Dear Reader,
Welcome to our E-Newsletter May 2015.
PART 1 TAXATION
The Singapore Institute of Accredited Tax Professionals (SIATP) has issued the new Tax Alerts on its website Tax News since the previous issue of the 3E E-Newsletter.
The few key alerts are highlighted as below:
> Updates on Foreign Account Tax Compliance Act (FATCA)
e-Filing service is now available for both Form C-S and Form C!
We will be happy to note that e-filing will be available for both Form C-S and Form C from early Jun 2015. Jump on the e-highway and enjoy these benefits of e-Filing Form C-S/ Form C:
– iHelp facility to guide you as you e-File
– In-built formulae to compute and auto-fill relevant fields
– ‘Save draft’ feature – giving you more time and flexibility
– Instant estimation of tax payable
– Instant acknowledgement upon successful filing of tax return
– Additional 15 days’ extension till 15 Dec to file your tax return
More details on e-Filing service for Form C-S and Form C
PART 2 REGULATORY & BUSINESS
Getting More Value out of XBRL Filing
With immediate effect, ACRA is granting access to all SingPass holders to tap a free data analysis service on the BizFinx portal. The access allows users to generate a Free Data Analysis (FDA) report that was previously available only to company directors and secretaries of companies that file XBRL financial statements with ACRA.
More information about Getting More Value out of XBRL Filing
Enhanced Regulatory Framework for Corporate Service Providers to Take Effect From 15 May 2015
Effective 15 May 2015, the regulatory framework for corporate service providers (CSPs) will be enhanced under the ACRA (Amendment) Act and the ACRA (Filing Agents and Qualified Individuals) Regulations. Persons wishing to carry out filing transactions using ACRA’s electronic transaction system for their clients will need to register as Filing Agents and Qualified Individuals and abide by terms and conditions prescribed by in the new regulations. Current professional number holders who do not apply for registration as Filing Agents and for their prescribed persons to be registered as Qualified Individuals by 8 May 2015, will not be able to file transactions with ACRA from 15 May 2015 onwards.
More information about Enhanced Regulatory Framework for Corporate Service Providers
Phased Implementation of Companies (Amendment) Act 2014
ACRA today announced that a two-phase implementation approach for the legislative amendments to the Companies (Amendment) Act. About 40% of the over 200 legislative amendments will take effect in the first phase on 1 Jul 2015. The second phase encompassing the rest of the legislative amendments is expected to come into effect in the first quarter of 2016. Find out more details on the key legislative amendments to be implemented in each phase
The commencement notification for Phase 1 of the legislative amendments to be implemented on 1 July 2015 will be published by end May 2015, with supporting subsidiary legislation to be issued in June 2015.
For the effective date of implementation of Phase 2, ACRA will provide about two months’ advance notice.
More information about Phased Implementation of Companies (Amendment) Act 2014
PART 3 FINANCIAL REPORTING
IFRS Foundation Publishes Updated Guide to IFRS Use Around the World
The IFRS Foundation, responsible for the governance and oversight of the International Accounting Standards Board (IASB), has published the 2015 edition of IFRS as Global Standards: a Pocket Guide. Written by former IASB member Paul Pacter, the guide provides a summary of the use of International Financial Reporting Standards (IFRS) in 138 countries around the world, representing over 97 per cent of the world’s Gross Domestic Product (GDP).
