Mandatory retrenchment notifications from 1 January 2017

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;"> Mandatory retrenchment notifications from 1 January 2017</h2> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div class="separator" style="clear: both; text-align: center;"> <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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> <br /></div>

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 1 January 2017. The tripartite partners have issued an advisor…

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Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;"> Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force</h2> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016.</div> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries.</div> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div class="separator" style="clear: both; text-align: center;"> <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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> <br /></div>

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 Double Taxation Agreement (DTA) entered into force on 11 Novemb…

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Transfer Pricing Administration

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;"> Transfer Pricing Administration</h2> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> <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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> Read More: <a href="https://www.3ecpa.com.sg/taxation/transfer-pricing-administration/" target="_blank">Transfer Pricing Administration</a></div> <div class="separator" style="clear: both; text-align: center;"> <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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> <br /></div>

Transfer Pricing Administration

Transfer Pricing Administration 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 financ…

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Conditions of Employment 2016

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;"> Conditions of Employment 2016</h2> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> Greater adoption of work-life initiatives by employers</div> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> 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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/conditions-of-employment-2016/" target="_blank">Conditions of Employment 2016</a></div> <div class="separator" style="clear: both; text-align: center;"> <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> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px; margin-bottom: 10px; padding: 0px;"> <br /></div>

Conditions of Employment 2016

Conditions of Employment 2016 Greater adoption of work-life initiatives by employers More employers are providing ad-hoc flexible work arrangements and leave benefits to help employees cope with pers…

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Changes in SSIC code for Business Activity for some Business Entities

<h2 style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif;"> Changes in SSIC code for Business Activity for some Business Entities</h2> <div style="color: #333333; font-family: "normal Arial", Helvetica, sans-serif; font-size: 14px;"> <div style="margin-bottom: 10px; padding: 0px;"> 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> <div style="margin-bottom: 10px; padding: 0px;"> 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> <div style="margin-bottom: 10px; padding: 0px;"> 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> <div class="separator" style="clear: both; text-align: center;"> <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> <div style="margin-bottom: 10px; padding: 0px;"> <br /></div> </div>

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 (SSIC) issued by the Department of Statistics, the SSIC code f…

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