January 2017 | Accounting Firm In Singapore | Singapore Corporate Service Provider

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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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-taking-up-secondary-directorship-for-employment-pass-holders-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-taking-up-secondary-directorship-for-employment-pass-holders-1200x628.jpg" width="320" /></a></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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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/photo-unauthorised-charging-of-gst-and-price-display-requirements-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-unauthorised-charging-of-gst-and-price-display-requirements-1200x628.jpg" width="320" /></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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<a href="https://www.3ecpa.com.sg/wp-content/uploads/2017/01/image-personal-income-tax-filing-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/image-personal-income-tax-filing-1200x628.jpg" width="320" /></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...

Improving Re-employment Opportunities for Older Workers

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

Indicative Margins for Related Party Loans

Singapore: Taking Up Secondary Directorship for Employment Pass Holders

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

Personal Income Tax Filing Season for Year 2016 in Singapore

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