Welcome to our E-Newsletter May 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:
> Failure to File or Late Filing (25 April 2014)
> Income Tax Return (Form C/ Form C-S) & ECI Filing Obligations (23 April 2014)
> How to Complete Form C (21 Apr 2014)
PART 2 REGULATORY & BUSINESS
Director of alleged shell companies to claim trial
The director of three alleged shell companies involved in money laundering is contesting accusations that he neglected his duties.
He faces 23 charges that were said to have been committed between December 2011 and November 2012.
He is accused of three counts of failing to exercise “reasonable diligence” in his discharge of duties as a director of three companies.
He is said to have failed to take reasonable steps to ensure that the three companies were not used as a vehicle to allegedly commit money laundering in Singapore.
And because of this, the three local companies allegedly dishonestly received more than US$652,000.
Under the Companies Act, the maximum penalty is 12 months in jail and a S$5,000 fine on each count.
The other 20 charges stated that he neglected his duties as a director of the companies, which resulted in the companies transferring more than US$1.3 million that were considered stolen property.
If convicted of those charges, one can be jailed up to seven years and fined S$500,000.
More information about Director of alleged shell companies to claim trial.
Regulators raise fines for errant company directors
THREE company directors were hauled to court and fined a total of $17,800 yesterday for failing to file their annual returns and hold their annual general meetings (AGMs) on time.
PART 3 FINANCIAL REPORTING
ACRA Commissions research by SMU on audit adjustments
To assess the financial reporting quality of Singapore listed companies, ACRA has commissioned the Singapore Management University’s (SMU) School of Accountancy to conduct an independent research of audit adjustments posted in the financial statements for the most current financial year ended 31 December 2013. The research seeks to measure the quality of financial reporting based on the nature and magnitude of audit adjustments posted.