Welcome to our E-Newsletter February 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:
> GST – New Content on Sales of Virtual Currency (23 Jan 2014)
> Updated Content for Tax Deduction for Medical Expenses (20 Jan 2014)
> Latest instructions on applying for the PIC cash payout
2014 Budget Statement to be delivered on 21 February 2014
The 2014 Budget Statement will be delivered on 21 February (Fri).
More information about MOF Seeks Suggestions for Budget 2014.
PART 2 REGULATORY & BUSINESS
Public Alert – Letter/Email Requesting for Payment for Subscription Services
It has come to ACRA’s attention that the entity previously known as “Company Register Pte Ltd” which has subsequently changed its name to “Data Register Pte Ltd” in Dec 2013; has emailed or written to companies that had earlier provided company information to them, to seek payment for subscription services.
ACRA has been in the process of investigating this company to see if any criminal offence has been committed, and will take all necessary enforcement action should any offence be revealed.
More information about Public Alert – Letter/Email Requesting for Payment for Subscription Services.
ACRA Brings Charges Against Data Register Pte Ltd (Previously Known As “Company Register Pte Ltd”) For Offences Committed Under the Companies Act 24/01/2014
The Accounting and Corporate Regulatory Authority (ACRA) has brought 78 charges against the company known as Data Register Pte Ltd (previously known as “Company Register Pte Ltd”) for offences committed under the Companies Act. Six similar charges are pending issuance on Monday. Data Register Pte Ltd is charged with multiple breaches of section 144 of the Companies Act for failing to display the company name and registration number in its correspondences with companies in November 2013. In those correspondences, it requested companies to verify their company details with it through its website.
More information about ACRA Brings Charges Against Data Register Pte Ltd.
PART 3 FINANCIAL REPORTING
More Companies come under ACRA’s surveillance for Financial Reporting with new ACRA-ISCA MOU 16/01/2014
ACRA and the Institute of Singapore Chartered Accountants (ISCA) signed a Memorandum of Understanding that will further strengthen the quality of financial reporting by companies.
The MOU between ACRA and ISCA sees both sides combining resources and sharing expertise to increase the breadth and depth of the financial reporting surveillance regime in Singapore. Under the MOU, ISCA will share its observations on potential non-compliances in financial statements with ACRA, which will deliberate and take enforcement action against directors under the Companies Act, if necessary.
It is advisable to get your financial statement be prepared by qualified accounting firm like us (i.e. ATO and ACCA certified)
More information about More Companies come under ACRA’s surveillance for Financial Reporting with new ACRA-ISCA MOU.