Mandatory retrenchment notifications from 1 January 2017

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Mandatory retrenchment notifications from 1 January 2017 A new requirement on mandatory retrenchment notifications will take effect from 1 January 2017. The tripartite partners have issued an advisory to guide employers on complying with this requirement. Under the Workforce Singapore Agency Act, employers will need to notify the Ministry of Manpower (MOM) of retrenchments within…

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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016. The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries. The full text of the DTA is available…

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Transfer Pricing Administration

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Transfer Pricing Administration From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the submission of Form C. The RPT data will…

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Conditions of Employment 2016

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Conditions of Employment 2016 Greater adoption of work-life initiatives by employers More employers are providing ad-hoc flexible work arrangements and leave benefits to help employees cope with personal and family commitments.  Firms that implement work-life initiatives tend to have lower employee turnover. These are the key findings from the “Conditions of Employment 2016” report released…

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Changes in SSIC code for Business Activity for some Business Entities

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Changes in SSIC code for Business Activity for some Business Entities Due to changes in the Singapore Standard Industrial Classification (SSIC) issued by the Department of Statistics, the SSIC code for the business activity of some business entities will change. SSIC 2015 incorporates recent changes in economic activities to better reflect the current structure of…

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ACRA issued second report on key findings from reviews of listed companies’ financial statements

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ACRA issued second report on key findings from reviews of listed companies’ financial statements Companies are responding positively to measures taken to improve quality financial reporting instituted by ACRA’s Financial Reporting Surveillance Programme (FRSP). In the second annual FRSP report issued, it was observed that companies took quick action to rectify financial reporting gaps highlighted…

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Singapore and the United Kingdom Sign Agreement for Automatic Exchange of Financial Account Information

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Singapore and the United Kingdom Sign Agreement for Automatic Exchange of Financial Account Information The Inland Revenue Authority of Singapore (“IRAS”) and Her Majesty’s Revenue and Customs (“HMRC”) signed a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”) on 16 September 2016. The…

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Singapore Corporate Access (CorpPass)

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Singapore Corporate Access (CorpPass) Singapore Corporate Access or CorpPass is a single corporate digital identity for business users to conduct Government-2-Businesses (G2B) transactions. CorpPass will be progressively rolled out from Sep 2016 to Dec 2017, with more digital services added in each phase. It will replace SingPass/EASY and agency-issued login IDs for businesses to transact…

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Singapore and Australia to Share Data to Reduce Tax Evasion

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Singapore and Australia to Share Data to Reduce Tax Evasion The Inland Revenue Authority of Singapore (“IRAS”) and the Australian Taxation Office (“ATO”) have entered into a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”). The CRS is an internationally agreed standard for…

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