If Not Reporting Suspicious Transactions, You Could Be Facing Higher Fines Failure to report suspicious transactions and terrorism financing will be dealt with harsher penalties, as laws are being updated and enforcement increased in Singapore in a bid to fight against these crimes. Changes to the legislation were passed in Parliament and will affect the…
Overseas Services To Be Taxed by 2020 Changes to the Goods and Services Tax (Amendment) Bill will allow Singapore’s government to collect GST on overseas services beginning 2020. Users of Netflix for example, which is considered an overseas service, could cost extra. This may be a disadvantage for lower-income groups and further widen the digital…
Digital Payment Service Providers to Be Streamlined in Singapore Singapore is moving to streamline all digital payment service providers who currently fall outside the regulatory schemes. These providers are set to be licensed under a new regime, under the new proposed Payment Services Bill. In a bid to safeguard consumers’ money, boost cyber-security measures and…
Singapore Workers Enjoy Greater Protection, Thanks to Employment Act Changes Singapore’s labor workforce will enjoy greater protection, thanks to the latest changes and major transformation to the Employment Act. The changes will now entitle Singapore’s labor force to new rights, which include mandatory annual leave of seven to 14 days, paid sick leave and protection…
More Responsibilities for Housing Developers to Prevent Money Laundering Singapore’s housing developers will have new rules, duties and responsibilities under a Bill which was passed in Parliament recently. These and other proposed changes to the Developers (Anti-Money Laundering and Terrorism Financing) Bill are part of Singapore’s efforts to remain in line with the international standards…
Singapore Still in Second Place Behind New Zealand for Ease of Doing Business No doubt Singapore is an island full of possibilities and opportunities for the savvy investor to capitalize on. However, there is one thing that Singapore still needs to work on to become number one in the ease of doing business – making…
Energy is Singapore’s Next Big Challenge to Overcome at the Next 50 Years Singapore is no stranger to overcoming adversity. The past 50 years has seen the country triumphantly overcoming its water shortage, while the next 50 years is going to be about a new challenge entirely – how it overcomes the energy challenges. The…
International Standards on Exchange of Information Rates Singapore as Overall Compliant The Global Forum on Transparency and Exchange of Information for Tax Purposes (Global Forum) has rated Singapore’s exchange of information upon request regime as being overall compliant with international tax transparency standards. This assessment is conducted via a peer review process of Singapore’s exchange…
SingPass Mobile App’s Biometric Security Features Offer a Glimpse of Future of Digital Exploration Singaporeans can now access e-government services using a new app is which uses biometric scanning is available for Singaporeans. To do so, all they would have to do is scan using either their fingerprint or faces through their smartphones. Without relying…
Singapore High-Earning Tax Avoiders Under Scrutiny As IRAS Recovers $10m High income earners in Singapore, including property agents, doctors and lawyers, who previously avoided paying their dues in taxes will now have to. So far, $10 million in unpaid taxes has been recovered, and it is still early days yet. More than 20 dentists and…