Welcome to our E-Newsletter April 2015.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on its website Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> PIC IT and Automation Equipment Search
> Singapore-US Foreign Account Tax Compliance Act Intergovernmental Agreement and Regulations enters into force
> Individual Filing tax: Do I have to file tax
PART 2 REGULATORY & BUSINESS
Draft Guidelines Issued for Enhanced CSP Regulatory Framework
In April 2014, the ACRA (Amendment) Act was passed by Parliament. The Act contains new provisions that will enhance the regulatory framework for corporate service providers (CSP). A new set of ACRA (Filing Agents and Qualified Individuals) Regulations to support the enhanced regulatory framework is currently being finalised.
To help CSPs better understand these new legal requirements and comply with the enhanced regulatory framework, draft guidelines have been drawn up. The draft Guidelines are now available at ACRA Guidelines for Corporate Service Providers.
PART 3 FINANCIAL REPORTING
Global Audit Inspection Survey Finds Recurring Audit Deficiencies in Same Areas
The latest global survey of audit inspections by the International Forum of Independent Audit Regulators (IFIAR) has found recurring and high levels of deficiencies in key areas of public company audits. In IFIAR’s third annual report of audit inspection findings, fair value measurements, internal control testing and revenue recognition were amongst the common and persistent deficiencies noted in vital aspects of public company audits.
More information about Global Audit Inspection Survey Finds Recurring Audit Deficiencies in Same Areas