I can't predict energy market has hit it's bottom but I'm pretty sure it's around there. I just spent 1 solid hour listening to the CEO of NOV speak. Having the same sediments, I'll increase my exposure to the energy markets.
I'm sure most of you have experienced this. Some days are just so bad. Today is just one of them. From having an accounts without cow sense to income tax authority of Singapore just being an idiot. Running a business, the joys of helping others make a living and providing a good product, it's just awesome. BUT BUT, dealing with idiots just sucks the energy out of you.
On the part dealing with IRAS, I sent them a nasty, factual and sarcastic email. I was trying to claim grants which would greatly help my company be more productive. However, this year is different. Letter below:
I just received your letter dated XXXX. My company tax reference: XXXX. I also called the helpline just now. I have read through your requirements and I'm speechless.
Your appendix contains 2 full pages of small fonts stating you need business details, proof, transactions, bank statements, delivery order, relationship and the list goes on and on for 2 full pages.
Yes I understand you guys are being careful as you got scam by people who abuse the system. I used to do work as a civil servant too, so I get what you are doing. However this is too extreme.
I have submitted a form with 64 items. With all your requirements stated, do you know how long it will take doing nothing but just answering all your points? Which includes digging out such old transactions and also going to
the bank, paying them $$ to dig out where the $$ came out from. What if the transaction came through credit card 2 years ago? The irony of this becomes super unproductive and a waste of time ( lots of time ).
I have no problems meeting your requirements as I have all the receipts and notes ready for your checking, but COMMON, what you are doing is extreme.
Previously, when in doubt, IRAS will send me a document stating they need proof for certain items. I'm happy to help as I know IRAS is doing their due diligence. I will go get the documents even if it means going to the bank and paying
them to dig out old transactions. Now this is just being lazy by just sending an appendix which covers everything. This makes me SUPER unproductive while trying to claim productivity grant. Do note, mine is only a small business with
less then 20 employees so whatever you ask for, I gotta do it myself, same like most SMEs out there. We don't have the luxury of a personal assistant.