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…
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…
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…
Managing Director Charged For Collecting Over $105,000 In Kickbacks by MOM On 11 October 2016, the Ministry of Manpower (MOM) charged Ng Boon Cheng (Ng), the Managing Director of Lian Lee Wooden Case Maker Co Pte Ltd, with 20 counts of collecting kickbacks amounting to $105,235 from 20 of his foreign workers, as a condition…
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…
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…
What is 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…
Singapore and Australia to Share Data to Lower 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…
Total Debt Servicing Ratio(TDSR) Rules Tweaked for Refinancing of Existing Home Loans Existing home owners looking to refinance their home loans will enjoy more flexibility with relation to the Total Debt Servicing Ratio (TDSR), the Monetary Authority of Singapore said on Thursday (Sept 1) The move will allow property owners to take advantage of current…
New Conditions for Factory-Converted Dormitories From 1 January 2017 by MOM All operators of Factory-Converted Dormitories (FCDs) must meet four new conditions imposed by the Ministry of Manpower (MOM) when seeking approvals or renewals to use their industrial premises to house foreign workers, from 1 January 2017. This follows MOM’s call earlier this month to…
