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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