Dear Reader,
Welcome to our E-Newsletter November 2014.
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: > IRAS clarifies on GST treatment on discount vouchers > Signs that you could be asked to participate in an unacceptable PIC arrangement > PIC for Vendors > PIC for Consultants
Company manufacturer and company manager fined for unlawful collection of GST
15 Oct 2014 – The court has ordered a company and its 61-year-old manage to pay a total penalty and court fine of $295,258.65 for the unlawful collection of more than $30,000 of GST from customers when the company was not a GST-registered company.
More information about Switchboard manufacturer and company manager fined for unlawful collection of GST.
PART 2 REGULATORY & BUSINESS
8 Oct: ACRA streamlines regulatory fee structure
The Accounting and Corporate Regulatory Authority (ACRA) announced today changes to its regulatory fee structure for businesses. Six new fees will be introduced with recent legislative changes. Its current regulatory fee structure will also be streamlined, with over a hundred ad hoc transactions previously charged under a pay-per-use model, to be made free of charge.
More information about ACRA streamlines regulatory fee structure.
More small companies may be exempt from having to audit their accounts
More small companies may soon be exempted from having to audit their accounts annually. This exemption is part of a Bill to amend the Companies Act which was read for the second time in Parliament on Tuesday (Oct 7).
The move will help reduce compliance costs for at least 25,000 small companies which currently do not qualify for audit exemption.
More information about More small companies may be exempt from having to audit their accounts.
PART 3 FINANCIAL REPORTING
23 October 2014
The ASC has issued Amendments to FRS 16 and FRS 38: Clarification of Acceptable Methods of Depreciation and Amortisation, effective for annual periods beginning on or after 1 January 2016.
The ASC has issued Amendments to FRS 16 and FRS 41: Agriculture: Bearer Plants, effective for annual periods beginning on or after 1 January 2016.
The ASC has issued Amendments to FRS 27: Equity Method in Separate Financial Statements, effective for annual periods beginning on or after 1 January 2016.
The ASC has issued Amendments to FRS 111: Accounting for Acquisitions of Interests in Joint Operations, effective for annual periods beginning on or after 1 January 2016.
More information about Accounting Standards Council.
