Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector The Government has considered and accepted the recommendations contained in the report of the Tripartite Cluster for Cleaners (TCC) dated December 2016 on the enhancements to the Progressive Wage Model (PWM) for the cleaning sector, which was released today. The PWM enhancements will…
Financial Reporting Practice Guidance No. 1 of 2016 – Areas of Review Focus for FY2016 Financial Statements ACRA issues Financial Reporting Practice Guidance No. 1 of 2016 on 8 December 2016. In 2016, weak market sentiments and continued slow-growth in the global environment have affected many Singapore companies. This Practice Guidance highlights seven financial reporting…
Wage Credit Scheme Payouts for 2017 Employers are reminded to make CPF contributions for employees by 16 Jan 2017 to receive Wage Credit Scheme payouts Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 16 January 2017 in order to receive the fourth tranche of Wage Credit…
Companies that have yet to update shareholder information with ACRA will not be able to file Annual Returns (effective 3 Jan 2017) ACRA had previously informed the Companies that following legislative changes in the Companies (Amendment) Act 2014, private companies are required to update shareholder information to facilitate ACRA’s maintenance of electronic Registers of Members…
New Requirement on Mandatory Retrenchment Notifications From 1 January 2017 A new requirement on mandatory retrenchment notifications will take effect from 1 January 2017. The tripartite partners have issued an advisory to guide employers on complying with this requirement. Under the Workforce Singapore Agency Act, employers will need to notify the Ministry of Manpower (MOM)…
Singapore-Laos Avoidance of Double Taxation Agreement Enter Into Force (DTA) The new Singapore-Laos People’s Democratic Republic Avoidance of Double Taxation Agreement (DTA) entered into force on 11 November 2016. The DTA provides clarity on tax matters and eliminates double taxation relating to cross-border transactions between the two countries. The full text of the DTA is…
Transfer Pricing Administration From Year of Assessment (YA) 2018, taxpayers must report certain details of related party transactions (RPT) if the value of RPT in the audited accounts for the financial year exceeds $15,000,000. The Form for Reporting Related Party Transactions should be submitted together with the submission of Form C. The RPT data will…
Conditions of Employment 2016 Greater adoption of work-life initiatives by employers More employers are providing ad-hoc flexible work arrangements and leave benefits to help employees cope with personal and family commitments. Firms that implement work-life initiatives tend to have lower employee turnover. These are the key findings from the “Conditions of Employment 2016” report released…
Changes in SSIC code for Business Activity for some Business Entities Due to changes in the Singapore Standard Industrial Classification (SSIC) issued by the Department of Statistics, the SSIC code for the business activity of some business entities will change. SSIC 2015 incorporates recent changes in economic activities to better reflect the current structure of…
Managing Director Charged For Collecting Over $105,000 In Kickbacks by MOM On 11 October 2016, the Ministry of Manpower (MOM) charged Ng Boon Cheng (Ng), the Managing Director of Lian Lee Wooden Case Maker Co Pte Ltd, with 20 counts of collecting kickbacks amounting to $105,235 from 20 of his foreign workers, as a condition…
