Blog Archives

#SGBUDGET2020 - What Singapore Companies Need to Know

25/3/2020

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.

NEW Tax Administration Law for Myanmar Companies

4/3/2020

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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