The Annual Wage Supplement (AWS), also known as the 13th-month bonus, is a customary year-end payment in Singapore given to employees on top of their 12 months of regular salary. The AWS is typically equivalent to one month’s salary and is intended to reward employees for their yearly contributions. Here are some key points about [...]
Hong Kong's Top Talent Pass Scheme, introduced in late 2022, is a strategic initiative designed to attract highly skilled and talented professionals from around the world to work in Hong Kong. This scheme is part of broader efforts by the Hong Kong government to bolster the city's status as a global hub in various high-priority [...]
PayNow offers an improved money transfer experience, allowing retail customers of participating banks and non-financial institutions (NFIs) in Singapore to swiftly send and receive Singapore Dollar funds within the country. This can be done using only a mobile number, Singapore NRIC/FIN, or a Virtual Payment Address (VPA). Importantly, the sender no longer needs to possess [...]
Juridical double taxation occurs when the same income is subject to taxation twice—first in the jurisdiction where the income is generated and then again in the jurisdiction where it is received. To alleviate the implications of double taxation, countries enter into DTAs. A DTA partner refers to a jurisdiction that has signed a DTA with [...]
Base erosion and profit shifting (BEPS) is a term used to describe tax planning strategies employed by multinational enterprises (MNEs) that take advantage of gaps and inconsistencies in tax regulations to avoid paying taxes. Developing countries, which heavily rely on corporate income tax, are disproportionately affected by BEPS. These practices result in annual revenue losses [...]
KYC stands for "Know Your Customer." It is a process that businesses use to verify the identity of their customers and assess the potential risks involved in doing business with them. The KYC process involves collecting and verifying personal and financial information about the customer, such as their name, address, date of birth, and government-issued [...]
Directors and Officers (D&O) Liability insurance is a type of insurance policy that provides coverage to directors and officers of a company for claims made against them while performing their duties. The policy covers the costs associated with defending against claims or lawsuits brought by employees, shareholders, customers, or other parties alleging wrongdoing or negligence [...]
The Monetary Authority of Singapore (MAS) has defined several fit and proper criteria that individuals and entities must meet to obtain and maintain their licenses to operate in the financial sector. These criteria are intended to ensure that only competent and trustworthy individuals and entities are allowed to operate in the financial sector and to [...]
The principle of separate legal personality is a fundamental concept in corporate law, which states that a corporation is a separate legal entity distinct from its shareholders or owners. This means that a corporation can enter into contracts, sue or be sued, and own property in its own name, independent of its shareholders or owners. [...]
E-invoicing (short for electronic invoicing) is the process of creating, sending, receiving, and processing invoices electronically, rather than using paper-based invoicing methods. E-invoicing allows businesses to exchange invoices in a standardized digital format, eliminating the need for paper-based processes, reducing manual data entry, and enabling faster, more accurate invoicing. E-invoicing can be initiated by the [...]