Over 95,000 Employers to receive close to $2 billion in Wage Credit Scheme Payouts by 31 Mar 2016
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Over 95,000 employers in Singapore will receive about $1.9 billion in Wage Credit Scheme (WCS) payouts by 31 March 2016. SMEs will receive around 70% of the sum disbursed. Compared to 2015, some 10,000 more employers will be benefiting from WCS this year.
Second Protocol to Singapore-UAE Agreement for the Avoidance of Double Taxation Enter Into Force
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The Second Protocol amending Singapore’s standing Avoidance of Double Taxation Agreement (DTA) with United Arab Emirates (UAE) entered into force on 16 March 2016.
The revised terms in the Second Protocol include longer threshold periods to ascertain the presence of a permanent establishment and lower withholding tax rates for dividends and interest income. These changes are expected to enhance trade and investment flows between the two countries.
Click HERE for the full text of the Second Protocol.
Source: MOF
People’s Bank of China and Monetary Authority of Singapore Renew Bilateral Currency Swap Arrangement
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The People’s Bank of China (PBC) and the Monetary Authority of Singapore (MAS) today announced the renewal of the existing bilateral currency swap arrangement (BCSA) for a further term of three years. The original arrangement was established in 2010 and first renewed in 2013. The new arrangement is effective as of 7 March 2016.
The BCSA is a key pillar of co-operation between PBC and MAS to strengthen regional economic resilience and financial stability. It aims to enhance banks’ confidence in carrying out their business in the two markets, and enables both central banks to provide foreign currency liquidity to stabilise financial markets. Under the arrangement, up to CNY300 billion in Chinese Yuan liquidity will be available to eligible financial institutions operating in Singapore. The renewed BCSA will also supplement the various initiatives announced at the 12th Joint Council for Bilateral Cooperation in October 2015 and the State Visit to Singapore by the President of the People’s Republic of China, Mr Xi Jinping, in November 2015.
Source: MAS
ACRA Public Announcement: Offer from Data Register Pte Ltd to unsubscribe accounts is expiring on Friday, 11 March 2016
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Members of the public who have subscribed to Data Register Pte Ltd’s services after receiving its letters sent in October and November 2013 are reminded that the offer which commenced on 29 February 2016, will expire this Friday, 11 March 2016. ACRA strongly urges these subscribers to respond to Data Register Pte Ltd’s offer if they now wish to terminate their account. Data Register Pte Ltd has stated that it will be the final such offer made by them.
Click HERE for more info!
Source: ACRA
Tax Season 2016 – File your taxes early in March
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The Inland Revenue Authority of Singapore (IRAS) has introduced several enhancements for Individual Income Tax Season 2016 which runs from 1 Mar to 18 Apr 2016.
Filing taxes on-the-go optimised for smartphones New
Interactive personal relief tool for immediate eligibility checks New
Pre-filled rental expenses for tenanted residential properties New
