Report on Wage Practices 2016 Release by MOM The proportion of profitable firms declined from 79% in 2015 to 76% in 2016. As the majority of firms had put in place a wage system that gave flexibility to adjust wages according to business conditions, wage increase continued to moderate. The proportion of employees who received…
Deadline for Share Warrant Holders SINGAPORE: The Ministry of Finance recently issued a statement reminding all bearers of share warrants to surrender the warrants for cancellation and have their names entered in the register of members of the issuing companies before 1 July 2017. The ministry cautioned that outstanding warrants that are not surrendered by…
Top Spot as the Maritime Capital of the World Singapore does it again Singapore has successfully retained the top spot as the maritime capital of the world for the third year running. According to the third edition of Menon’s Leading Maritime Capitals of the World Report, Singapore was ranked tops in the following three…
Income Received in Singapore from Abroad Under Section 10(25) of the Income Tax Act, income from outside Singapore is considered received in Singapore when it is: a. remitted to, transmitted or brought into Singapore; b. used to pay off any debt incurred in respect of a trade or business carried on in Singapore; or c.…
Companies Act Amended to Enhance Transparency in Singapore as a Global Hub for Businesses The Companies Act was amended in Singapore with the aim to ensure that corporate regulatory regimes continue to remain robust. The changes were also done with the aim to support Singapore’s growth as a global hub for businesses and investors. To…
UPDATES – Revenue threshold increased to S$5 million for ECI waiver and Form C-S ECI The revenue threshold for ECI waiver will be increased from S$1 million to S$5 million. This updated criteria for ECI waiver will apply to companies with financial year ending in or after July 2017. Company’s Financial Year ends Criteria…
Over 85,000 Employers to Receive $660 Million in Wage Credit Scheme Payouts Over 85,000 employers in Singapore will receive about $660 million in Wage Credit Scheme (WCS) payouts by 31 March 2017. SMEs will receive around 70% of the sum disbursed. Through the WCS payouts in March 2017, the Government co-funds 20% of the qualifying…
Best Place for Start-up Talents SINGAPORE: The Republic scored another feather in it’s cap when it recently surpassed the famed Sillicon Valley to become the best place in the world for start-ups to hire talent. Based on a global survey of 10,000 start-up founders spanning across more than a hundred cities, Singapore ranked number one…
SSD Changes With Effect From 11 March 2017 Singapore Government has reduced the stamp duties that sellers have to pay on residential properties and slightly relaxed rules on loan thresholds, more than 3 years after the last round of property cooling measures and borrowing curbs that helped send private housing prices falling for 13 straight…
More Help For Singaporean Workers Workforce Singapore (WSG) is a statutory body set up under the Ministry of Manpower (MOM) to oversee the transformation of the local workforce and industry to meet ongoing economic challenges. Its aim is to help promote the development, competitiveness, inclusiveness and employability of all levels of the workforce to ensure…
