Welcome to our February 2013 e-newsletter.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
– Residential property of firm subject to top ABSD rate of 15% (28 Jan 2013)
– PIC scheme – Examples of automation equipment in the prescribed PIC Automation Equipment List and those approved on a case-by-case basis (25 Jan 2013)
– Flow Chart of when a company is required to file its first tax return (23 Jan 2013)
– Expenses incurred prior to commencement of business (23 Jan 2013)
– Examples of IT and Automation Equipment Qualifying for PIC (By Industry) (17 Jan 2013)
– Additional Measures to Ensure a Stable and Sustainable Property Market (11 Jan 2013)
SIATP’s Budget Wish List 2013
SIATP is pleased to share its Budget Wish List 2013 that was submitted to the government.
SIATP’s E-newsletter – 1st Quarter 2013
(Article on clarifying the confusion over on reimbursements and disbursements from a presentations Mr Richard Mackender, Accredited Tax Advisor (GST) and Partner of Deloitte Singapore
PART 2 REGULATORY & BUSINESS
Personal Data Protection Act
The Singapore parliament on Monday night finally passed the personal data protection bill that is designed to safeguard an individual’s personal data against misuse. It encompasses a national Do-Not-Call registry and a new enforcement agency will be tasked to regulate the management of personal data by businesses and impose financial penalties.
Personal data is defined as data that relates to an identifiable individual, whether the data is stored in electronic or non-electronic form.
Singapore’s personal data protection law will give individuals more control over their personal data, since they have to give consent and be informed of the purposes for which organizations collect, use, or disclose the information.
They can seek compensation for damages directly suffered from a breach of the data protection rules through private rights of action.
The Bill applies to all organizations across the private sector, but does not cover the public sector which already has its own set of data protection rules with which all public officers must comply, MICA said.
In order to tackle the issue of unsolicited telemarketing calls and messages, a National Do-Not-Call (DNC) Registry will be created by early 2014. The registry prohibits organizations in Singapore from sending specified messages to any Singapore telephone number registered with the DNC, unless the owner of the telephone number has given consent to be contacted for marketing purposes.
A Personal Data Protection Commission (PDPC) will also be set up to serve as the country’s main authority on matters relating to personal data protection and enforce data protection rules. If an organization is non-compliant, the PDPC may impose a maximum financial penalty of S$1 million (US$818,150).
Companies found to have violated the data protection rule may be fined up to S$10,000 (US$8,181) per customer complaint.
To give time for businesses to adjust, the data protection law will be implemented in a phased approach, Yaacob said. It is slated to become an official Act by January next year, while enforcement is scheduled to begin mid-2014.
The minister added that a data protection law will enhance the country’s competitiveness and strengthen its position as a trusted business hub. He said this put Singapore on par with others that had already enacted data protection legislation, such as Canada, New Zealand, Hong Kong, which data protection frameworks were studied by MICA.
PART 3 FINANCIAL REPORTING
15 Jan: The Collection Of FRSs and INT FRSs For Annual Period Beginning on 1 January 2013, Is Now Available On ASC’ Website
The collection of FRSs and INT FRSs that is required to be applied for annual period beginning on 1 January 2013, is now available. Please click Financial Reporting Standards effective for Annual periods Beginning on 1 January 2013 for collection of FRSs and click Interpretations of Financial Reporting Standards effective for Annual periods Beginning on 1 January 2013 for collection of INT FRSs.
This collection includes official pronouncements that have been issued by the Accounting Standards Council (ASC) up to 31 December 2012 but does not include new/revised/amendments to FRSs and INT FRSs with an effective date after 1 January 2013, which can be found Changes to Financial Reporting Standards Effective for Annual Periods Beginning after 1 January 2013 and Changes to Interpretations of Financial Reporting Standards Effective for Annual Periods Beginning after 1 January 2013, respectively.
Visit Accounting Standards Council for official announcement from the ASC.