Accounting Standards Council Singapore (ASC) Issues New Amendments

Accounting Standards Council Singapore (ASC) Issues New Amendments

Accounting Standards Council Singapore (ASC) Issues New Amendments The Accounting Standards Council Singapore (ASC) recently issued several amendments to the Singapore Financial Reporting Standards (International) (SFRS(I)s) and Financial Reporting Standards (FRSs). These include annual improvements to SFRS(I)s 2015-2017 Cycle, effective for annual reporting periods beginning on or after 1 January 2019; and improvements to FRSs (March 2018), effective…

CPTPP Signed To Lower Trade Barriers Across The Region

CPTPP Signed To Lower Trade Barriers Across The Region

Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) Signed To Lower Trade Barriers Across The Region In view of increasing protectionism, ministers from 11 countries recently signed a revised Trans-Pacific Partnership. The signing of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which took place in Chile signals a commitment to lower barriers to…

ACRA takes company director to court for breaches of the Companies Act

ACRA Takes Company Director To Court For Breaches Of The Companies Act

Accounting and Corporate Regulatory Authority (ACRA) Takes Company Director To Court For Breaches Of The Companies Act A company director was recently fined $10,000 by the State Courts for lodging false information under Section 401(2A)(b) of the Companies Act. Amiira Samsuri, whose a director of Persian Garden Restaurant Pte Ltd, had earlier authorised a bank…

Singapore GST On Imported Services From Jan 1, 2020

GST On Imported Services From Jan 1, 2020

Singapore GST On Imported Services From Jan 1, 2020 Consumers and businesses who buy imported services from suppliers based overseas which have no establishments in Singapore will have to pay goods and services tax (GST) from Jan 1, 2020 onward.   The GST will be levied on two types of services: business-to-business (B2B), such as marketing services, accounting services and IT…