November 2016 | Accounting Firm In Singapore | Singapore Corporate Service Provider

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...

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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