Welcome to our E-Newsletter March 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:
> Poland Avoidance of Double Taxation Agreement enters into force (6 Feb 2014)
Personal income tax season
The season for personal tax filing is approaching once again and as an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees including directors (who are employed in Singapore) by 1st Mar each year.
For Personal income tax FAQ, you can refer to our web site at Personal Income Tax FAQs.
As employee, remember to file your personal income tax before 15 April 2014.
More information about Tax Season 2014: Over 1.2 Million Taxpayers Need Not File Taxes.
To file your personal income tax, log in to myTax Portal.
Go on, file early to avoid the last-minute rush. Have a smooth tax filing experience!
Singapore Budget 2014
Budget 2014 were announced by Minister for Finance, Mr. Tharman Shanmugaratnam in his Budget Statement for the Financial Year 2014 which was delivered in Parliament on Friday, 21 February 2014.
More information about Singapore Budget 2014.
Company Penalised $180,000 for False PIC Claims
A company director was charged for submitting a false Productivity and Innovation Credit (PIC) claim in order to obtain cash payout of $60,000 for his company.
More information about Company Penalised $180,000 for False PIC Claims.
PART 2 REGULATORY & BUSINESS
Summary of Responses – Public Consultation on Draft ACRA (Amendment) Bill and Key Policies in the ACRA (Service Providers) Regulations
The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) commenced a month-long public consultation exercise on 7 November 2013, on the draft ACRA (Amendment) Bill and key policies in the new ACRA (Service Providers) Regulations that will enhance the regulatory framework for corporate service providers (CSPs). The new regime will benefit the CSP industry by raising professional standards.
More information about Summary of Responses to Feedback from Public Consultation on Draft ACRA (Amendment) Bill.
PART 3 FINANCIAL REPORTING
Launch of BizFinx portal on 3 March 2014
BizFinx will be launched on 3 March 2014. Singapore incorporated companies (unless exempted) will be required to file a full set of FS in XBRL based on revised filing requirements from this date.
More information about XBRL Financial Report Services.
Updates from ASC Website
The ASC has issued Improvements to FRSs (February 2014). The effective date of each amendment is included in the issued document.
More information about Accounting Standards Council.