Official Notices
47 notices published
IRAS AIS: 123K Employers Must Submit Employee Income by 1 Mar 2026
IRAS requires 123,000 AIS employers, including over 11,000 new ones, to submit 2025 employee income data by 1 March 2026 to enable pre-filled tax returns for 2 million workers. Enhanced digital tools simplify compliance, but non-filers face fines up to $5,000 and directors up to $10,000 or jail. Businesses must act now to avoid penalties and errors like omitting benefits-in-kind.
IRAS Charges MLM Agent for $323K Tax Evasion: Compliance Alert for Sales Distributors
IRAS has prosecuted a sales distributor for falsifying tax returns, evading $323,631 in income tax for YA 2016-2019. This stems from intensified audits on MLM and commission agents, recovering $1.66M in taxes. Businesses must prioritize accurate commission reporting and verifiable expenses to mitigate prosecution risks.
Singapore-Taipei 2026 Tax Agreement Enters Force: Lower Withholding Taxes
The new 2026 Tax Agreement between Singapore's Trade Office in Taipei and Taipei's Representative Office in Singapore replaces the 1982 pact, slashing withholding tax rates on cross-border income to boost trade and investment. Businesses engaging in bilateral activities will benefit from reduced tax leakage and simplified compliance. This development signals stronger economic ties amid evolving global tax landscapes.
Singapore's IMF Grant for Sudan Debt Relief: Business Implications
Singapore approves grant to IMF's PRG-HIPC Trust for Sudan's debt relief, signaling commitment to global financial stability. This parliamentary motion highlights MAS's role in international aid. Businesses with African exposure should assess emerging market opportunities amid geopolitical shifts.
MAS Urges Alternative Verification for Medically Vulnerable Bank Customers
MAS has responded to a parliamentary query by affirming banks' obligations to provide alternative identity verification methods for medically vulnerable customers unable to use standard digital processes. This clarification emphasizes customer-centric compliance amid rising digital KYC adoption. Businesses in finance must review verification protocols to avoid exclusion risks and enhance inclusivity.
MAS Rules on Insurance Sales via E-commerce Platforms Clarified
MAS affirms that insurance distribution through e-commerce requires licensed intermediaries, emphasizing consumer protection and compliance. E-commerce platforms must partner only with licensed entities and ensure proper disclosures. Businesses should review partnerships to avoid regulatory risks.
MAS Clarifies Credit Card Fraud Liability & Dispute Rules
MAS's parliamentary reply outlines the existing framework for credit card fraud liability, emphasizing prompt customer notification to limit personal losses. Banks must resolve disputes within 30 days under the Code of Banking Practice. Businesses should review payment processes to mitigate fraud risks and enhance customer trust.
MAS Expands Equity Market Development Programme: Strategic Insights
MAS has announced the expansion of its Equity Market Development Programme (EMDP) to enhance Singapore's equity market liquidity and listings. The initiative introduces higher grant support and new eligible activities for businesses. This presents timely opportunities for companies considering IPOs or market-making roles amid evolving capital market dynamics.
MAS Reply: No Industrial Policy Needed for Singapore Finance Sector
MAS clarifies Singapore will not adopt a traditional industrial policy in finance, emphasizing competitiveness, innovation, and global integration instead. This stance reassures businesses of a stable, open regulatory environment. Strategic focus on talent, technology, and sustainability offers growth opportunities across firm sizes.
MAS Workgroup to Boost Singapore Growth Capital Ecosystem
MAS has convened a multi-stakeholder workgroup to strengthen Singapore's growth capital ecosystem, targeting funding gaps for scaling companies. This initiative aims to attract more investors and enhance market infrastructure. Businesses stand to benefit from improved access to expansion capital amid evolving funding landscapes.