2016 | Accounting Firm In Singapore | Singapore Corporate Service Provider

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector

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Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector</h2>
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The Government has considered and accepted the recommendations contained in the report of the Tripartite Cluster for Cleaners (TCC) dated December 2016 on the enhancements to the Progressive Wage Model (PWM) for the cleaning sector, which was released today. The PWM enhancements will benefit over 40,000 resident cleaners who are employed by more than 1,200 cleaning businesses.</div>
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The Government notes that the TCC’s recommendations are an important enhancement over the original recommendations published in 2012. The recommended PWM wage schedules (Annex C in the TCC report dated December 2016) comprising annual adjustments to the PWM basic wage over the next 6 years and the inclusion of an annual bonus for cleaners from 2020 onwards will improve the overall remuneration package for cleaners and ensure they experience sustained wage growth. Setting out in advance the PWM adjustments over the next 6 years will also provide cleaning businesses and service buyers greater certainty when planning for future cleaning contracts.</div>
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The Government also supports the TCC’s recommendation to encourage employers to pay increments to better performing, more experienced and productive workers, above the PWM wage levels, and subject to min-max ratios as recommended by the TCC.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/government-accepts-recommendations-to-enhance-the-progressive-wage-model-for-cleaning-sector/" target="_blank">Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector</a><br />
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-enhance-the-progressive-wage-model-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-enhance-the-progressive-wage-model-1200x628.jpg" width="320" /></a></div>
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Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector The Government has considered and accepted t...

Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements

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Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements</h2>
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ACRA issues Financial Reporting Practice Guidance No. 1 of 2016 on 8 December 2016.</div>
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In 2016, weak market sentiments and continued slow-growth in the global environment have affected many Singapore companies. This Practice Guidance highlights seven financial reporting areas, which may require more attention by the company directors before approving the 2016 <a href="https://www.3ecpa.com.sg/services/accounting/compilation-financial-statement/" title="Compilation Financial Statement">Financial Statements</a>. These areas include going concern assumption, impairment assessment of long-lived assets, recognition of one-off gain or loss, and business acquisitions. Please click <a href="https://www.acra.gov.sg/uploadedfiles/Content/Publications/Practice_Guidance/FRSP%20PG%201%20of%202016.pdf" target="_blank" title="Practice Guidance No.1 of 2016">here</a> to download the Practice Guidance No.1 of 2016.</div>
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Read More: <a href="https://www.3ecpa.com.sg/accounting/financial-reporting-practice-guidance-no-1-of-2016-areas-of-review-focus-for-fy2016-financial-statements/" target="_blank">Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements</a></div>
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Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements

Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements ACRA issues Financial Reporti...

Wage Credit Scheme Payouts for 2017

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Wage Credit Scheme Payouts for 2017</h2>
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Employers are reminded to make CPF contributions for employees by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769372">16 Jan 2017</span> to receive Wage Credit Scheme payouts</div>
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Employers of eligible Singaporean employees are reminded to make the full <a href="https://www.3ecpa.com.sg/blog/central-provident-fund-cpf-comprehensive-social-security-savings-scheme/" target="_blank" title="CPF Social Security Saving Scheme">CPF contributions</a> for these employees by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769373">16 January 2017</span> in order to receive the fourth tranche of Wage Credit Scheme (WCS) payouts in March 2017.</div>
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To qualify for the fourth tranche of the WCS payout, employers must fulfil the following conditions:</div>
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- Have given Singaporean employees a wage increase of at least $50 in 2016 and/or have sustained the wage increases (at least $50) previously given to employees in 2015; and<br />
- Have paid the employees’ mandatory CPF contributions for 2016 wages to the CPF Board by <span class="aBn" data-mce-tabindex="0" data-term="goog_50769374">16 January 2017</span>.</div>
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Employers do not need to apply to receive the WCS payouts. Eligible employers will receive letters from the Inland Revenue Authority of Singapore (IRAS) by March 2017 informing them of the amount of WCS payout they will be given. The payouts will be credited directly into the employers’ bank accounts or issued as cheques to employers.</div>
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The WCS forms part of the Transition Support Package announced in <a href="https://www.3ecpa.com.sg/resources/singapore-budget/singapore-budget-2013-summary/" target="_blank" title="Singapore Budget 2013 Summary">Budget 2013</a>.  The Government extended the WCS for two more years, until 2017, to give businesses more time to adjust to rising wages in the tight labour market. Under this extended scheme, the Government co-funds 20% of the wage increases given to Singaporean employees earning a gross monthly wage of $4,000 and below. This allows businesses to free up resources for investments in productivity, and share the productivity gains with their employees.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/wage-credit-scheme-payouts-2017/" target="_blank">Wage Credit Scheme Payouts for 2017</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-wage-credit-scheme-payouts-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/12/photo-wage-credit-scheme-payouts-1200x628.jpg" width="320" /></a></div>
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Wage Credit Scheme Payouts for 2017

Wage Credit Scheme Payouts for 2017 Employers are reminded to make CPF contributions for employees by 16 Jan 2017 to receive Wage Credi...

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)

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Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)</h2>
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ACRA had previously informed the Companies that following legislative changes in the Companies (Amendment) Act 2014, private companies are required to update shareholder information to facilitate ACRA’s maintenance of electronic Registers of Members (EROM) of private companies effective 3 Jan 2016.</div>
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Companies were given up to 6 months to update their shareholder information, unless their annual return filing due date falls before 3 Jul 2016. In June 2016, taking into account feedback from companies, private companies with annual filing dates after 4 Jul 2016 but before 3 Jan 2017 were given an extended timeline of up to 3 Jan 2017 to update shareholder information.</div>
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With effect from 3 Jan 2017, private companies that have yet to update shareholder information in the EROM will not be able to file their <a data-mce-href="/blog/filing-annual-returns-with-acra/" href="https://www.3ecpa.com.sg/blog/filing-annual-returns-with-acra/" target="_blank" title="Annual Returns with ACRA">annual returns with ACRA</a> until the EROM has been updated.  To avoid any delay in filing their annual returns, companies should update their shareholder information as soon as possible. The updating should be done using the “Notice to Update EROM and Paid Up Share Capital” form in BizFile+, which can be filed free of charge. Any further updates to the EROM as and when changes happen, can also be filed free of charge.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/companies-that-have-yet-to-update-shareholder-information-with-acra-will-not-be-able-to-file-annual-returns-effective-3-jan-2017/" target="_blank">Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)</a></div>
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Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017) ACRA h...

Mandatory retrenchment notifications from 1 January 2017

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Mandatory retrenchment notifications from 1 January 2017</h2>
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A new requirement on mandatory retrenchment notifications will take effect from 1 January 2017. The tripartite partners have issued an advisory to guide employers on complying with this requirement.</div>
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Under the Workforce Singapore Agency Act, employers will need to notify the Ministry of Manpower (MOM) of retrenchments within 5 working days after they provide notice of retrenchment to affected employees, if 5 or more employees are retrenched within a 6-month period beginning 1 January 2017. Failure to notify within the required timeline is an offence and may be liable on conviction to penalties, including a fine not exceeding $5,000.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/mandatory-retrenchment-notifications-from-1-january-2017/" target="_blank">Mandatory retrenchment notifications from 1 January 2017</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-mandatory-retrenchment-notifications-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-mandatory-retrenchment-notifications-1200x628.jpg" width="320" /></a></div>
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Mandatory retrenchment notifications from 1 January 2017

Mandatory retrenchment notifications from 1 January 2017 A new requirement on mandatory retrenchment notifications will take effect from ...

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force</h2>
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The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016.</div>
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The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries.</div>
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The full text of the DTA is available <a data-mce-href="https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/" href="https://www.iras.gov.sg/irashome/Quick-Links/International-Tax/" target="_blank" title="International Tax">here</a>.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/singapore-laos-avoidance-of-double-taxation-agreement-enter-into-force/" target="_blank">Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-singapore-laos-avoidance-of-double-taxation-agreement-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-singapore-laos-avoidance-of-double-taxation-agreement-1200x628.jpg" width="320" /></a></div>
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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force The new Singapore-Laos People’s Democratic Republic Avoidance of D...

Transfer Pricing Administration

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Transfer Pricing Administration</h2>
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From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the <a href="https://www.3ecpa.com.sg/services/taxation/company-income-tax/" title="Company Income Tax">submission of Form C</a>. The RPT data will help IRAS in assessing transfer pricing risks and selecting appropriate cases for transfer pricing consultation.</div>
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<a href="https://www.3ecpa.com.sg/services/taxation/transfer-pricing/" title="Transfer pricing">Transfer pricing consultation</a> allows IRAS to assess taxpayers' compliance with the transfer pricing guidelines and identify areas in which IRAS can advise taxpayers on good practices in transfer pricing.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/transfer-pricing-administration/" target="_blank">Transfer Pricing Administration</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-transfer-pricing-administration-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-transfer-pricing-administration-1200x628.jpg" width="320" /></a></div>
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Transfer Pricing Administration

Transfer Pricing Administration From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (R...

Conditions of Employment 2016

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Conditions of Employment 2016</h2>
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Greater adoption of work-life initiatives by employers</div>
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More employers are providing ad-hoc flexible work arrangements and leave benefits to help employees cope with personal and family commitments.  Firms that implement work-life initiatives tend to have lower employee turnover. These are the key findings from the “<a href="http://www.mom.gov.sg/newsroom/press-releases/2016/1121-conditions-of-employment-2016" target="_blank" title="Conditions of Employment 2016">Conditions of Employment 2016</a>” report released by the Manpower Research and Statistics Department, Ministry of Manpower.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/conditions-of-employment-2016/" target="_blank">Conditions of Employment 2016</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-conditions-of-employment-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-conditions-of-employment-1200x628.jpg" width="320" /></a></div>
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Conditions of Employment 2016

Conditions of Employment 2016 Greater adoption of work-life initiatives by employers More employers are providing ad-hoc flexible work ...

Changes in SSIC code for Business Activity for some Business Entities

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Changes in SSIC code for Business Activity for some Business Entities</h2>
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Due to changes in the Singapore Standard Industrial Classification (SSIC) issued by the Department of Statistics, the SSIC code for the business activity of some business entities will change. SSIC 2015 incorporates recent changes in economic activities to better reflect the current structure of Singapore’s economy and will be applied to all business entities registered in Singapore on BizFile+.</div>
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Effective 5 Nov 2016, ACRA has updated our business registration database to align with the SSIC 2015. As part of the update, the previous SSIC code for the business activity of some business entities has been converted to new SSIC codes that most closely reflects the business activity. Affected business entities have been notified and will have the option to lodge a change of the new SSIC code assigned to them free of charge, via BizFile+ .</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/changes-in-ssic-code-for-business-activity-for-some-business-entities/" target="_blank">Changes in SSIC code for Business Activity for some Business Entities</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-changes-in-ssic-code-for-business-activity-for-some-business-entities-1200x628.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="167" src="https://www.3ecpa.com.sg/wp-content/uploads/2016/11/image-changes-in-ssic-code-for-business-activity-for-some-business-entities-1200x628.jpg" width="320" /></a></div>
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Changes in SSIC code for Business Activity for some Business Entities

Changes in SSIC code for Business Activity for some Business Entities Due to changes in the Singapore Standard Industrial Classification...

Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector

Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements

Wage Credit Scheme Payouts for 2017

Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017)

Mandatory retrenchment notifications from 1 January 2017

Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

Transfer Pricing Administration

Conditions of Employment 2016

Changes in SSIC code for Business Activity for some Business Entities

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