Welcome to our E-Newsletter February 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:
> Singapore and France Revise Agreement for Avoidance of Double Taxation (16 Jan 2015)
> Singapore and Uruguay Sign Agreement for Avoidance of Double Taxation (16 Jan 2015)
2015 Budget Statement to be delivered on 23 February 2015
The FY2015 Budget Statement will be delivered in Parliament on Monday, 23 February 2015.
More information about 2015 Budget Statement to be delivered on 23 February 2015
PART 2 REGULATORY & BUSINESS
Change in Effective Date for Legislative Amendments, Revised Fee Structure and Enhanced BizFile
The effective date of legislative changes to the Companies Act and the Business Names Registration Act to the second quarter of 2015 is being deffered.
PART 3 FINANCIAL REPORTING
Financial Reporting Practice Guidance No. 1 of 2015: Areas of review focus for FY2014 Financial Statements
ACRA will be commencing its second year of review under the Financial Reporting Surveillance Programme (FRSP), which seeks to uphold the transparency, integrity and quality of financial reporting in Singapore through the review of selected financial statements of companies to determine if they comply with the prescribed accounting standards. In tandem with the review, the Financial Reporting Practice Guidance No. 1 of 2015 is issued on 16 Jan 2015.
The Practice Guidance highlights significant areas of concerns gathered from the first round of review of the FY 2013 financial statements. The guidance also includes possible questions that directors could raise as they read, understand and ask questions during their review of the financial statements. As companies are in the midst of finalising its FY 2014 financial statements, it would be timely for directors to consider these areas of review focus.
ASC issues Amendments to FRS 1, FRS 110, FRS 112 and FRS 28
ASC issues Amendments to FRS 1: Disclosure Initiative, and Amendments to FRS 110, FRS 112 and FRS 28: Investment Entities: Applying the Consolidation Exception.
More information about Changes effective for annual periods beginning after 1 Jan 2015