Welcome to our E-Newsletter January 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:
> Anti-Avoidance Rules Were Applicable in High Court Case (24 Dec 2012)
> Bulk Extension for Tax Agents – Filing of Individual Income Tax Returns for Year of Assessment 2013 (21 Dec 2012)
No place to hide
Tax evaders, beware! From mid-2013 Singapore will be treating serious tax crimes as money laundering offences as part of the global campaign for tax transparency.
Tax evaders hoping to launder their proceeds through Singapore can expect to find themselves facing criminal charges in the near future. In line with the recommendations of the Financial Action Task Force, Singapore is designating serious tax crimes as money laundering offences, with criminalisation coming into force from 1 July 2013. Foreign jurisdictions will also be able to request assistance from the Singapore authorities in pursuing tax evaders and seizing their proceeds.
PART 2 REGULATORY & BUSINESS
PEP Framework Refined
With effect from 1 December 2012, the qualifying criteria of the Personalised Employment Pass (PEP) has been significantly bumped in order to ensure that it remains as the work pass solely for top-tier foreign talent.
New candidates must meet the minimum annual fixed salary requirement of $144,000, up from S$34,000. This means that current P1 Pass holders must earn a fixed monthly salary of at least S$12,000 in order to qualify.
An overseas-based foreign professional must prove that his/her last drawn fixed monthly salary was at least S$18,000 to be eligible to apply.
On the upside, new PEP holders enjoy broader dependant privileges and can relocate with their parents, spouses and children. On the downside, the validity period of the PEP has been cut from 5 years to 3 years.
The PEP remains as a non-renewable pass.
More information about Personalised Employment Pass – Before you apply.
PART 3 FINANCIAL REPORTING
PWC Illustrative Annual Report 2012
We are pleased to share with you a brand new experience with a digital copy of PwC Illustrative Annual Report (e.IAR). With e.IAR, you can access the information anytime, anywhere. The e.IAR also allows you to obtain information faster with the search function, pop ups and hyperlinks that allow you to quickly read the information you need.