Singapore and Australia to Share Data to Reduce Tax Evasion
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- Category: Singapore News
The Inland Revenue Authority of Singapore (“IRAS”) and the Australian Taxation Office (“ATO”) have entered into a Competent Authority Agreement (“Agreement”) on the automatic exchange of financial account information (“AEOI”) based on the Common Reporting Standard (“CRS”). The CRS is an internationally agreed standard for AEOI, endorsed by OECD and Global Forum for Transparency and Exchange of Information for Tax Purposes (“GF”). More than 100 jurisdictions have endorsed the CRS and will commence AEOI in either 2017 or 2018.
Singapore and Ethiopia Sign Agreement for Avoidance of Double Taxation
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- Category: Singapore News
Singapore signed an Agreement for the Avoidance of Double Taxation (DTA) with Ethiopia on 24 August 2016. The signing took place in Singapore between Minister for Trade and Industry (Industry) Mr S. Iswaran and Ethiopia’s Minister of Foreign Affairs, Tedros Adhanom.
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 DTA will enter into force after its ratification by both countries. The full text of the DTA is available HERE.
Source: MOF
SingPass Two-Factor Authentication (2FA)
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- Category: Singapore News
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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- Category: Singapore News
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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- Category: Singapore News
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
