The Myanmar government has issued the 2020 Union Tax Law (“2020 UTL”) on 2 September 2020, which provides the latest tax rates for income tax, commercial tax, specific goods tax and gem stone tax. The 2020 UTL will be effective on 1 October 2020, at the start of the new financial year (1 October 2020 to 30 September 2021).
To uphold Singapore’s reputation as a trusted financial hub that is align with international standards, the Companies Act (CA) has been amended to require all companies incorporated in Singapore (unless exempted) to maintain a Register of Registrable Controllers (RORC). Enforced by Accounting and Corporate Regulatory Authority (ACRA), the RORC is made mandatory for all companies from 31 March 2017.
The aim of this is to make both the ownership and control of corporate entities more transparent, and restrict the misuse of corporate entities for unlawful purposes such as money laundering. More information about the definitions of controllers and what information is collected in the RORC can be found in our blog post: What Your need to know about the Register of Registrable Controllers and Register of Nominee Directors.
Myanmar’s economy and businesses, like many around the world have been impacted by the COVID-19 pandemic. In view of the impacts, the Myanmar government has introduced various measures intended to provide relief to the affected businesses. Businesses in Myanmar should consider the various financing options and tax reliefs that may be applicable to them, while at the same time to consider the accompanying conditions attached to these respective measures.
This blog post will highlight the measures introduced by the Myanmar government. This information is accurate as of 16 Jun 2020. However, because of the evolving pandemic situation, this information may not reflect the most updated developments. We encourage you to contact the relevant authorities from time to time for the latest updates.
The Singapore government has introduced various financing support, tax and other temporary relief measures in light of the COVID-19 pandemic, with the aim to help Singapore businesses survive through this difficult time.
Some of these measures announced during the Unity Budget by the Finance Minister have already been shared in our previous blog post: #SGBUDGET2020 – What Singapore Companies Need to Know.
Since then, additional measures were announced in the supplementary Resilience and Solidarity Budgets. You may refer to a summary of the Key COVID-19 Measures for Individuals and Households / Key COVID-19 Measures for Businesses and Self-Employed (updated as of 6 May 2020) from the Singapore Budget website here.
This blog post will highlight the measures relating to filing deadlines and tax reliefs in response to COVID-19. This information is accurate as of 19 May 2020. However, due to the fluidity of the situation, this info may not always reflect the most updated developments. We encourage you to visit the websites of relevant authorities from time to time for the latest updates.
In 2019, Singapore’s economy grew by a modest 0.7% - the weakest growth since the 2008 Financial Crisis. The Ministry of Trade and Industry (MTI) has downgraded Singapore’s growth forecast to -0.5 – 1.5% from 0.5 – 2.5% and this indicates a possible recession.
With the COVID-19 outbreak, the Ministry of Finance (MOF)’s budget 2020 has set aside a substantial amount of focus and resources into helping businesses and industries towards cushioning the impact from such uncertainties.
In this post, we will look at the initiatives announced in this year’s budget that aims to help sectors who have been financially hit as well as measures to help them tide through this tough season.
Tax administration is an important part of every country’s tax reform system. The recent reforms of the Internal Revenue Department (IRD) in Myanmar and the enactment of the Tax Administration Law (TAL) are major steps towards modernizing the tax system in the country. The Pyidaungsu Hluttaw enacted TAL on 7 June 2019 and has already been effective since 1 October 2019. TAL aims to provide guidance and simplification of the administrative procedures in relation to the following taxes for all tax payers in Myanmar:
(I) Income Tax;
(II) Commercial Tax;
(III) Specific Goods Tax;
(IV) Other tax law that is assigned to the Director-General (DG) of the IRD
Whenever you do business, achieving anti-money laundering (AML) compliance means dealing with financial regulators and understanding legislation that are imposed at the local level, while at the same time maintaining globally recognized standards.
Singapore takes a serious view on money laundering, and terrorism financing, where policies enforced by the Ministry of Finance (MOF) include detecting, and deterring money laundering and terrorism financing as well as protecting the integrity of the system from illegal activities.
If you are a business owner, it is important to be aware of the AML regulations for compliance purposes.
last updated on 19/11/2019
The Corporate Tax Filing Season is here. This post will provide you with the information on corporate income tax filing to help you better understand your tax filing obligations.
Does my company need to file a tax return this year?
What you need to know about the Register of Registrable Controllers and Register of Nominee Directors?
From 31 March 2017, Accounting and Corporate Regulatory Authority of Singapore (ACRA) amended the Companies Act to improve transparency of company ownership and reduce the opportunity for Singapore companies to be used for illegal purposes. This will align Singapore with international standards, and boost Singapore’s ongoing efforts to maintain a strong reputation as a trusted and clean financial hub. In view of this, all registered companies in Singapore are required to maintain a register of registrable controllers unless otherwise exempted.
The Myanmar Internal Revenue Department (IRD) has confirmed that all tax payers including state-owned enterprises, co-operatives and private enterprises shall adopt the financial year 1 October – 30 September effective from 1 October 2019. This confirmation is in line with the provisions as set in the Union Taxation Law (UTL) 2018 and UTL 2018/2019. Previously the change of financial year only applied to state-owned enterprises and financial institutions governed by the Central Bank of Myanmar (CBM).
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