Welcome to our E-Newsletter March 2015.
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:
> Withholding tax: Do I have to pay tax (16 February 2015)
2015 Budget Statement to be delivered on 23 February 2015
The FY2015 Budget Statement was delivered in Parliament on Monday, 23 February 2015.
More information about Singapore Budget 2015 Summary
PART 2 REGULATORY & BUSINESS
ACRA Brings an Additional 1,000 Charges Against Company
The Accounting and Corporate Regulatory Authority (ACRA) has brought a further 1,000 charges against a company for issuing business correspondence in October and November 2013 which did not state its company name and registration number. These 1,000 charges are in addition to the earlier 104 charges brought against the company in January 2014.
More information about ACRA Brings an Additional 1,000 Charges Against Company
PART 3 FINANCIAL REPORTING
ASC OUTREACH ON FULL CONVERGENCE WITH IFRS
The Singapore Accounting Standards Council (ASC) conducted an outreach with Singapore-incorporated companies listed on Singapore Exchange (SGX) in December 2014 to support them in their implementation efforts towards a smooth transition to full convergence with International Financial Reporting Standards (IFRS).
The outreach was attended by Chief Financial Officers of these SGX-listed Singapore-incorporated companies or their designees as well as practitioners from the accounting firms.
The ASC shared with the participants the details of Singapore’s full convergence with IFRS, including the adoption of a new financial reporting framework that is identical to IFRS for annual periods beginning on or after 1 January 2018. The outreach also provided a platform for the participants to seek clarification regarding the IFRS convergence implementation plan and the transition to the new financial reporting framework.
The outreach concluded with the ASC encouraging the participants to commence implementation efforts early and to work closely with their professional advisors on the application of the Singapore-equivalent of IFRS 1 First-time Adoption of International Financial Reporting Standards.