Clarification on When Tax Clearance is Not Required in Singapore Tax clearance is where the employer ensures that a non-Singapore Citizen employee who ceases employment in Singapore or plans to leave Singapore for more than three months pays all his taxes. As an employer, it is your responsibility to notify IRAS and seek tax clearance…
Singapore Tripartite Guidelines on Managing Excess Manpower and Responsible Retrenchment The Singapore economy is highly exposed to global trends and companies often find that they have to restructure to stay competitive. As businesses adjust, they should consider alternative ways of managing their excess manpower such as upskilling employees and redesigning jobs. However, if retrenchment is…
Singapore and Cambodia Sign Agreement for Avoidance of Double Taxation (DTA) Singapore and Cambodia signed an Agreement for the Avoidance of Double Taxation (DTA) on 20 May 2016. The signing took place in Singapore between Ms Indranee Rajah, Senior Minister of State for Law and Finance, and Dr. Aun Pornmoniroth, Cambodia’s Senior Minister of Economy…
Latest BizFinx Preparation Tool Released The latest version (v.2.4.0) of the BizFinx preparation tool which includes support for Microsoft Office 2016, is now available for download at BizFinx website. The updated version also incorporates bug fixes and enhancements. Please click here for more details. All preparers are encouraged to upgrade to this updated version 2.4.0,…
Tripartite Guidelines on Re-employment of Older Employees Revised and WorkPro Schemes Enhanced The Ministry of Manpower (MOM) announced at the Committee of Supply Debate on 8 April 2016 that the re-employment age will be raised from 65 to 67 on 1 July 2017. To prepare employers and employees for this change in the re-employment landscape,…
Second Protocol to Singapore-UAE Agreement for the Avoidance of Double Taxation Enter Into Force The Second Protocol amending Singapore’s standing Avoidance of Double Taxation Agreement (DTA) with United Arab Emirates (UAE) entered into force on 16 March 2016. The revised terms in the Second Protocol include longer threshold periods to ascertain the presence of a…
The International Accounting Standards Board April Key Update The April 2016 IASB Update has been published. The International Accounting Standards Board (the Board) has today issued amendments to the Revenue Standard, IFRS 15 Revenue from Contracts with Customers, clarifying some requirements and providing additional transitional relief for companies that are implementing the new Standard. The…
Issuance of Itemised Pay slips and Key Employment Terms with effect from 1 April 2016 Changes to the Employment Act (EA) requiring employers to issue itemised pay slips and key employment terms come into effect on 1 April 2016. The objectives of these changes are to: – Improve employment standards; and – Facilitate the resolution…
Compulsory to E-filing of Section 45 Withholding Tax Online From 1 July 2016 We would like to inform that e-filing of Section 45 Withholding Tax will be made compulsory with effect from 1 July 2016. Paper filing will not be accepted after 1 July 2016. Click here for more information. …
Amendments to FRS 7 and Amendments to FRS 12 11 Mar 2016 – ASC has issued Amendments to FRS 7: Disclosure Initiative and Amendments to FRS 12, effective for annual periods beginning on or after 1 January 2017. Click here for more information.