Press Releases

If you want to imports goods from overseas to retail in Singapore, you are required to apply for both import permits and licenses for "controlled goods". To begin, you will need to make sure your business is already registered with the Accounting and Corporate Regulatory Authority of Singapore (ACRA). Your ... More

Singapore made its way to the "White List" ( a list of jurisdictions deemed to have substantially implemented OECD standard for transparency and exchange of information) maintained by the Organisation for Economic Co-operation and Development (OECD) after signing a 12th bilateral information sharing agreement with the French Government. The ... More

Given the current bleak economic conditions and to help ease the credit tightness by enabling Singapore resident companies to repatriate funds from their overseas investments and operations to meet business financing needs in Singapore without attracting further income tax, the Minister for Finance has proposed a one-year tax exemption on ... More

Bloomberg’s Global quarterly survey was polled by over 1,400 Bloomberg subscribers in six continents. New York topped the survey as the hottest place for financial services and it has sustained its supremacy in spite of being severely battered by the credit crisis. Singapore overtook London as the investors’ preferred place for ... More

Steel Forming and Rolling Specialists Pte Ltd ("SFRS") was convicted of tax evasion by making false entries in its income tax returns for the Years of Assessment 2005 and 2006. The total amount of profits under-reported was $1,356,000. The company’s managing director, Mr Gan Oh Boon was also ... More

Singapore Has the Third Lowest Corporate Tax In APAC The global economic slow down has prompted governments across the world to reassess their tax policies. Invariably the tax authorities have expanded the tax base by introduction of indirect taxes or by increasing the rates. At the least this year’s budget did ... More

Indian Banks take honours in Asia Pacific rankings Mumbai: In a world without Lehman, big may no longer be the best as far as banks go. With bigger banks slowing down their loan and deposit growth, mid-size banks are now clawing to the top. HDFC Bank has been spotted as the ... More

The organization for Economic Co-operation and development’s (OECD) has “ grey listed” certain jurisdictions that were once deemed as tax havens. They include Monaco and Liechtenstein. Bankers have orchestrated that with regulations for offshore financial centers increasing it appears that the number of players in the offshore financial ... More

The Government of the Republic of Singapore and the Government of New Zealand signed an Agreement for the avoidance of double taxation (“DTA”) today that incorporates the new internationally agreed Standard for the exchange of information. This is the second agreement Singapore has signed that incorporates the Standard. The signing took ... More

Singapore’s agreement with the Russian Federation for the avoidance of double taxation comes into force on 16 January 2009 following the completion of ratification formalities. The provisions of the Agreement shall apply to income derived on or after 1 January 2010. The Agreement, ... More