Official Notices
17 notices published
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 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 Appoints Finance Expert Krishnamurthy as NUS Distinguished Professor
MAS has appointed renowned finance professor Arvind Krishnamurthy as its Distinguished Term Professor at NUS, signaling deeper ties between regulators and academia. This move emphasizes research in macro-finance and financial stability, potentially shaping future policies. Financial businesses gain opportunities for insights and collaborations amid evolving regulations.
MAS: Official Govt Communications via .gov.sg Websites
MAS emphasizes that Singapore government agencies communicate through .gov.sg websites, such as go.gov.sg/open. Businesses must use trusted websites to access authentic official notices. This advisory helps verify genuine regulatory information.
ACRA Promotes Accountancy as Rewarding Career with Growth Opportunities
ACRA highlights accountancy as a dynamic, rewarding career essential for business integrity and public interest. It emphasizes progression in emerging fields like sustainability reporting and IT audit. Students and professionals are encouraged to pursue qualifications such as the Singapore Chartered Accountant Qualification (SCAQ).
MAS Promotes Fit Notes & E-Hong Baos for Greener Lunar New Year
MAS urges using fit banknotes or digital e-hong baos for Lunar New Year hong baos to minimize environmental impact from new note printing. This initiative supports sustainable practices during festive celebrations. Businesses handling cash gifts can adopt these greener alternatives.