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Amendments to Regulatory Regime for Corporate Service Providers in Singapore

News

Amendments to Regulatory Regime for Corporate Service Providers in Singapore

July 13, 2022

Singapore, May 31 2022 – The Companies Act, the ACRA Act, and a new Corporate Service Providers Bill (CSP Bill) are all being proposed for revision by the Accounting and Corporate Regulatory Authority (ACRA). From May 31 to July 19, 2022, interested parties are encouraged to comment on these legislative ideas. Background To maintain a […]

40,000 businesses are aided through the Small Business Recovery Grant

June 29, 2022

The Small Businesses Recovery Grant (SBRG) program is a scheme set up to help businesses recover from the impact of the COVID-19 Safe Management Measures. The scheme was set up to provide one-off cash support to small businesses in sectors most affected by COVID-19. This blog will determine if a business is eligible for the […]

Timelines for updating changes in Registers

June 15, 2022

ACRA has made an announcement. Starting on May 30, 2022, companies must input information received from nominee directors (including any revisions) onto their Register of Nominee Directors (ROND) within 7 days of receiving it. Following any changes, foreign corporations must update their Register of Members within 30 days. Following the passage of the Corporate Registers […]

Upgrades to BizFile+ homepage and eForms

June 01, 2022

BizFile+ homepage and certain ACRA eServices have been improved as of May 13, 2022, to better meet the needs of their clients. New Look For BizFile+ Homepage BizFile+ is the most comprehensive business filing software in Singapore. Since its inception in 2003, BizFile+ has been the go-to eService for business registration and filing in Singapore. […]

IRAS Tighten The Robust Anti-Gaming System For Ease In Doing Business

May 13, 2022

IRAS referred to Mr Ang Ah Lay’s letter titled “IRAS should account for system’s failure to identify cheating,” published in ST Forum on January 18, 2022. Any scheme that helps a broad range of firms must strike a careful balance between making it easier for legitimate enterprises to acquire subsidies swiftly and efficiently and doing […]

Singapore Job Support Scheme: Over $28.1 billion disbursed since Febuary 2020

April 20, 2022

1. From 31 March 2022, over 19,500 companies will receive final JSS payouts totalling more than $145 million under the Jobs Sustain Scheme (JSS) to support the wages of over 289,500 local employees. These employers work in industries such as food services, which were impacted by safe management measures implemented in the second half of […]

Singapore Companies to Strengthen Corporate Governance with Two New Tax Frameworks

April 20, 2022

To assist businesses in strengthening tax compliance, the Inland Revenue Authority of Singapore (IRAS) introduced two new tax frameworks: The Tax Governance Framework (TGF) and the Tax Risk Management and Control Framework for Corporate Income Tax (CTRM). The TGF and CTRM intend to supplement the existing Goods and Services Tax Assisted Compliance Assurance Programme (GST […]

Why should you join International Compliance Assurance Programme (ICAP)?

March 18, 2022

The International Co-operation and Development Agreement (ICAP) was developed by the Organization for Economic Cooperation and Development (OECD) to be an efficient, effective, and coordinated approach to providing MNE groups with increased tax certainty concerning certain of their activities and transactions. As part of our commitment to provide tax certainty to MNE firms, IRAS will […]

No-Filing-of-Tax-Returns-for-7-in-10-Taxpayers

IRAS simplify the tax filing experience from Tax Season 2022

March 03, 2022

This year, 7 out of 10 taxpayers (or more than 1.6 million of 2.3 million taxpayers) are qualified for the No-Filing Service (NFS). The Inland Revenue Authority of Singapore (IRAS) will also roll out initiatives to simplify the tax filing experience. More people will get direct tax bills rather than filing notices, skipping the tax […]