Dear Reader,
Welcome to our E-Newsletter December 2015
PART 1 TAXATION
The SIATP has issued the new Tax Alerts on its website, SIATP Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> Corporate Tax Filing Season 2015: 3 Filing Mistakes Companies Should Avoid
> GST: Guide for Property Owners and Property Holding Companies
PART 2 REGULATORY & BUSINESS
ACRA Advisory – Phase 2 of Companies (Amendment) Act 2014 to take effect 3 Jan 2016
Phase 2 of Companies (Amendment) Act 2014 to take effect on 3 Jan 2016 / ACRA’s revamped Business Registration & Filing Portal (BizFile) to launch on 3 Jan 2016
1) Following the implementation of Phase 1 of the legislative amendments in the Companies (Amendment) Act 2014 in July 2015, ACRA today announced that Phase 2 of the Companies (Amendment) Act 2014 will take effect on 3 Jan 2016. This is in tandem with the launch of ACRA’s newly revamped online business filing and information portal (BizFile) on 3 Jan 2016, 0800 hrs.
BizFile System Migration from 26 Dec 2015 to 2 Jan 2016 (BizFile will undergo system migration and will not be available from 26 Dec 2015 to 2 Jan 2016).
2) In preparation for the launch, ACRA’s current BizFile will undergo system migration and will not be available from 26 Dec 2015 to 2 Jan 2016. The public will be advised to complete all BizFile related transactions before 25 Dec 2015, 2330 hrs. This includes seeking the necessary endorsements from business partners and making payments, if required. Any incomplete transactions may require re-application when the revamped BizFile launches on 3 Jan 2016. A few select BizFile transactions that require a longer system processing time including purchase of business information from the ACRA iShop will not be available from 22 Dec 2015 to 2 Jan 2016. More details on the affected transactions can be found in ACRA website.
Implementation of Legislative Amendments to the Companies (Amendment) Act 2014 and new Business Names Registration Act
3) The commencement notification for Phase 2 legislative amendments to be implemented on 3 Jan 2016, as well as supporting subsidiary legislation, will be published on ACRA website in Dec 2015. The new Business Names Registration Act will also take effect on 3 Jan 2016.
Simplified Regulatory Fee Structure
4) The simplified regulatory fee structure that ACRA had previously announced in Oct 2014 will also take effect on 3 Jan 2016.
More information about ACRA Advisory – Phase 2 of Companies (Amendment) Act 2014 to take effect 3 Jan 2016; BizFile portal unavailable due to system migration (26 Dec 2015 to 2 Jan 2016)
PART 3 FINANCIAL REPORTING
Updates from ASC – ASC issues Amendments to SFRS for Small Entities and Amendments to ASC Statement on Applicability
ASC issues Amendments to Singapore Financial Reporting Standard for Small Entities and Amendments to ASC Statement on Applicability.
More information about Singapore Financial Reporting Standard for Small Entities
Updates from ASC – ASC issues Amendments to FRS 115
ASC issues Amendments to FRS 115: Effective Date of FRS 115.
More information about Financial Reporting Standards – Changes effective for annual periods beginning after 1 January 2015
