Insurance, Compliance and Corporate Tax: Why Tracking Both Matters — With Plutus

Insurance Compliance and Corporate Tax- Why Tracking Both Matters With Plutus
Insurance Compliance and Corporate Tax- Why Tracking Both Matters With Plutus

🧾 Introduction: More Than Just Paperwork

In Singapore’s fast-evolving regulatory landscape, staying compliant isn’t just about avoiding penalties — it’s about protecting your business’s reputation, finances, and future. Two of the most critical (and often overlapping) areas for any employer are worker insurance compliance and corporate tax reporting.

At Plutus, we make it easy for companies to track, manage, and comply with both these pillars — all in one streamlined system.


🛡️ Insurance Compliance at a Glance

For Work Permit & S Pass Holders, You Need:

  • Work Injury Compensation Insurance (WICA)
    Required by MOM for all manual workers and non-manuals earning ≤ S$2,600/month
    Covers: Medical leave, hospital bills, permanent disability, and death
    ⏱ Must be purchased before employment begins

  • Medical Insurance
    Mandatory for all Work Permit and S Pass holders
    From July 2023: Minimum S$60,000/year coverage, includes COVID-19 and hospitalization

  • Security Bond (where applicable)
    Usually S$5,000 for non-Malaysian workers
    Can be bundled into an insurance package for employer convenience

🧩 Where Insurance Meets Corporate Tax

Many companies miss this:

Insurance expenses are not just compliance requirements — they are also part of corporate tax filings.

ItemInsurance SideTax Side
WICA premiumsMandatory for covered employeesCan be claimed as deductible business expense
Medical insuranceMust meet MOM standardsDeductible as part of staff welfare costs
Missed renewalsViolation of MOM lawsCan flag your company during tax audits
Inconsistent recordsRisk of rejected claims or penaltiesTriggers GST or tax audit queries

With Plutus, we integrate both into your business workflow:
Track premium payments
Set renewal alerts
Classify expenses for accurate IRAS tax reporting


🚨 Avoid Penalties: Insurance and Tax Errors Are Often Linked

In our Corporate Tax Compliance in Singapore 2025 guide, we covered how IRAS is cracking down on Missing Trader Fraud (MTF) and inaccurate GST claims. Here’s how insurance mistakes can create red flags:

  • Claiming GST refunds on unqualified insurance policies
  • Lack of documentation (e.g., invoices, import permits) for company expenses
  • Improper classification of employee benefits during tax filing
  • Delays in work pass renewals due to expired or missing insurance

When these gaps overlap, businesses risk audit triggers, withheld refunds, or even prosecution.


✅ How Plutus Streamlines It for You

Instead of juggling spreadsheets, folders, and different portals — let Plutus handle the process from start to finish.

We offer:

🌐 Centralised Dashboard

  • Monitor all your employee insurance, premium renewals, and tax-deductible status

📑 Integrated Documentation

  • All invoices, claim forms, and submissions stored and tagged for easy audit access

🧠 Expert Guidance

  • Need help selecting compliant insurance packages or reviewing claimable expenses? We’ve got your back.

💬 Why Clients Trust Plutus

From start-ups to regional SMEs, our clients choose Plutus because we offer:

✔️ Deep knowledge of Singapore’s regulatory landscape
✔️ End-to-end services — from S-Pass applications to financial reporting
✔️ Seamless coordination between insurance, HR, and tax functions

We help you avoid the blind spots that cause small compliance issues to snowball into legal or financial trouble.


🔔 Stay Compliant, Stay Focused — Leave It to Plutus

Whether it’s renewing a medical insurance policy or declaring your GST input tax correctly, you can count on Plutus to keep your business compliant and protected.

📞 WhatsApp/Call us at 9221 0222
📧 Email us at hello@plutuscentral.com
📍 Based in Singapore

Let Plutus do the tracking — so you can do the growing.

Simplify Your Business with Plutus 

At Plutus, we provide a comprehensive range of corporate services, corporate loan advisory, and general insurance solutions. Our offerings include payroll services, corporate secretarial support, tax filing, financial reporting, and more—all designed to streamline your operations. 

Whether you’re a start-up or an established business, our expertise in business process outsourcing and corporate finance solutions helps you make data-driven decisions for long-term success. You can also leave the hassle of S-Pass, Employment Pass, and Long-Term Pass applications to us—we’ll handle the entire process for you.

Let us take care of the administrative burden while you drive your business forward. Get in touch today for a consultation!