Other Briefings
Gulf Cooperation Council and Singapore Complete FTA
On January 1, 2015, the Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and Singapore entered into force. The FTA covers trade in goods and services, customs procedures, e-commerce, economic cooperation, government procurement, rules of origin and other matters.
Singapore Signs IGA on FATCA with the United States
On December 9, 2014, Singapore became the first country in Southeast Asia to sign an Intergovernmental Agreement (IGA) on tax information sharing with the United States. The signing follows an in substance agreement reached between Singapore and the US in May 2014. Most countries around the world have been entering into IGAs with the US government since the US introduced a complex reporting and withholding regime through the passage of the Foreign Accounts Tax Compliance Act (FATCA) in March 2010.
Singapore to Reduce Property Taxes for HDB Flats
The Singaporean government has announced a range of property tax and other cost reductions for those living in Housing and Development Board (HDB) flats. Starting January 1, 2015, HDB flat owners of three-, four-, and five-room units will see a three percent reduction in their annual rent. Additionally, owners of one-room and two-room HDB flats will continue to pay no property tax. This will be the second year that the Inland Revenue Authority of Singapore (IRAS) has imposed progressive property tax reductions in order to reflect the cooling down of the property market – a slowdown mainly due to government intervention.
Asia Heavyweights Show Interest in Singapore-Malaysia High Speed Rail Link
Japan, China, and South Korea have all shown interest over the last month in bidding for the proposed Malaysia-Singapore high-speed rail link. The project was originally announced in September 2010 and if completed will connect Singapore and Johor Bahru to Kuala Lumpur. Official agreement between the two countries was made in February 2013 to complete the project with the target date of 2020.
EU-Singapore Finalize Free Trade Agreement
The European Union (EU) and Singapore have finalized their negotiations on a free trade agreement (FTA). Singapore expects that exporters of electronics, pharmaceuticals, chemicals, and processed food products will especially benefit from the completion of the FTA.
Singapore-Turkey FTA Talks Progressing Despite Service Sector Concerns
Although some disagreements regarding services are yet to be hammered out, negotiations for Singapore-Turkey trade talks are “making good progress” said Singaporean PM Lee Hsien Loong.
Singapore Releases New e-Tax Guide for Business Trusts
The Inland Revenue Authority of Singapore (IRAS) has released a new e-tax guide which provides details on the income tax treatment of trusts registered under the Business Trusts Act, applicable to both trustee-managers and unit-holders.
Singapore to Streamline Regulatory Fees for Businesses
In a recent announcement, Singapore’s Accounting and Corporate Regulatory Authority (ACRA) stated that it intends to change its regulatory structure in order to streamline the process for businesses. Under the new system, fees from most ad hoc transactions will be removed.
Singapore: IRAS Consultation on Transfer Pricing Documentation
On September 1, 2014, the Inland Revenue Authority of Singapore (“IRAS”) released a consultation process whereby it has requested comments on proposed changes to the transfer pricing documentation requirements in Singapore.
Singapore Releases e-Tax Guide to Help Financial Institutions Comply with FATCA
Singapore’s Ministry of Finance, the Monetary Authority of Singapore, and the Inland Revenue Authority of Singapore (IRAS) have issued a draft e-Tax Guide that is intended to help financial institutions (FIs) in Singapore comply with the United States Foreign Account Tax Compliance Act (FATCA).
