Dear Reader,

Welcome to our E-Newsletter March 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:
> Information on Wage Credit Scheme (28 Feb 2013)
> New IRAS e-Tax Guide on Corporate Income Tax – Objection and Appeal Process (28 Feb 2013)
> Treatment of Items Bundled with the Purchase or Lease of PIC Automation Equipment (15 Feb 2013)
> No-Filing Service (NFS) (8 Feb 2013)

Singapore Budget 2013 Summary
We have summarised the tax changes which announced in Budget Statement for the Financial Year 2013 which was delivered in Parliament on Monday, 25 February 2013.

PART 2 REGULATORY & BUSINESS

Higher downpayment, shorter repayment time for Motor Vehicle Loan

TOUGH new curbs on car loans were announced 25 February 2013 which will require buyers to put down a downpayment of at least 40 percent for a new vehicle.
The maximum tenure for a car loan will also be limited to five years
Prior to 25 February 2013, car buyers could take loans amounting to 100 percent of purchase prices – meaning zero downpayment – and stretch these loans as long as 10 years.

PART 3 FINANCIAL REPORTING

28 Feb: IASB Publishes Proposals for Amendments to IAS 39 Financial Instruments: Recognition and Measurement Novation of Derivatives and Continuation of Hedge Accounting

The International Accounting Standards Board (IASB) today published for public comment an Exposure Draft of proposed amendments to IAS 39 Financial Instruments: Recognition and Measurement. Corresponding requirements are proposed to be included in the forthcoming hedge accounting chapter in IFRS 9 Financial Instruments.
More information about IASB publishes proposals for amendments.