Requirements in relation to Registrable Controllers, Nominee Directors and Nominee Shareholders Unless exempted, all companies incorporated in Singapore and foreign companies registered in Singapore are required to comply with the Companies Act 1967 relating to Registrable Controllers, Nominee Directors and Nominee Shareholders. The legislative provisions have extra-territorial effects as they apply to all natural persons,
Author Archives: Wee Kong Eng
Goods and Services Tax changes wef 1 January 2023
Changes in Standard GST rate wef 1 January 2023 The standard Goods and Services Tax (“GST”) rate in Singapore will be increased on 1 January 2023 and 2024 from the existing 7% to 9% in the following manner: a. 1 January 2023 – Increase in standard GST rate from 7% to 8%, and b. 1
New Requirements under Corporate Registers (Miscellaneous Amendments) Act
New Requirements under Corporate Registers (Miscellaneous Amendments) Act The Accounting and Corporate Regulatory Authority (“ACRA”) has implemented new compliance requirements relating to nominee shareholders and registrable controllers of companies incorporated or registered in Singapore and LLPs. These new requirements took effect from 4 October 2022. New Register of Nominee Shareholders to be maintained by the
Transfer of Registration and Re-domiciliation of Foreign Companies to Singapore
Transfer of Registration and Re-domiciliation of Foreign Companies to Singapore A foreign corporate entity (“foreign company”) may apply to transfer its registration to (i.e. re-domiciliate) and be registered as a company limited by shares in Singapore. Upon such re-domiciliation and transfer of its registration to Singapore, the foreign company will be treated like a company
Stamp Duty on Transfers of Shares in Property-Holding Entities
General Stamp duty is tax on instruments (documents). Generally, stamp duty is payable on the instrument for conveyance, assignment or transfer on sale of any stock or shares or any equity interest of the stocks and shares at a rate of 0.2% of the amount of the consideration on such conveyance, assignment or transfer. Transfers
More stringent criteria for Section 13O and 13U schemes wef 18 April 2022
The family office schemes are administered by the Monetary Authority of Singapore (MAS) which has announced more stringent criteria for the family office incentive schemes. These new requirements for new applications under section 13O (previously section 13R) and section 13U (previously section 13X) will be effective from 18 April 2022 onwards. The updated criteria relate
Tax Changes Arising from Budget 2022
There were significant changes in various taxes arising from the 2022 Budget announced by the Minister for Finance on 18 February 2022. The key changes include increases in Goods and Services Tax (GST) rates, individual income tax rates for higher income brackets and property taxes on residential properties. These changes will affect a number of
GST: Missing Trader Fraud Arrangements wef 1 January 2021
What is a Missing Trader Fraud (MTF) Arrangement? As indicated by its name, the objective of such an arrangement is to defraud the tax authority (Inland Revenue Authority of Singapore, or “IRAS”) and cause loss of public (tax) revenue. In a typical Missing Trader Fraud (MTF) arrangement illustrated by IRAS, a trader (the Missing Trader)
Singapore’s Nationwide E-Invoicing Initiative
What is the nationwide e-invoicing initiative? The Singapore nationwide e-invoicing initiative was started by the Government to encourage businesses to send and receive invoices electronically. Under this arrangement, invoice data is exchanged between suppliers and customers in a standardised electronic format based on PEPPOL specifications. The invoice will be automatically entered into the accounting system
