SingPass Two-Factor Authentication (2FA)
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From 5 July 2016, two-factor authentication (2FA) will be compulsory for all sensitive e-transactions with the Central Provident Fund Board, Inland Revenue Authority of Singapore, Ministry of Manpower, Accounting and Corporate Regulatory Authority, Housing & Development Board, and etc.
The process uses a randomly generated one-time password (OTP) delivered via SMS or a token that looks like a mini-calculator. The OTP must be entered together with the usual SingPass requirements of a password and NRIC number for accessing e-government services.
New MBMF Rates from 1 June 2016
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The new Mosque Building and Mendaki Fund (MBMF) rates will apply for wages earned in the month of June 2016 onwards.
Who is required to pay for MBMF?
The MBMF is applicable to all working Muslims in Singapore - regardless of race and nationality, which includes permanent residents and foreign workers either on an Employment Pass or a Work Permit.
For a working Muslim who is contributing to either the Chinese Development Assistance Council (CDAC) or the Singapore Indian Development Association (SINDA) in addition to the MBMF, he/she has the option to continue contributing or opt-out from either fund. He/she will then have to submit an opt-out form to the relevant agencies.
ACRA issues Enforcement Policy Statement
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ACRA has issued an Enforcement Policy Statement which represents a summary of ACRA’s present approach to investigation, compliance and enforcement matters.
This Policy Statement is relevant to business owners, company officers and corporate service providers, as well as to members of the public who wish to lodge complaints with ACRA, or, who are being investigated and face prosecution by ACRA. Stakeholders are urged to peruse this Policy Statement to better understand ACRA’s enforcement approach.
Please click HERE to view the Enforcement Policy Statement.
Source: ACRA
Singapore and Cambodia Sign Agreement for Avoidance of Double Taxation
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Singapore and Cambodia signed an Agreement for the Avoidance of Double Taxation (DTA) on 20 May 2016. The signing took place in Singapore between Ms Indranee Rajah, Senior Minister of State for Law and Finance, and Dr. Aun Pornmoniroth, Cambodia’s Senior Minister of Economy and Finance.
The DTA clarifies the taxing rights of both countries on all forms of income flows arising from cross-border business activities, and minimises the double taxation of such income. This will lower barriers to cross-border investment and boost trade and economic flows between the two countries.
The full text of the DTA is available HERE. The DTA will enter into force after its ratification by both countries.
Source: MOF
Singapore's 2016 Budget Statement
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Minister for Finance, Mr Heng Swee Keat, will deliver Singapore’s FY2016 Budget Statement in Parliament on Thursday, 24 March 2016. Prime Minister Lee Hsien Loong had indicated in September 2015, in conjunction with the announcement of the new Cabinet, that Budget 2016 would be held later than usual.
(Click HERE to watch the video of The Budget Process in Parliament 2016)
Please stay tuned. We will bring you more information on this SGBudget2016.
Source: MOF #SGBudget2016
