Welcome to our E-Newsletter December 2014.
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: > Updates on CPF Cash Top-Up Relief for Individuals > Tax Treatment of Donations
Switchboard manufacturer and company manager fined for unlawful collection of GST
The court has ordered Double H Switchboard Market Pte Ltd (“Double H”) and its 61-year-old manager, Fong Looi Hoei (“Fong”), to pay a total penalty and court fine of $295,258.65 for the unlawful collection of more than $30,000 of GST from customers when the company was not a GST-registered company.
Unlawful collection of GST
It is a serious offence for businesses that are not GST-registered to charge and collect GST from their customers. Offenders face a penalty of 3 times the amount of tax collected without authorisation, and a fine of up to $10,000 for each offence.
IRAS conducts audit programmes to identify non-compliance of GST laws, including checking on whether businesses charge, collect and claim GST correctly. This case was uncovered in one of such audit programmes.
More information about Switchboard manufacturer and company manager fined for unlawful collection of GST.
PART 2 REGULATORY & BUSINESS
Professional Accountants to strengthen measures against money laundering and financing of terrorism
With effect from 1 November 2014, professional accountants, including public accountants will need to abide by enhanced mandatory requirements on implementing controls and procedures for anti-money laundering (AML) and countering the financing of terrorism (CFT).
More information about Professional Accountants to strengthen measures against money laundering and financing of terrorism.
PART 3 FINANCIAL REPORTING
Updates from ASC Website – Improvements FRSs, FRS Amendments and FRS 115
The ASC has issued the following:
– Improvements (November 2014). The effective date of each amendment is included in the issued document.
– Amendments to FRS 110 and FRS 28: Sale or Contribution of Assets between an Investor and its Associate or Joint Venture, effective for annual periods on or after 1 Jan 2016.
– FRS 115 Revenue from Contracts with Customers, effective for annual periods on or after 1 Jan 2017.
More information about Local News.