Showing posts with label small. Show all posts
Showing posts with label small. Show all posts

Thursday, 12 April 2012

Earthquake Triggers Small Tsunami

A massive 8.6 magnitude earthquake struck off the coast of Indonesia early today, triggering an Indian Ocean tsunami that alarmed people throughout the region, but caused little damage.

The quake was centered 20 miles beneath the ocean floor about 270 miles from Aceh's provincial capital.

The tremor was felt in Singapore, Thailand, Bangladesh, India and Malaysia, where tall office buildings shook for more than a minute, according to the Associated Press.

An 8.2-magnitude aftershock was reported off the coast of northern Sumatra with an epicenter 382 miles from Banda Aceh, Sumatra, Indonesia, around 6:43 a.m., according to the U.S. Geological Survey.

"A significant tsunami was generated by this earthquake," the National Oceanic and Atmospheric Administration's Pacific Tsunami Warning Center said today. At its highest, waves tsunami waves rose 3.5 feet.

The tsunami alert was terrifying for people who still have fresh memories of the 2004 tsunami that devastated Indonesia's islands.

Workers at the Hermes Palace Hotel in Banda Aceh described a scene of panic, near the coast, as people fled to higher ground. Employee Cut Arlista said the shaking was so strong that water from the hotel pool spilled out, although the 70 guests at the hotel were not evacuated.

"People were crying, and everybody was running inland as fast as they can," Arlista told ABC News.

But there was little damage reported by the wave and the tsunami warnings were lifted a short time later.

The nature of the quake made it less likely a tsunami was generated because the earth moved horizontally, rather than vertically, and therefore had not displaced large volumes of water, Bruce Presgrave of the USGS told the BBC.

"We can't rule out the possibility, but horizontal motion is less likely to produce a destructive tsunami," he said.

Still, the Pacific Tsunami Warning Center in Hawaii said a tsunami watch was in effect for Indonesia, India, Sri Lanka, Australia, Myanmar, Thailand, the Maldives and other Indian Ocean islands, Malaysia, Pakistan, Somalia, Oman, Iran, Bangladesh, Kenya, South Africa and Singapore, according to the AP.

The tsunami warning was extended until 9 a.m. E.T.

The latest quake struck off the west coast of Sumatra, the same region devastated by a magnitude-9.1 earthquake in December 2004. That tremor triggered a catastrophic tsunami in the Indian Ocean that killed 230,000 people.

"I think a lot of people learned from the past," Arlista said. "Everybody knew to run as soon as the earthquake hit."

Gary Peart, an Australian worker at the Lumba Lumba Diving Center on the beach in Banda Aceh in the province of Aceh, Indonesia, said the quake lasted quite a while.

"It was long for an earthquake," he said. "Maybe a minute and a half, and then it got slowly, slowly stronger, and then it faded away."


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IRAS to simplify tax filing for small companies

SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) is simplifying tax filing for small companies to help them reduce compliance costs and increase their overall productivity.

IRAS says currently, all companies have to report their Estimated Chargeable Income (ECI) within three months of the end of their financial year end.

Companies without any taxable profit and have no ECI are also required to do so.

Going forward, IRAS says small companies with turnover not exceeding S$1 million and with no ECI will no longer need to file the ECI.

The waiver will take effect from Year of Assessment 2013 for companies with accounting year ending October 2012 or after.

IRAS adds that this waiver will benefit 67,000 companies, or about 42 per cent of all companies with an annual turnover of under S$1 million.

Mr Moses Lee, commissioner of IRAS said: "We recognise that small companies face greater challenges in managing their tax obligations. Their resources are already highly stretched, as they struggle just to keep up with their day-to-day operations and focus on business viability."

Mr Lee says IRAS has set a threshold of S$1 million turnover to manage the revenue-at-risk, so that larger companies will continue to report their ECI and pay their taxes within the current time-frame.

In addition, IRAS will also introduce a new simplified income tax form, known as the Form C-S.

Form C-S is a shortened three-page form that includes only the essential tax and financial information most relevant to small companies.

IRAS says it will take about 10 minutes to complete Form C-S, or half the average time taken to complete Form C, a seven-page form which small companies fill out currently.

The introduction of Form C-S will help 110,000 small companies or 70 per cent of all companies with an annual turnover not exceeding S$1 million.

IRAS says this will take effect from Year of Assessment 2012.

- CNA/ck


View the original article here

Tuesday, 10 April 2012

IRAS to simplify tax filing for small companies

IRAS to simplify tax filing for small companies

IRAS to simplify tax filing for small companies

SINGAPORE: The Inland Revenue Authority of Singapore (IRAS) is simplifying tax filing for small companies to help them reduce compliance costs and increase their overall productivity.

IRAS says currently, all companies have to report their Estimated Chargeable Income (ECI) within three months of the end of their financial year end.

Companies without any taxable profit and have no ECI are also required to do so.

Going forward, IRAS says small companies with turnover not exceeding S$1 million and with no ECI will no longer need to file the ECI.

The waiver will take effect from Year of Assessment 2013 for companies with accounting year ending October 2012 or after.

IRAS adds that this waiver will benefit 67,000 companies, or about 42 per cent of all companies with an annual turnover of under S$1 million.

Mr Moses Lee, commissioner of IRAS said: "We recognise that small companies face greater challenges in managing their tax obligations. Their resources are already highly stretched, as they struggle just to keep up with their day-to-day operations and focus on business viability."

Mr Lee says IRAS has set a threshold of S$1 million turnover to manage the revenue-at-risk, so that larger companies will continue to report their ECI and pay their taxes within the current time-frame.

In addition, IRAS will also introduce a new simplified income tax form, known as the Form C-S.

Form C-S is a shortened three-page form that includes only the essential tax and financial information most relevant to small companies.

IRAS says it will take about 10 minutes to complete Form C-S, or half the average time taken to complete Form C, a seven-page form which small companies fill out currently.

The introduction of Form C-S will help 110,000 small companies or 70 per cent of all companies with an annual turnover not exceeding S$1 million.

IRAS says this will take effect from Year of Assessment 2012.

- CNA/ck


View the original article here