Dear Reader, Welcome to our E-Newsletter September 2016 Its another month again and we are eager to update you with the latest developments in our firm. We are glad to present you our newsletter for the month. August has been another eventful month for us yet again. We are striving steadily forward in our expansion…
New Conditions for Factory-Converted Dormitories From 1 January 2017 by MOM All operators of Factory-Converted Dormitories (FCDs) must meet four new conditions imposed by the Ministry of Manpower (MOM) when seeking approvals or renewals to use their industrial premises to house foreign workers, from 1 January 2017. This follows MOM’s call earlier this month to…
Ministry of Manpower (MOM) Dismantles Syndicate Involved in the Illegal Importation of Labour The Ministry of Manpower (MOM) mounted an island-wide enforcement operation from 26 to 27 July 2016 against a syndicate involved in bringing in foreign workers for illegal employment. The operation lasting more than 48 hours took place at several locations including offices,…
New Regulatory Measures to Further Raise the Audit Quality Bar by ACRA New regulatory measures will be introduced to ensure auditors in Singapore continue to uphold high audit quality standards. The new regulatory measures were developed following a review by ACRA of audit inspection insights gleaned from a decade of audit inspections conducted under its…
Singapore and Ethiopia Sign Agreement for Avoidance of Double Taxation (DTA) Singapore signed an Agreement for the Avoidance of Double Taxation (DTA) with Ethiopia on 24 August 2016. The signing took place in Singapore between Minister for Trade and Industry (Industry) Mr S. Iswaran and Ethiopia’s Minister of Foreign Affairs, Tedros Adhanom. The DTA clarifies…
Dear Reader, Welcome to our E-Newsletter August 2016 In this issue of our newsletter, we are glad that we are in time to share with you our yet another big milestone. We would like to humbly announce to you that we have recently completed our networking partnership agreements with a handful of new reputable global…
Update to Employment Pass Salary Criteria From 1 January 2017, the qualifying salary for Employment Pass (EP) applications will be raised from $3,300 to $3,600. This change is part of the Ministry of Manpower’s (MOM) regular updating of the EP qualifying salary to keep pace with rising local wages, maintain the quality of our foreign…
Important Details of Information on Filing of XBRL Financial Statements with ACRA XBRL Filing Errors: Requirement to Ensure Accuracy and Completeness of XBRL Financial Statements Filed with ACRA Companies filing XBRL financial statements with ACRA are reminded to ensure that the information filed is accurate and complete. This requirement, as detailed in Practice Direction 1…
ASC issued FRS 116 Leases and invites comments on ED/2016/1 ASC has issued FRS 116 Leases. ASC invites comments on Exposure Draft ED/2016/1 Definition of a Business and Accounting for Previously Held Interests (Proposed amendments to IFRS 3 and IFRS 11) – Comments by 26 Aug 2016. Please visit Financial Reporting Standards for the FRS…
Determining the dates that expenditure is incurred for PIC cash payout purposes PIC Cash Payout is disbursed only when the qualifying expenditure has been incurred by the business. An expense is incurred when the legal liability to pay has arisen, regardless of the date of actual payment. You may wish to note that if your…
Updates on the New Administrative Concession on Administering the “Subject to Tax” Condition for Foreign-sourced Dividends You can provide the following documents to substantiate that the underlying tax has been paid on the income out of which the foreign-sourced dividend is paid: a) Audited accounts of the foreign payer company Currently, to demonstrate that their…
3E Accounting Pte Ltd Announces its Partnership with the SME Portal 3E Accounting Pte Ltd, Singapore’s premier corporate services provider joins hands with the SME Portal, the country’s leading and most visited portal by Singapore’s small business owners and aspiring entrepreneurs alike. It’s official! The premier corporate services provider in Singapore – 3E Accounting Pte…
