Category Archive for "Articles"

PREPARING FOR A POST COVID-19 ERA

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Since the introduction of the Fortitude Budget in May, the COVID-19 pandemic has continued to spread across the world at an unrelenting pace. The resulting economic impact has been severe and the global economy is projected to contract by 5%...

SINGAPORE INSOLVENCY REFORMS

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SINGAPORE INSOLVENCY REFORMS COVID-19 (TEMPORARY MEASURES) BILL On 7 April 2020, the Singapore Government passed the COVID-19 (Temporary Measures) Bill, in an effort to provide temporary relief measures to businesses and individuals who are unable to fulfil their contractual obligations...

GOODS AND SERVICES TAX (“GST”) ON IMPORTED SERVICES

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GOODS AND SERVICES TAX (“GST”) ON IMPORTED SERVICES In Singapore, GST is a broad-based consumption tax levied on all goods and services (other than exempt supply) in Singapore. Currently, GST on imported services does not apply if the services are...

SHOULD “DATA” BE RECOGNISED AS AN ASSET ON THE BALANCE SHEET?

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Since the 1950s the world has witnessed a very different demographic where the average publicly-traded company listed on the S&P has gone down from being 60 years old to less than 20 years. This significant shift is mainly attributable to...

CHANGES TO THE GOODS AND SERVICES TAX ACT TO EXTEND GST TO OVERSEAS SERVICES FROM 1 JANUARY 2020 AND ENHANCE IRAS INVESTIGATION POWERS FROM 1 JANUARY 2019

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Introduction of goods and services (“GST”) on imported services: From 1 January 2020, GST on imported services will be introduced through a Reverse Charge mechanism for business-to-business (“B2B”) imported services, and an Overseas Vendor Registration (“OVR”) regime for business-to-consumer (“B2C”)...

LEGISLATIVE CHANGES ON STATUTORY REQUIREMENTS FOR ANNUAL GENERAL MEETINGS (‘AGMS”) AND FILING OF ANNUAL RETURNS (“AR”)

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Aimed to reduce the regulatory burden for companies, legislative changes to the Companies Act relating to the holding of AGMs and filing of AR for Singapore-incorporated companies took effect on 31 August 2018. The key changes that will effect companies...

NEW FRAMEWORK UNDER COMPANIES (AMENDMENT) ACT FOR THE REVISION OF DEFECTIVE FINANCIAL STATEMENTS EFFECTIVE FROM 20 APRIL 2018

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Section 121 of the Companies (Amendment) Act 2014 which introduces new sections 202A and 202B of the Companies Act took effect on 20 April 2018. Concurrently, the Companies (Revision of Defective Financial Statements, or Consolidated Financial Statements or Balance Sheet)...

CHANGES TO THE SINGAPORE EMPLOYMENT ACT

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On 5 March 2018, the Minister for Manpower announced in Parliament that with effect from 1 April 2019, key changes will be made to the Employment Act (EA) to cover more employees in Singapore. Notably, the current salary cap of...

HONG KONG INTRODUCES A TWO TIERED PROFITS TAX RATE REGIME

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The Inland Revenue (Amendment) (No. 3) Ordinance 2018 was gazetted on 29 March 2018 in Hong Kong to implement the two-tiered profits tax regime to take effect on 1 April 2018. The key objectives of the change in the profit...

NEW REQUIREMENTS FOR REGISTER OF SIGNIFICANT CONTROLLERS FOR HONG KONG COMPANIES

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The Companies (Amendment) Ordinance 2018 (the “Amendment Ordinance”) introduces new requirements on the keeping of significant controllers register (“SCR”) by companies. It came into effect from 1 March 2018. The new regime would require all Hong Kong companies to obtain...