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29 October 2018
A 'Game-Changer' for Singapore's Funds Industry

SINGAPORE passed into law on 1 October 2018 a new type of entity that is expected to be operational in Q1 2019.

The Variable Capital Company (VCC) will be a 'game changer' for the Republic's fast-growing fund management industry.

The VCC aims to boost the fund management ecosystem by encouraging funds to both incorporate and operate in Singapore, making Singapore competitive with global fund domiciles such as Cayman Islands, Dublin and Luxembourg.

Click here for more details.

19 September 2018
New Hong Kong Office

We are pleased to announce that we have just moved to a new office location on 17th September 2018. 

Our new office address is at:

Unit 605-08
6/F Wing On Centre
111 Connaught Road Central
Hong Kong

12 July 2018
SGG Group acquires Augentius

SGG Group has acquired Augentius a leading global provider of alternative investment solutions to the Private Equity and Real Estate communities. The deal will see SGG grow its assets under administration from around $250bn (€214m) to $400bn.

Click here for more details.

10 July 2018
New transfer pricing legislation introduces changes to Salaries Tax relief for double taxation

On 4 July 2018, the Legislative Council enacted Hong Kong’s new transfer pricing regime. Included in the legislation were a number of amendments relating to the existing double taxation relief mechanisms for Salaries Tax. The amendments potentially impact employees based in Hong Kong who work partly in other territories and pay tax in those territories.

Click here for more details.

5 July 2018
Changes to the stamp tax (duty) on residential real property in Singapore 

Effective 6 July 2018, there is an increase to the rates of the “additional buyer’s stamp duty” and an increase in the rate of “additional conveyance duty for buyers.” The loan-to-value limits on residential property purchases are also adjusted. In general, the provisions are intended to serve as “cooling measures” with respect to the residential real estate market in Singapore.

Click here for more details.

24 June 2018
Equity-based compensation for new-economy companies

Equity-based compensation has long been used as a tool to attract, retain and motivate key employees and management. With the increase in new-economy companies in Hong Kong, how is equity-based compensation changing?

Click here for more details.

5 June 2018
SGG Group acquires Lawson Conner to expand its regulatory and compliance offerings for asset managers

SGG Group, a leading global investor services firm, is pleased to announce the acquisition of Lawson Conner, a leading London-based provider of regulatory infrastructure software and managed compliance services to the global investment industry....

Click here for more details.

26 May 2018 
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15 May 2018
 Sale of our business to SGG Group

Dear Clients and Friends

2018 marks the 25th anniversary of the founding of our firm. We have been a family-run business since inception.

In order to continue the growth of the business, build further and be able to service the ever-increasing needs of our clients, we felt that the logical next step was to join forces with a like-minded global partner that could provide the required resources and reach.

SGG Group is a well-diversified business that, similar to our own, places a strong focus on service quality and client relationships.

Our partnership with SGG Group will enable us to increase our reach by service line and geography.

We will continue to operate as Iyer Practice for the foreseeable future and all management and front-line staff will remain within the combined business. 

Sunil, Sanjay and I are very excited about the future. 

Best Regards
Shanker Iyer

Click here for more details.

7 May 2018
Singapore signs DTA with Brazil

Singapore signed a comprehensive Agreement for the Avoidance of Double Taxation (DTA) with the Federative Republic of Brazil on 7 May 2018.

The DTA stipulates the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and minimises the double taxation of such income. This will lower barriers to cross-border investment, and boost trade and economic flows between the two countries.

Click here for more details.

20 April 2018
Revising defective financial statements

Section 121 of the Companies (Amendment) Act 2014, which introduces new sections 202A and 202B of the Companies Act (the “Act”) takes effect on 20 April 2018.   Section 202A of the Act allows directors of a company to voluntarily revise their defective financial statements without the need to obtain a court order, when it appears to the directors that the financial statements do not comply with the requirements of the Act (including compliance with the Accounting Standards).

Click here for more details.

1 April 2018
Hong Kong Two-Tier Profits Tax system

On 29th March 2018, Hong Kong has implemented a two-tier profits tax system effective from the Year of Assessment 2018/19. Under the two-tier rates, the first HK$2 million of assessable profits of corporations will be taxed at a reduced rate of 8.25% with certain exceptions.

For a group of “connected entities”, only one entity within the group can elect to apply the two-tier rates. 

Click here for more details.

13 March 2018
A Simplified Regulatory Regime for Managers of Venture Capital Funds

On 20 October 2017, MAS announced a simplified regulatory regime - the Venture Capital Fund Manager Regime (“VCFM Regime”)  for Venture Capital (VC) managers. The new regulatory regime will simplify and shorten the authorisation process and relieve VC managers of capital requirements and some of the business conduct rules that currently apply to other fund managers.

Click here for more details.

19 February 2018
Singapore Budget

he Minister of Finance delivered his Budget Statement for the Financial Year 2018 on 19 February 2018.

Please find below a summary of the main changes:

Goods and Services Tax

  • GST on imported services will be implemented will be introduced on or after 1 January 2020. B2B imported services will be taxed via a reverse charge mechanism. Only businesses that: (i) make exempt supplies, or (ii) do not make any taxable supplies need to apply reverse charge. The taxation of B2C imported services will take effect through an Overseas Vendor Registration (OVR) model.
  • The Minister plans to increase the rate of GST above 7% sometime in the period from 2021 to 2025.

Corporate Income Tax

  • The Corporate Income Tax Rebate was enhanced to 40% of tax payable (up to S$15,000 cap) for Year of Assessment 2018 and extended to Year of Assessment 2019 (20%; S$10,000).
  • Double Tax Deduction for Internationalisation cap without approval will be increased to S$150,000 per annum with effective from Year of Assessment 2019.
  • Start-up and Partial Tax Exemption adjusted to lower rates with effect from Year of Assessment 2020 onwards.

Stamp Duty

  • Buyer’s Stamp Duty rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million.

Funds

  • Section 13X Scheme will will be extended to all fund vehicles constituted in all forms.

Click here for more details.

23 February 2018
Expanded transfer pricing rules

New legislative changes have been introduced regarding transfer pricing.

Please find below a summary of the main changes:

  • The arm’s length principle is aligned with the OECD standard, and the tax authority may make adjustments to related-party transactions if such transactions would not be entered into by unrelated parties under comparable circumstances.
  • The form of related-party dealings can be disregarded if inconsistent with the substance of the transaction or there is a lack commercial rationality (also known as “recharacterization”).
  • A 5% “surcharge” is to be applied to the amount of transfer pricing adjustments made by the tax authority.
  • Taxpayers must prepare and maintain transfer pricing documentation (pursuant to the transfer pricing documentation rules), and may be subject to penalties for failing to submit the documentation within 30 days of a request from the tax authority.  However, an additional exemption based on a test of whether the entity’s annual gross revenue (i.e., income from a trade or business) exceeds S$10 million has been introduced.

24 January 2018
Public consultation on review of employment act

On 18 January 2018, Singapore's Ministry of Manpower (MOM) announced the commencement of a public consultation period regarding potential amendments to the Employment Act (Cap 91.) (Employment Act). The Employment Act is Singapore's main employment legislation. 

MOM is now calling for feedback on proposals to:

  • extend the core provisions of the Employment Act (which deal with matters such as public holidays and sick leave) to all employees. The provisions currently do not cover PMEs earning more than SGD4,500 per month;
  • extend the application of Part IV of the Employment Act (which deals with more substantive entitlements such as annual leave, rest days, hours of work and overtime pay etc) which currently applies only to employees who are non-workmen earning up to SGD2,500 per month, and workmen earning up to SGD4,500 per month.  No specific threshold for the application of these provisions has been proposed by MOM;
  • streamline the manner in which employees can make employment related claims. Disputes regarding salary are now made to the Employment Claims Tribunal, while claims regarding dismissals are lodged with MOM.

Click here for more details.

8 January 2018
Singapore work pass update & upcoming regulation of Hong Kong corporate service providers

This alert covers the changes in the qualifying salary criteria for Work Pass holders to qualify for dependant privileges, restriction on secondary directorship for Employment Pass (EP) holders and upcoming regulations of Hong Kong corporate service providers. 

Click here for more details.

27 November 2017
Singapore's inward re-domiciliation regime now in operation

The Companies (Amendment) Act 2017 introduced an inward re-domiciliation regime in Singapore, allowing foreign corporate entities (FCE) to transfer their registration to Singapore. This regime took effect on 11 October 2017.

Click here for more details.

2 November 2017
Introduction of electronic-Permanent Residence (PR) system

The Immigration & Checkpoints Authority (ICA) will introduce an electronic-Permanent Residence (e-PR) system for PR applications on 18 December 2017. 

ICA will revise the PR application fees, to charge a processing fee of $100 per applicant at the point of submission of PR application. Successful applicants will also pay a $20 fee for the Entry Permit. The total fees payable for each successful PR applicant is therefore $120. The new fees will be applicable for all PR applications submitted from 18 December 2017 onwards.

ICA will only accept PR applications through the e-PR system and will no longer release any e-appointment slots from 18 December 2017 onwards. 

Click here for more details.

16 October 2017
Singapore’s tax incentives satisfy the international standards on countering harmful tax practices

The Forum on Harmful Tax Practices (FHTP) released a progress report on preferential regimes that were reviewed in 2016 and 2017. FHTP has assessed that Singapore’s tax incentives satisfy the international standards on countering harmful tax practices under the OECD/G20 Base Erosion and Profit Shifting (BEPS) project.

Click here for more details.

11 October 2017
Inward re-domiciliation regime to take effect from 11 October 2017

The Companies (Amendment) Act 2017 has introduced an inward re-domiciliation regime in Singapore which would allow foreign corporate entities to transfer their registration to Singapore. 

Click here for more details.

1 October 2017
Changes to dependent privileges for work pass holders

Ministry of Manpower (MOM) has reviewed the qualifying salary criteria for work pass holders to qualify for dependent privileges.

From 1 January 2018, Work pass holders need to meet a minimum fixed monthly salary of:

S$6,000 to bring in their spouse/children (on Dependent’s Pass)
S$12,000 to bring in their parents (on Long Term Visit Pass)

Click here for more details.

31 August 2017
Updated guidelines for Registered Filing Agents (RFA)

The guidelines for corporate service provides have been updated to better guide RFAs in complying with regulatory requirements.

Some of these updates include enhancing the guidance on risk assessments of RFAs, identifying beneficial owners and other customer due diligence measures. 

Click here for more details.

21 June 2017
Singapore signs Multilateral Competent Authority Agreements (MCAAs)  to enhance tax co-operation on exchange of information

On 21 June 2017, Singapore will sign the Multilateral Competent Authority Agreements (“MCAAs”) on:

  • the Automatic Exchange of Financial Account Information under the Common Reporting Standard (“CRS”); and
  • the Exchange of Country-by-Country (“CbC”) Reports.

The signing of both MCAAs reaffirms Singapore’s commitment to the international standards on tax cooperation. 

Click here for more details.

10 April 2017
OECD releases further guidance for tax administrations and MNE Groups on Country-by-Country reporting (BEPS Action 13)

OECD has released has released additional guidance to provide essential information that will give certainty to tax administrations and MNE Groups alike on implementation of Country-by-Country (CbC) reporting (BEPS Action 13).

Click here for more details.

7 April 2017
Singapore Budget 2017 

Mr Shanker Iyer wrote an article on the recent Singapore Budget 2017.

Click here for more details.

24 March 2017
MAS proposes a new corporate structure for investment funds 

The Monetary Authourtiy of Singapore (MAS) has commenced a public consultation on a new corporate structure for investment funds - the Singapore Variable Capital Company (S-VACC), which would offer asset managers greater flexibility and lower costs. MAS seeks to offer a flexible and efficient platform for fund managers to co-locate fund domiciliation with their substantive fund management activities in Singapore and further deepened the asset servicing ecosystem. 

The public consultation will end on 24 April 2017. 

Click here for more details.

17 March 2017
Changes to the Companies Act and Limited Liability Partnerships Act

The Ministry of Finance (MOF) and ACRA conducted a review of the Companies Act in 2016 which culminated in the Companies (Amendment) Bill 2017 and Limited Liability Partnerships (Amendment) Bill which were passed in Parliament on 10 Mar 2017. These amendments aim to reduce regulatory burden on companies and limited liability partnerships (LLPs), improve the ease of doing business in Singapore and the transparency of the ownership and control of companies and LLPs. 

Click here for more details.

13 March 2017
Joint press release on measures relating to residential property

The Government has continued to review conditions in the residential property market and determined that the current set of property market measures remain necessary to promote a sustainable residential property market and financial prudence among households.

The Ministry of Finance (MOF) will make calibrated adjustments to the Seller’s Stamp Duty (SSD) and Total Debt Servicing Ratio (TDSR) framework, with effect from 11 March 2017.

Click here for more details.

20 February 2017
Regulation of VC Managers

Singapore is proposing to ease regulations for venture capital managers in a bid to promote financing for startup development.

Under a consultation paper published by the Monetary Authority of Singapore Wednesday, new and existing VC managers won’t be subject to the same capital requirements and business conduct rules that currently apply to fund managers in general. The MAS will focus primarily on fitness and propriety, and will retain regulatory powers to deal with errant VC managers, the central bank said in a statement.

The MAS issued a statement Monday outlining a series of plans to support and implement recommendations made by an economic panel last week. The Committee on the Future Economy presented strategies aiming to support growth at an average rate of 2 percent to 3 percent annually in the coming years.

Under the proposals, the central bank won’t require VC managers to have directors and representatives with at least five years of relevant experience in fund management, and base capital and risk-based capital requirements will also be removed for them, according to the statement Wednesday.

It also won’t require the VC managers to provide independent valuation, internal audits and audited financial statements to be submitted to the MAS.

Click here for more details.

27 January 2017
New related party transactions reporting requirement for Singapore taxpayers from YA 2018

Click here for more details.

7 November 2016
IRAS: Research & Development Tax Measures

Click here for more details.

27 October 2016
MOF and ACRA invite public feedback on proposed legislative changes to introduce an inward re-domiciliation regime in Singapore

The Ministry of Finance (MOF) and the Accounting and Corporate Regulatory Authority (ACRA) invite the public to provide feedback on proposed amendments to the Companies Act to introduce an inward re-domiciliation regime in Singapore. This public consultation will run from 26 October 2016 to 16 November 2016.

Click here for more details.

24 October 2016
Singapore Country-by-Country Reporting Requirements 

Singapore will implement Country-by-Country Reporting (CbCR) for Singapore Multinational Enterprise (MNE) groups from FY 2017 onwards [in contrast to FY2016 as per the OECD Report].

CbCR will be supplementary information to the group and local entity level documentation required to be maintained as per the IRAS’ Transfer Pricing Guidelines.

Click here for more details.

12 October 2016
Singapore Audit Exemption: Fewer companies now require audit

As part of amendments to the Singapore Companies Act, a significant number of companies that previously required an audit will no longer do so.  

The changes take effect for financial periods starting on or after 1st July 2015.

Click here for more details.

3 October 2016
We are Moving to our New Home! 

We are pleased to announce our new office address effective Monday, 10 October 2016: 

160 Robinson Road #17-01
SBF Center
Singapore 068914

Our telephone and fax numbers remain unchanged as follows:
Telephone: +65 6532 5746
Fax: +65 6532 7680
Email: office@iyerpractice.com

Click here for more details.

5 September 2016
MAS Tightens Outsourcing Rules for Fund Managers and other Financial Institutions

Monetary Authority of Singapore (MAS) recently released New Outsourcing Guidelines

New guidelines increase the requirements of institutions for oversight and controls over outsourcing arrangements
 
Previous guidelines applied primarily to Licensed financial institutions.  The new guidelines also apply to Registered Fund Management Companies, Exempt Corporate Finance Advisers and Financial Advisers.
 
Institutions must perform an assessment of its existing arrangements by 26th October 2016, with rectifications by 26th July 2017

Click here for more details.

27 July 2016
Update to Employment Pass Salary Criteria

From 1 January 2017, the qualifying salary for Employment Pass (EP) applications will be raised from $3,300 to $3,600. Only new EP applicants who can command a monthly salary of $3,600 or more, subject to meeting other criteria on qualifications and experience, will be considered. Those with more years of experience are also required to command higher salaries commensurate with their work experience and skill sets, as per current practice.

Lead time will be provided for businesses to make adjustments. Existing EP holders whose passes expire:

  1. Before 1 January 2017: Will be able to renew, for a duration of up to three years, based on existing EP criteria.
  2. Between 1 January 2017 and 30 June 2017 (both dates inclusive): Will be able to renew, for a duration of one year, based on the existing EP criteria.
  3. 1 July 2017 onwards: Will have to meet the new criteria for renewal, for a duration of up to three years.

 

Employers are encouraged to use the Self-Assessment Tool (SAT) on the MOM website to assess if their EP candidates will meet the new salary criteria. The SAT will be updated by Nov 2016.

Click here for more details.

15 July 2016
A generational mind-set to servicing family weath

"Planning for the future requires a sense of the past. Now, more than ever, it also needs expert knowledge of the constantly-changing regulations."

Click here for more details.

5 July 2016
Singapore's 60% PIC Cash Payout Scheme Ends on 31 July 2016

As of 1 August 2016, cash payout conversion rate for qualifying expenditure incurred will be reduced from 60% to 40%. 

Therefore, companies still wishing to take advantage of the higher cash payout should take immediate action. 

Click here for more details.

20 June 2016
Singapore Joins Inclusive Framework for Implementing Measures against BEPS

Singapore will work with other participating jurisdictions to ensure the consistent implementation of measures under the BEPS Project and a level playing field across jurisdictions. 

Singapore supports the key principle underlying the BEPS Project, namely that profits should be taxed where the real economic activities generating the profits are performed and where value is created.

Click here for more details.

2 June 2016
Additional Singapore Work Pass Criteria

Ministry of Manpower (MOM) has recently refined the work pass application process with the introduction of additional 'company-related' criteria.

Click here for more details.

23 May 2016
Carrying out a Project in Singapore

Executing projects abroad bear a substantial number of potentially serious risks. This alert reviews this matter from a Singapore perspective

Click here for more details.

15 April 2016
A Spirit of Partnership

"An expansionary tax stance and measures to transform industry through automation and innovation are key elements of Singapore's 2016 Budget" - Mr Shanker Iyer for ACCA.

Click here for more details.

15 March 2016
Public Consultation on Changes to Singapore Income Tax Act on the Common Reporting Standard (CRS)

Singapore's Ministry of Finance is conducting a public consultation on Singapore's approach to CRS.

Click here for more details.

2 March 2016
Singapore Income Tax Implications of the Adoption of FRS 115

On 12 October 2015, IRAS published a consultation paper (Income Tax Implications Arising from the Adoption of Financial Reporting Standard 115 – Revenue from Contracts with Customers) to set out the guidance on IRAS’ proposed position on the income tax implications arising from the adoption of FRS 115 and to seek for public comments on the paper with a closing date of submission of 11 November 2015. 

Click here for more details.

4 February 2016
Tax Guidance on Court-free Amalgamation in Hong Kong Issued by IRD

Court free amalgamation was introduced by the new Companies Ordinance (Cap. 622) on 3rd March 2014. This document aims to provide tax guidance on court-free amalgamation in Hong Kong issued by IRD.

Click here for more details.

13 January 2016
6 Things You Should Know About Singapore Payroll

Singapore payroll is relatively straightforward, but there are pitfalls to be avoided. This alert highlights 6 things you should know about Singapore payroll.

Click here for more details.

16 December 2015
IRAS e-Tax Guides - November 2015

Revised Guides:

GST: Guide for Motor Vehicle Traders (2nd edition)

20 Nov 2015

A new paragraph was inserted to explain that if a taxpayer sells a new vehicle as a replacement vehicle under the Early Turnover Scheme (ETS), the value of COE of the new replacement vehicle is the sum of the discounted prevailing quota premium (PQP) payable and the COE rebate (if any) of the existing vehicle.

Income Tax Treatment of Real Estate Investment Trusts (4th edition)

3 Nov 2015

Amendments were made to remove the conditions that the trustee is not allowed to distribute any gain from disposal of immovable properties or shares until the CIT agrees on the nature and taxability of the gain and that for the purpose of applying for tax transparency treatment, the trustee and manager are required to jointly undertake not to distribute any gain arising from the disposal of any immovable properties or shares until the CIT agrees on the nature of the gain.

 

Click here for more details.

11 December 2015
Singapore Regulator Gets Tough on Late Filing

Singapore’s Accounting and Corporate Regulatory Authority (‘ACRA’) has recently announced substantially increased penalties for AGM and Annual Return breaches by Singapore companies effective 1 Dec 2015.

New enforcement powers will also be introduced in 2016 whereby directors or company secretaries could face actions such as disqualification and debarment for non-compliance. 

Click here for more details.

18 September 2015
Singapore Transfer Pricing

For financial year 2014, required Transfer Pricing documentation should be completed by 30 November 2015. 

This guide gives you a background on Singapore's Transfer Pricing regime, basic concepts, documentation, examples of transactions and also various penalties that might be incurred due to non-compliance. 

Click here for more details.

23 July 2015 
Labuan IBFC GIFT Programme and Singapore Global Trader Programme

Published in June 2015's edition of Offshore Investment, Mr Shanker Iyer discussed the Labuan IBFC GIFT Programme and Singapore Global Trader Programme. 

 

Click here for more details.

14 July 2015
New Singapore Audit Exemption: Fewer companies require audit

As part of the first batch of amendments to the Singapore Companies Act, a significant number of companies that previously required an audit will no longer do so.

The changes take effect for financial periods starting on or after 1 July 2015.

Click here for more details.

12 June 2015
New AML Guidelines for Singapore Fund Managers

To keep Singapore in line with best practices and the latest recommendations of FATF, MAS has issued revised notices to financial institutions, including SFA04-N02 for fund managers

Click here for more details.

12 June 2015
Clarifications on GST on Fund Management Fees

MAS issued FDD Cir 02/2015 to clarify the GST treatment of fund management fees charged to funds, particularly whether  fund managers should apply a 0% or 7% charge. 

Click here for more details.

12 June 2015
Extension of Enhanced Tier Fund Tax Incentive Scheme

MAS issued FDD Cir 05/2015 which extends the scheme to SPVS under fund structures (allowing fund managers to meet the requirements on a consolidated basis).

Click here for more details.

21 May 2015
Obtaining a Tax Residency Certificate in Singapore 

A Singapore Tax Residency Certificate (“COR”) allows taxpayers to enjoy the benefits under the DTAs that Singapore has concluded with other treaty countries. Taxpayers must be able to demonstrate to the Singapore tax authorities, if required, that various conditions have been met in order to obtain the COR. Read on to find out more about the conditions and benefits of obtaining a COR. 

Click here for more details.

30 April 2015
Regulation of Corporate Service Providers in Singapore

From 15th May 2015, Singapore companies providing corporate secretarial services will be regulated, and will have to comply with various regulations (including those covering anti-money laundering). 

Click here for more details.

14 April 2015

Budgeting for the Future

Singapore's budget 2015 aims to build future growth and strengthen social security. 

(Shanker Iyer’s article in the April issue of ACCA’s Magazine for Finance Professionals.)

Click here for more details.

9 Feb 2015

Moving your Company's operations and executives from Hong Kong to Singapore: Pros and Cons

Click here for more details.

25 Nov 2014

Introduction to International Tax Planning

Structuring of cross border business/ transaction in the most tax efficient manner.

Click here for more details.

7 Nov 2014

Singapore vs Hong Kong - 
A Jurisdiction Analysis

Click here for more details.

3 Nov 2014

The Employment Pass Landscape In Singapore

Click here for more details.

31 Oct 2014

Singapore - UAE Tax Treaty

Click here for more details.

30 Oct 2014

Singapore Global Trader Programme

Click here for more details.

28 Oct 2014

Tax incentives for funds and managers

Singapore has a number of tax incentive schemes in place to encourage the development of the fund management industry. With the exception of the Offshore Fund Scheme (13CA) and the GST scheme, meeting the conditions for these schemes does not automatically entitle a fund or fund manager to the exemptions; MAS approval is required. When deciding whether to grant approval, MAS looks at projected growth of the company as well as the substance being brought by the company to Singapore.

If you require any further clarification, please contact Sunil Iyer on sunil@iyerpractice.com.

Click here for more details.

23 July 2014

“Trends to shape the development of family offices in Asia” feature article by Mr Shanker Iyer (page 62 of Hubbis’ inaugural publication - Asian Families & Their Wealth 2014)

While the growth of Asian family wealth over the last decade has created a huge opportunity for banks, wealth management organisations of all types and a host of professional services firms – the needs of these clients are often complex and unique.

Click here for more details.

21 July 2014

Singapore Jobs Bank Takes Effect 1 August 2014

From 1 August 2014, all employers (unless otherwise exempted) submitting Employment Pass (EP) applications are required to advertise their vacancies on the Ministry of Manpower (MOM) Jobs Bank prior to submitting the EP application.

Click here for more details.

7 July 2014

Guide to Singapore Trusts

Click here for more details.

15 May 2014

Labuan International Business Financial Centre - The Mid-Shore Jurisdiction

Click here for more details.

14 Apr 2014

A Budget for the Future

While Budget 2014 reflects the government’s ambitions for quality growth and an equitable society, Singapore must work to dispose of its deficit.

(Shanker Iyer’s article in the April issue of ACCA’s Magazine for Finance Professionals.)

Click here for more details.

1 Apr 2014

Amendments to the Singapore Employment Act now in force

The Employment Act (EA) is Singapore’s statute relating to labour and employment issues.  It lays down specific provisions regarding the basic terms and conditions of employment and the rights, duties and responsibilities of employers and employees.

From 1st April 2014 a number of changes have been made to the EA.  These amendments afford greater protection to employees.

Click here for more details.

28 Feb 2014

New XBRL Filing Requirements in Singapore

The Accounting and Corporate Regulatory Authority (ACRA) recently announced revised XBRL filing requirements for companies required to file their financial statements with ACRA. The revision includes expanding the taxonomy used for XBRL filing. ACRA’s stated objective is to improve the quality of financial statements by increasing the breadth and depth of financial data submitted to ACRA. The revised filing requirements take effect on 3 March 2014.

Click here for more details.

25 Feb 2014

Singapore Budget 2014

Deputy Prime Minister and Minister for Finance delivered the Budget Speech for Financial Year 2014 on Friday 21st February.

Click here for more details.

13 Feb 2014

Tax Tips - Have You Made Any Payments To Non-Residents?

Under the Singapore Income Tax Act, if a Singapore business makes certain payments (or incurs liabilities) to non-residents, there is a requirement to withhold taxes at the applicable rates.

Click here for more details.

3 Dec 2013

Changes in the taxation of accommodation benefits provided to employees

Effective 1 January 2014 (Year of Assessment 2015), the taxation of accommodation benefits provided to employees will change. The changes will significantly affect employees who stay in either a place of residence or in a serviced apartment provided by the employer.

Click here for more details.

27 Nov 2013

Establishing inbound family offices in Singapore

At the recent STEP Asia 2013 conference, Shanker Iyer spoke on the tax, regulatory and immigration considerations around establishing inbound family offices into Singapore.

If you require any further clarification, please contact Shanker Iyer on shanker@iyerpractice.com.

Click here for more details.

10 Sep 2013

Singapore tightens rules on employment passes

On 23 September 2013 the Ministry of Manpower (MOM) announced new rules, the Fair Consideration Framework (FCF), which require employers to consider hiring Singapore citizens before hiring foreigners.

Click here for more details.

Other

Other

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