Anti-Money Laundering Rules in Singapore Now Have Additional Measures Singapore officials unveiled additional anti-money laundering rules pertaining to inter-agency data sharing, dormant entities and channels closure, and programs to encourage businesses to report suspected activities. After uncovering a massive money laundering network last year, authorities seized over $2.2 billion in assets and imprisoned ten foreigners.…
Singapore & Indonesia to Collaborate on Low-Carbon Power Singapore will be importing more low-carbon electricity in collaboration with Indonesia. In its effort to further strengthen the nation’s commitment to sustainable energy, Singapore has identified Indonesia as a key partner in this green goal. On Thursday, Senior Minister, Mr Teo Chee Hean, announced that Singapore will…
Singapore’s Tax Revenue Up 17% in FY23/24, Thanks to Corporate Income Tax Singapore’s tax revenue rose 17% ($80.3 billion) thanks to Corporate Income Tax (CIT) contributing 36.1% of the total revenue collected. Strong corporate earnings were a large part of this, followed by Individual Income Tax (IT). Other contributors include the Goods and Services Tax…
Singapore Improving Work-Life Conditions as Demands Increase Singapore made the news again as its work-life conditions improved. This time around, the city state is within the top 30 countries with attractive work-life conditions. Within Asia, Singapore is second, trailing behind Japan with enticing work-life conditions. By global ranking, the island city is currently at no.…
Economic Growth Forecast of Singapore in 2024 Gets Range Upgrade Singapore has exceeded its economic growth forecast for 2024, as recently reported. The previous forecast of 1%-3% has been upgraded to 2%-3%, as Singapore expects its manufacturing sector to recover gradually. The Trade and Industry Ministry stressed Singapore’s economic growth forecast by stressing the strategic…
Singapore Surpasses Tokyo and Bangkok As the Premier Asia-Pacific Destination Choice for Business Travellers Singapore has done itself proud by becoming the most visited destination for business travellers last year, surpassing Bangkok and Hong Kong. It also overtook its neighbours Kuala Lumpur and Tokyo to secure this top spot. Other cities in the top 10…
Singapore’s Retail Sector Has A Bright Outlook for 2024 Experts have an optimistic view of Singapore’s retail sector, predicting that it will bring in a year-on-year increase of 2% for this year. The sector is expected to thrive for the remainder of the year, thanks to the improvement in its external environment and upcoming major…
The Startup Ecosystem in Singapore is Among the Seventh Best in the World According to this year’s Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network, Singapore now has Asia’s top startup ecosystem, surpassing Beijing. The island city ranked seventh in this year’s global startup ecosystem rankings, rising one spot from…