Welcome to our E-Newsletter July 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:
> IRAS’ Compliance Focus on Companies
PART 2 REGULATORY & BUSINESS
Jobs Bank | A one-stop jobs resource
Jobs Bank, the public platform to facilitate job matching between local individuals and employers.
With effect from 1 August 2014, companies who are submitting Employment Pass applications must first advertise said job vacancies on the Jobs Bank.
The ads must comply with the Tripartite Guidelines on Fair Employment Practices and be online for 14 – 30 days. Although the posting will expire after 30 days, companies have the option to renew it for another 2 times.
Employment Pass Categories
The categories for the EP are no longer in MOM web site.
More information about Singapore Employment Pass.
PART 3 FINANCIAL REPORTING
23 Jun: ASC Issues FRS 114: Regulatory Deferral Accounts
The ASC has issued FRS 114: Regulatory Deferral Accounts, effective for annual periods beginning on or after 1 January 2016.
5 Jun: Revenue recognition: At last, a common universal language for top line reporting
The staff of the ASC has written an Accounting Standards Council on IFRS 15 Revenue from Contracts with Customers to outline key areas that may have significant impact on entities in Singapore.