Welcome to our E-Newsletter August 2013
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:
> Year of Assessment 2013 Basic Corporate Tax Calculator is now available (4 Jul 2013)
> What documents need to be prepared and filed (4 Jul 2013)
> Documents to be retained and submitted to IRAS upon request (4 Jul 2013)
> PIC Bonus FAQs (2 Jul 2013)
> Payment of PIC Bonus (2 Jul 2013)
PART 2 REGULATORY & BUSINESS
Enhanced Login Process for CPF e-Submit
As part of on-going efforts to improve your CPF e-Submission experience, CPF Board have enhanced the login process. This will take effect from 1 August 2013.
After selecting “LOGIN HERE with your SingPass” (Figure 1), you will be redirected to a new page (Figure 2) where you can select your transaction. To e-submit CPF contribution details, simply select the CPF e-Submit option. The rest of the e-submission process remains the same.
Figure 1: Employer’s Portal at CPF Employers Home Page
Figure 2: New Page
For enquiries on CPF e-Submission matters, email at email@example.com or call at 6220 2340 (Mondays to Fridays, 8am to 5.30pm).
MOM Invites Public’s Views for Second Phase of Employment Legislation Reviews
The aim in this phase of reviews is to ensure that our labour legislation remain relevant, with a focus on further protecting the well-being of vulnerable workers, particularly those in non-traditional work arrangements. We also recognise the need to balance employers’ business and operational needs. Thus, we will also look into providing employers some flexibility, where appropriate, in fulfilling their obligations. In essence, the reviews of the EA and EFMA cover:
(i) Protection for workers under non-traditional work arrangements such as term contract workers, outsourced workers and freelancers, while maintaining business flexibilities.
(ii) Additional protection for vulnerable low-wage workers. For instance, whether written employment terms and electronic payment of workers’ salaries should be made mandatory, so as to avoid disputes with employers about such terms and to ensure timely salary payments.
(iii) Circumstances under which foreign workers could be allowed to change employers.
PART 3 FINANCIAL REPORTING
26 Jul: Updates from ASC Website – Lease accounting: Bygone days of off-balance sheet financing?
In May 2013, the IASB issued the highly anticipated revised proposal to revolutionise lease accounting, potentially affecting entities across industries. This latest shot to overhaul one of the oldest Accounting Standards promises better insight into lessees’ leverage and lessors’ exposure to risks.