Singapore economy is expected to grow by 3% this year says Singapore PM Singapore’s Prime Minister, Lee Hsien Loong recently announced that the country’s economy was expected to grow by close to three per cent this year. Speaking to about 200 Singaporeans living in Washington during a reception at the Singaporean Embassy in the United…
New Work Pass Card and Sgworkpass Mobile App for Checking Work Pass Status The Ministry of Manpower (MOM) will be introducing a new Work Pass (WP) card with a QR code and a free mobile application called the SGWorkPass. This new app will enable employers, pass holders and any other stakeholders to check the status of work…
ASC has issued INT FRS 123: Uncertainty over Income Tax Treatments This Interpretation clarifies how to apply the recognition and measurement requirements in FRS 12 when there is uncertainty over income tax treatments. In such a circumstance, an entity shall recognise and measure its current or deferred tax asset or liability applying the requirements in…
Businesses to log in with CorpPass to transact with IRAS from mid-2018 From mid-2018, businesses will have to use their CorpPass to log in to myTax Portal and e-Stamping Portal, replacing the current SingPass/ IRAS PIN login. CorpPass will also replace EASY as the authorisation system for businesses to authorise staff/ third party (such as accounting firm)…
Singapore Government Agencies Merge for Greater Effectiveness and Internationalise In an effort to help companies grow and internationalise in Singapore, two government agencies – International Enterprise (IE) Singapore and SPRING will merge and form a new agency, said the Ministry of Trade and Industry (MTI). The merged agency will be set up by April next…
New MOM Employment Rules for Singapore Companies From 1 January 2017 The recent announcement of MOM rules sees some new legislative changes. Among others, the increased paid paternity leave and mandatory retrenchment notification are the new changes that attract the public’s attention. 1. Increased Paid Paternity Leave As of 1 January 2017, working fathers…
New Enhanced Singapore EntrePass promises numerous positive changes to help Global Entrepreneurs The Ministries of Manpower; Trade and Industry along with enterprise evaluation agency, Spring Singapore and Startup SG recently announced enhancement to the evaluation criteria to allow founders of global innovative startups to enter and establish business in Singapore during the early exploration stage.…
Express Same-day Delivery Services – Consumers to Benefit Most From Amazon-Alibaba Rivalry Amazon recently launched it’s express same-day delivery services, Prime Now – allowing users in Singapore to place orders for fast delivery on a variety of items. The launch marks the e-commerce giant’s first foray into the Southeast Asian market. The items available to…
Enhanced Directory Search Function in BizFile+ The provision of the free Business Profile is part of ACRA’s effort to help businesses reduce business costs, and to ease administrative burden, encourage timely filing and facilitate record keeping. Singapore’s Accounting and Corporate Regulatory Authority (ACRA) recently announced that it will be offering all newly registered or incorporated…
Labour Market Report 1Q 2017 The labour market situation remained mixed, with the overall and resident unemployment rate unchanged from the previous quarter, while redundancies declined. At the same time, the resident long-term unemployment rate edging up slightly compared to a year ago. Resident unemployment rate remained unchanged, while long-term unemployment rate edged up slightly…