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.
Item | Insurance Side | Tax Side |
WICA premiums | Mandatory for covered employees | Can be claimed as deductible business expense |
Medical insurance | Must meet MOM standards | Deductible as part of staff welfare costs |
Missed renewals | Violation of MOM laws | Can flag your company during tax audits |
Inconsistent records | Risk of rejected claims or penalties | Triggers 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!