[BUDGET 2023] Pillar 2 of BEPS 2.0 tax recommendations to be implemented

In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that Singapore's corporate tax system will be revised to align with the recommendations of the second pillar of the Inclusive Framework on Base Erosion and Profit Shifting (BEPS 2.0) starting in 2025. The second pillar of BEPS 2.0 proposes a minimum effective [...]

By |2023-02-15T12:29:35+08:00February 15th, 2023|Latest News and Announcements|

[BUDGET 2023] CPF monthly salary ceiling to be raised to $8,000. Senior worker contribution rate also raised.

In his Budget speech on Tuesday (Feb 14), Finance Minister Lawrence Wong announced that the Central Provident Fund (CPF) monthly salary ceiling will be raised in four steps from S$6,000 to S$8,000 by 2026, in order to keep pace with rising salaries. The CPF monthly salary ceiling sets the maximum amount of CPF contributions payable [...]

By |2023-02-15T12:23:58+08:00February 15th, 2023|Latest News and Announcements|

Commencement Of New Requirements Of The Corporate Registers (Miscellaneous Amendments) Act

From ACRA:   To strengthen Singapore’s corporate governance regime, and reaffirm Singapore’s commitment to combating laundering, terrorism financing and other threats to the integrity of the international financial system, the Accounting and Corporate Regulatory Authority (ACRA) has introduced a new requirement for companies, including foreign companies, and Limited Liability Partnerships (LLPs). Maintaining Registers of Nominee [...]

By |2022-10-04T15:09:57+08:00October 4th, 2022|Latest News and Announcements|

Former Midas CEO charged for failing to use reasonable dilligence to discharge his duties as a director

The former CEO of Midas Holdings, Patrick Chew Hwa Kwang, was charged on Thursday, February 10th 2022 for allegedly failing to use reasonable diligence in the discharge of his duties as a director. He was said to have failed to exercise reasonable supervision over the financial affairs of the Midas' subsidiaries, Jilin Midas Aluminium Industries [...]

By |2022-02-10T15:45:03+08:00February 10th, 2022|Latest News and Announcements|

Upcoming changes to the Companies Act. New statutory requirements for companies.

On January 10th 2022, Parliament passed the Corporate Registers (Miscellaneous Amendments) Act. This amends the Companies Act and Limited Partnerships (LLP) Act.   What are the changes? Both local and foreign Singapore registered companies will be required to keep a non-public register of nominee shareholders and their nominators. The register will need to be updated [...]

By |2022-02-09T17:00:45+08:00February 9th, 2022|Latest News and Announcements, Running a Company|

Singapore’s 2022 Budget to be delivered on the 18th of February 2022

Finance minister Lawrence Wong will deliver the 2022 Budget on the 18th of February 2022. The Budget statement will be broadcast live on television and radio as well as on the Singapore Budget website. The Singapore Budget website: https://www.mof.gov.sg/singaporebudget The full budget statement will be published on this website as well. The Budget is seen [...]

By |2021-12-30T12:29:05+08:00December 30th, 2021|Latest News and Announcements|

REGISTRATION AS EXPORTER OF DUTY AND GST-UNPAID LIQUOR AND/OR TOBACCO SEA STORES

From 26 Jul 2021, all exporters of duty and GST-unpaid liquor and/or tobacco sea stores for consumption onboard a vessel by the crew and/or passengers outside Singapore waters must be registered with Singapore Customs before they can obtain an export permit via TradeNet. Exporters may register via the “Application for Registration as an Exporter of [...]

By |2021-06-25T10:35:44+08:00June 25th, 2021|Latest News and Announcements|

Postponement of 2-tier penalty framework

The 2-tier penalty framework for filing of annual returns and annual declarations by Singapore companies, Variable Capital Companies (VCCs) and Limited Liability Partnerships (LLPs) will be deferred. It was supposed to take effect from the 30th of April 2021. The current penalty framework will continue to apply: Late lodgement penalty for Local Companies: Flat rate of [...]

By |2021-06-22T13:09:49+08:00June 22nd, 2021|Latest News and Announcements|
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