.
  • Additions (including major repairs) refers to the total cost of acquiring the assets, inclusive of import duty, registration fees, delivery and installation charges.
  • Of which: Additions to Right-of-Use Assets leased from others refers to the total cost of acquiring new ROU assets, inclusive of import duty, registration fees, delivery and installation changes.
  • Land refers to the ground, including the soil covering and any associated surface waters, over which ownership rights are enforced. It can be empty or with buildings or other structures situated on it or running through it. However, the value of land should exclude any buildings or other structures situated on it or running through it.
  • Building and structure consists of residential buildings and other buildings and structures, including fixtures, facilities and equipment such as storage tanks, water and sewerage systems, lifts and escalators, central cooling and ventilation equipment that are integral to the building and structure. Examples of other buildings and structures include commercial, institutional and industrial buildings, civil engineering works, industrial and power plants and public monuments. It also includes the costs of site clearance and preparation as well as major reconstruction and capitalised repairs and improvements.
  • Transport equipment consists of equipment for moving people and objects. Examples include motor vehicles; trailers and semitrailers; railway locomotives and rolling stocks; ships, boats and other floating structures (including floating or submersible drilling or production platforms); and aircrafts. It also includes major reconstruction and capitalised repairs and improvements.
  • Telecommunications equipment includes mobile phones, personal digital assistants (PDAs), satellite dishes, audio-visual equipment (e.g. radios, television sets); and other television/radio transmitters and receivers.
  • Other machinery and equipment consists of machinery and equipment not classified in other asset categories. Examples include generators, engines and turbines; cranes and other lifting and handling equipment; electrical machinery and equipment; medical equipment and instruments; precision, optical and photographic instruments; accounting machinery (e.g. ATMs, cash registers and ticket-issuing machines); sports equipment; musical instruments; and other special purpose machinery. Tools that are relatively inexpensive and purchased at a relatively steady rate, such as hand tools, may be excluded. Machinery and equipment integral to buildings and structures should also be excluded.
  • Computers and peripheral equipment includes computers, servers (hardware), laptops, printers, copiers and fax machines.
  • Furniture and fittings refers to furniture and lighting fixtures of a kind used in offices.

  • © 2022 Government of Singapore
  • Last updated: 09 Mar 2023

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