2017 | Accounting Firm In Singapore | Singapore Corporate Service Provider

Job Vacancies 2016

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Job Vacancies 2016</h2>
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5 in 10 job vacancies are PMET jobs; mainly education, healthcare, infocomm and service-related occupations</div>
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Nearly half of all vacancies as at 30 September 2016 were for professionals, managers, executives and technicians (PMETs). The job openings were mainly education, healthcare, infocomm and service-related occupations. These are the key findings from the “Job Vacancies 2016” report released by the Manpower Research and Statistics Department, Ministry of Manpower.</div>
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The steady increase in PMET share of job openings from 39% (or 24,300) in 2013 to 48% (or 25,800) in 2016 reflects restructuring of the economy and workforce. The increase in PMET vacancies was mainly from financial & insurance services, professional services and information & communications. At the same time, there was a decline in the non-PMET vacancies, mainly in accommodation & food services, construction, wholesale & retail trade and manufacturing.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/job-vacancies-2016/" target="_blank">Job Vacancies 2016</a></div>
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Job Vacancies 2016

Job Vacancies 2016 5 in 10 job vacancies are PMET jobs; mainly education, healthcare, infocomm and service-related occupations Nearly h...

All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017

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All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017</h2>
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In line with Government’s direction to harness technology for enhanced productivity, all <a href="https://www.3ecpa.com.sg/services/taxation/singapore-certificate-of-residence-application-cor/" title="Singapore Certificate of Residence Application COR">COR</a> applications have to be e-Filed via myTax Portal from <span class="aBn" data-mce-tabindex="0" data-term="goog_500772892">1 Jun 2017</span>. Paper applications will no longer be accepted from this date onwards.</div>
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<u>Online via myTax Portal</u><br />Log in to <a href="http://mytax.iras.gov.sg/" target="_blank" title="Tax Portal">mytax.iras.gov.sg</a> to apply.</div>
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You can apply for COR online for:<br />a. the current Year of Assessment (YA);<br />b. the next YA; or<br />c. up to two previous YAs.</div>
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For example, in the year 2017, the company may apply COR for YA 2017, YA 2018, and YAs 2015 to 2016.</div>
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Company staff or tax agents must first be authorised for '<a href="https://www.3ecpa.com.sg/services/taxation/company-income-tax/" title="Company Income Tax">Corporate Tax Matters</a>' via the e-Services Authorisation System (EASY) to log in and apply for COR on behalf of the company.</div>
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IRAS will process your application within 7 working days of receiving the application and mail the COR to the company's registered address. Please allow up to 4 working days to receive it in your mail.</div>
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Once your application is processed (within 7 working days), a duplicate copy of the approved COR will be made available in <a href="http://mytax.iras.gov.sg/" target="_blank" title="Tax Portal">mytax.iras.gov.sg</a>. You will also have the option to print or download the approved COR.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/all-cor-applications-have-to-be-e-filed-via-mytax-portal-from-1-jun-2017/" target="_blank">All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-cor-applications-e-filed-via-my-tax-portal-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/2017/02/photo-cor-applications-e-filed-via-my-tax-portal-1200x628.jpg" width="320" /></a></div>
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All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017

All COR applications have to be e-Filed via myTax Portal from 1 Jun 2017 In line with Government’s direction to harness technology for en...

Committee on Future Economy

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Committee on Future Economy</h2>
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SINGAPORE: This country has over the years enjoyed sustained economic growth and successfully weathered many economic crises. Singapore's economy has become more diversified and people in the country today enjoy a very good quality of life. The approach taken by the Singapore government to ensure its economy remains vibrant is through the formation of special committees. Among these committees is the Committee on the Future Economy (CFE).</div>
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The function of this committee is to examine key areas and make recommendations to chart the course of the nation's future economic growth. The CFE is a 30-member committee made up of five Cabinet ministers and 25 other members from the private sector, and was formed in December 2015 by Prime Minister Lee Hsien Loong. It is co-chaired by Finance Minister Heng Swee Keat with Minister of Trade and Industry S. Iswaran, while the other ministers are Education Minister (Higher Education and Skills) Ong Ye Kung, Minister for National Development Lawrence Wong and Minister in the Prime Minister's Office Chan Chun Sing. The other members include leaders from different industries in both global and domestic markets, as well as large and small enterprises.</div>
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In its latest report on Feb 9, 2017, the CFE outlined seven strategies for the next decade to help the nation's economy grow in this current challenging global environment. Heng said there have been numerous technological breakthroughs which had brought significant changes to the global economy and these had posed a great challenge to the committee when it began working. “What the CFE aims to do is to set out the direction and broad strategy rather than a detailed roadmap, It is much harder to say with any certainty which sectors will do well. And the nature of the economy interactions are vast, complex and fast changing," he said.</div>
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The CFE has over the past year, held more than 80 discussions and focus groups and engaged more than 9,000 stakeholders. These included trade associations, public agencies, unions, companies, executives, workers, academicians, educators and students.</div>
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The seven strategies:</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/committee-on-future-economy/" target="_blank">Committee on Future Economy</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-committee-on-future-economy-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/2017/02/photo-committee-on-future-economy-1200x628.jpg" width="320" /></a></div>
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Committee on Future Economy

Committee on Future Economy SINGAPORE: This country has over the years enjoyed sustained economic growth and successfully weathered many ...

Singapore Set To Become Top Choice For Arbitration

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Singapore Set To Become Top Choice For Arbitration</h2>
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SINGAPORE: On January 10, this year, Parliament passed amendments to the Civil Law Act which paves the way for businesses involved in international commercial arbitration cases here to get third party funding (TPF).</div>
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TPF basically refers to proceedings funded by an entity unconnected to a dispute. This development opens a significant new market for funders worldwide and further asserts Singapore's eminence as an arbitral centre and paves the way for further reform.</div>
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Among others, the Act:</div>
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- abolishes the common law torts of champerty and maintenance (which restricted the use of third party funding)</div>
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- allows lawyers to recommend third-party funders to their clients provided the lawyers do not receive any direct financial benefit from such recommendations.</div>
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- Allows conditions to be imposed on third-party funders. Funders who do not comply with these conditions will not be able to enforce their rights under their third-party funding contracts.</div>
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According to reports, the passing of the amendments will likely encourage more investments into international arbitration proceedings in Singapore, which would make the nation a more attractive forum to conduct international arbitration.</div>
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The recent development is also in line with the position taken in other major seats of international commercial arbitration such as the United Kingdom, the United States and Hong Kong where third-party funding is already permitted or being considered.</div>
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Over the years, the number of disputes and value of claims resolved by arbitration in Singapore have increased and recent treaties, such as the Trans-Pacific Partnership Agreement (TPPA) indicate a further shift towards resolving more disputes in Singapore.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/singapore-set-to-become-top-choice-for-arbitration/" target="_blank">Singapore Set To Become Top Choice For Arbitration</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/02/photo-singapore-set-to-become-top-choice-for-arbitration-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/2017/02/photo-singapore-set-to-become-top-choice-for-arbitration-1200x628.jpg" width="320" /></a></div>
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Singapore Set To Become Top Choice For Arbitration

Singapore Set To Become Top Choice For Arbitration SINGAPORE: On January 10, this year, Parliament passed amendments to the Civil Law Act...

Improving Re-employment Opportunities for Older Workers

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Improving re-employment opportunities for older workers</h2>
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Retirement and Re-employment (Amendment) Bill 2016 and Revised Tripartite Guidelines on the Re-employment of Older Employees</div>
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The Retirement and Re-employment (Amendment) Bill 2016 was passed by Parliament on 9 January 2017.</div>
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In April 2016, MOM announced that following extensive tripartite consultations, the tripartite partners had agreed for the following to take effect from 1 July 2017:<br />- raise the re-employment age from 65 to 67;<br />- introduce an option to allow eligible employees to be re-employed by another employer to increase labour market flexibility; and<br />- remove option of employers cutting employees’ wages at age 60.</div>
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The Retirement and Re-employment (Amendment) Bill 2016 amends the Retirement and Re-employment Act (RRA) to effect the above changes from 1 July 2017.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/improving-re-employment-opportunities-for-older-workers/" target="_blank">Improving Re-employment Opportunities for Older Workers</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-re-employment-opportunities-for-older-workers-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/2017/01/photo-re-employment-opportunities-for-older-workers-1200x628.jpg" width="320" /></a></div>
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Improving Re-employment Opportunities for Older Workers

Improving re-employment opportunities for older workers Retirement and Re-employment (Amendment) Bill 2016 and Revised Tripartite Guideli...

ASC publishes the 2017 Volume of FRSs and INT FRSs and the SFRS for Small Entities

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ASC publishes the 2017 volume of FRSs and INT FRSs and the SFRS for Small Entities</h2>
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The Accounting Standards Council (ASC) publishes the 2017 volume of Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards FRSs (INT FRSs) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities)  that is applicable for annual periods beginning on or after 1 Jan 2017.</div>
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Please click <a href="http://www.asc.gov.sg/2017volume" target="_blank" title="Financial Reporting Standards">here</a> for all the FRSs and INT FRSs in the 2017 volume.</div>
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Please click <a href="http://www.asc.gov.sg/SFRSEffective01Jan2017" target="_blank" title="Singapore Financial Reporting Standard for Small Entities">here</a> for the SFRS for Small Entities.</div>
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Read More: <a href="https://www.3ecpa.com.sg/accounting/asc-publishes-the-2017-volume-of-frss-and-int-frss-and-the-sfrs-for-small-entities/" target="_blank">ASC publishes the 2017 Volume of FRSs and INT FRSs and the SFRS for Small Entities</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-asc-publishes-the-2017-volume-of-frss-and-int-frss-and-the-sfrs-%20for-small-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/2017/01/photo-asc-publishes-the-2017-volume-of-frss-and-int-frss-and-the-sfrs-%20for-small-entities-1200x628.jpg" width="320" /></a></div>
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ASC publishes the 2017 Volume of FRSs and INT FRSs and the SFRS for Small Entities

ASC publishes the 2017 volume of FRSs and INT FRSs and the SFRS for Small Entities The Accounting Standards Council (ASC) publishes the 2...

Indicative Margins for Related Party Loans

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Indicative margins for related party loans</h2>
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IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this table:</div>
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Related party loan not exceeding S$15 million obtained or provided during the period 1 January 2017 to <span class="aBn" data-mce-tabindex="0" data-term="goog_757669310">31 December 2017</span> - Indicative margin is + 250 bps (2.50%)</div>
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IRAS will update the indicative margin at the beginning of each calendar year.</div>
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The indicative margin is not mandatory. It gives taxpayers an alternative to performing detailed transfer pricing analysis in order to comply with the arm’s length principle for their related party loans.</div>
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If taxpayers choose to apply the indicative margin, they will apply the indicative margin on the appropriate base reference rate selected for the related party loan.</div>
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If taxpayers choose not to apply the indicative margin or if it is not applicable to them, they will have to apply an interest rate in line with the arm’s length principle and maintain contemporaneous <a href="https://www.3ecpa.com.sg/services/taxation/transfer-pricing/" title="Transfer Pricing">transfer pricing</a> documentation.</div>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/indicative-margins-for-related-party-loans/" target="_blank">Indicative Margins for Related Party Loans</a></div>
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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-indicative-margins-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/2017/01/photo-indicative-margins-1200x628.jpg" width="320" /></a></div>
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Indicative Margins for Related Party Loans

Indicative margins for related party loans IRAS has introduced an indicative margin which taxpayers can apply on each related party loan...

Singapore: Taking Up Secondary Directorship for Employment Pass Holders

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Singapore: Taking Up Secondary Directorship for Employment Pass Holders</h2>
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The Ministry of Manpower (MOM) has announced new rules in place for companies appointing <a href="https://www.3ecpa.com.sg/services/immigration/singapore-employment-pass/" title="Employment Pass (EP)">Employment Pass (EP)</a> holders as directors. Eligible companies can appoint EP holders from another related company to their Board of Directors, but with an Letter of Consent (LOC) from the MOM. In other words, the LOC must be obtained first before the EP holder takes up any secondary directorship.</div>
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Generally, MOM will grant an LOC in the event of approval</div>
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<li>If the company is “related by shareholding” to the employment pass holder’s employer and</li>
<li>If the pass holder’s appointment is related to his or her primary employment in Singapore.</li>
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The recently announced new requirements will apply prospectively,</div>
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<li>Those companies who had appointed EP holders from other companies as their directors must apply a consent letter for the pass holder.</li>
<li>LOC must be renewed in the case that the employee is to continue serving as a company director.</li>
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New rules at a glance:</div>
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<li>Who is eligible: Employers seeking to appoint EP holders to their board of directors.</li>
<li>How long does it takes: within 5 weeks</li>
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How to apply for LOC:</div>
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<li>Make sure that your company has an updated shareholding records with ACRA.</li>
<li>Complete and sign the <a data-mce-href="http://www.mom.gov.sg/~/media/mom/documents/services-forms/passes/request-for-ep-holder-to-be-on-board-of-directors.pdf?la=en" href="http://www.mom.gov.sg/~/media/mom/documents/services-forms/passes/request-for-ep-holder-to-be-on-board-of-directors.pdf?la=en" target="_blank" title="Request Form">request form</a>.</li>
<li>Submit a scanned copy of the signed form <a data-mce-href="http://www.mom.gov.sg/eservices/services/isubmit" href="http://www.mom.gov.sg/eservices/services/isubmit" target="_blank" title="iSubmit">using iSubmit</a></li>
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<span style="color: #333333; font-family: normal arial, helvetica, sans-serif;"><span style="font-size: 14px;">Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/singapore-taking-up-secondary-directorship-for-employment-pass-holders/" target="_blank">Singapore: Taking Up Secondary Directorship for Employment Pass Holders</a></span></span></div>
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Singapore: Taking Up Secondary Directorship for Employment Pass Holders

Singapore: Taking Up Secondary Directorship for Employment Pass Holders The Ministry of Manpower (MOM) has announced new rules in place f...

Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements

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Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements</h2>
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We would like to bring your attention on the following matters:</div>
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Unauthorised Charging of GST</h3>
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Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST to their customers. Offenders face a penalty of 3 times the tax wrongfully charged and a fine of up to $10,000.</div>
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It has come to IRAS attention that some businesses have been wrongly advised that they can charge GST before their application for GST is approved and IRAS would backdate their GST registration to the date when GST was first charged on their sales. This is a misconception. IRAS would only backdate the registration of businesses that are required under the law to be GST-registered (i.e. compulsory registrants) earlier. The backdating of GST registration does not ratify the wrongful act of charging GST before a business is registered for GST. The business would still have committed an offence for charging GST for the backdated period prior to IRAS’ backdating of its registration.</div>
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Price Display</h3>
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Read More: <a href="https://www.3ecpa.com.sg/taxation/goods-services-tax-gst-unauthorised-charging-gst-price-display-requirements/" target="_blank">Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements</a></div>
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Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements

Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements We would like to bring your attention on the f...

Personal Income Tax Filing Season for Year 2016 in Singapore

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Personal Income Tax Filing Season for Year 2016 in Singapore</h2>
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Time to file your Singapore personal tax return</h3>
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Singapore’s personal income tax year is from 1 January to 31 December and income is assessed on a preceding year basis. Annual personal tax returns for Year 2016 must be filed with IRAS by 15 April 2017.</div>
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In 3E Accounting, we provide one stop solution for your business, including the following:<br />– Register new tax payers<br />– Request for extension of deadline for your personal tax<br />– Prepare Form IR8A/IR21 for employees<br />– Advise on corporate and personal tax concerns<br />– AIS submission<br />– Corporate tax submission and advisory</div>
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IR8A Deadline Reminder</h3>
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The season for personal tax filing is approaching once again and as an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees including directors (who are employed in Singapore) by 1st Mar each year.</div>
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Auto-Inclusion Scheme for Employment Income (“AIS”)</h3>
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Employers who have 10 or more employees for the entire year ending 31 Dec 2016 or who have received the “Notice to File Employment Income of Employees Electronically” must submit their employees’ income information to IRAS electronically by 1st Mar 2017.</div>
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If you participate in the AIS for Employment Income, you do not need to issue Form IR8A to your employees. However you may wish to provide your employees with a separate statement of earnings for their records.</div>
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Read More: <a href="https://www.3ecpa.com.sg/regulatory-and-business/personal-income-tax-filing-season-for-year-2016-in-singapore/" target="_blank">Personal Income Tax Filing Season for Year 2016 in Singapore</a></div>
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Personal Income Tax Filing Season for Year 2016 in Singapore

Personal Income Tax Filing Season for Year 2016 in Singapore Time to file your Singapore personal tax return Singapore’s personal inc...