Dear Reader,

Welcome to our E-Newsletter June 2013

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:
– Revised IRAS e-Tax Guide on Tax Exemption for Foreign-Sourced Income (Second Edition) (31 May 2013)
– Basic Format of Tax Computation for an Investment Holding Company (30 May 2013) To be used as a guide only
– Engaging Consultants to File PIC Claims (14 May 2013)
– Singapore Fully Committed to Co-operating in Fight Against International Tax Offences (13 May 2013)

PART 2 REGULATORY & BUSINESS

Global Audit Firms and Audit Regulators Discuss Ingredients for ASEAN Success
The first joint meeting between three ASEAN audit regulators including Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Malaysia’s Auditor Oversight Board (AOB), and Thailand’s Securities and Exchange Commission (SEC), and leaders from global and regional audit firms was held on 8 May 2013 in Singapore. Two key issues were discussed at the meeting: the need to retain and develop talent in the audit profession, and to raise the appreciation of high quality financial reporting amongst ASEAN companies.

PART 3 FINANCIAL REPORTING

Keynote Address by ACRA Chief Executive Mr Kenneth Yap at the FRS Forum
ACRA delivered the keynote address at the Financial Reporting Standards Forum held on 3 May, Friday at the Grand Mandarin Ballroom, Mandarin Orchard Hotel.

2 May: Public Consultation on the Draft Companies (Amendment) Bill 2013
The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) invite the public to provide feedback on the draft Companies (Amendment) Bill 2013.