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#SGBUDGET2020 - What Singapore Companies Need to Know

25/3/2020

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​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.

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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

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Anti-Money Laundering Regulations and What It Means For Your Business

11/12/2019

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​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.

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Corporate Tax Filing - What do you need to know?

15/11/2019

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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?

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What you need to know about the Register of Registrable Controllers and Register of Nominee Directors?

31/7/2019

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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.

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NEW Financial Year End for Myanmar Companies

10/7/2019

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​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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Overview of Programmes and Initiatives Announced in Singapore Budget 2019

27/3/2019

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Singapore’s Finance Minister; Mr Heng Swee Kiat delivered the country’s Budget Statement on 18 February 2019. Calling it ‘expansionary’, Budget 2019 focuses on broader economic changes and enhances enterprise transformation. This year, the government will be rolling out several initiatives for businesses in Singapore. This blog post will give you an overview of the key features of these initiatives, and what it means for you and your business.
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The Rising Middle Class in Myanmar

31/10/2018

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As Myanmar is expected to experience rapid growth, the country’s overall infrastructure will need to be upgraded to cater to the growing needs of its urban population. This is where numerous foreign investments come in to develop and improve the country’s infrastructure. As a result, a larger middle class will also emerge as these investments usually lead to increasing jobs and incomes. Over time, these middle class citizens with increased income will demand more sophisticated products and services. 

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Businesses to Government Transactions using CorpPass only

24/10/2018

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Singapore Government Access (also known as CorpPass), is a digital service created and monitored by the Government Technology Agency (GovTech) of Singapore. It is now the only login method for businesses to transact with the government. This is effective from 1 September 2018. This means that previous login methods  such as Singapore Personal Access (SingPass) and e-Services  Authorization System (EASY) will no longer be available.

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A Look into Myanmar's Services Sector: Oil & Gas

11/7/2018

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As Myanmar’s economy continues to grow, foreign investors will always have ample opportunity to establish their business presence. In this blog series, we look into Myanmar’s individual services sector, highlighting their specific challenges, opportunities and its general outlook in the long term.
 
Sectors we have covered:
Hotel and Tourism Part I – Tourism: an Economic Generator & Infrastructure Constraints
Hotel and Tourism Part II – Challenges, Government Support & Outlook
Banking & Finance – The Economic Driver, Challenges, Opportunities & Forecast
Telecommunications – More than Just Talk-time, Challenges, Opportunities & Outlook
Transportation – Better Transport to Boost Economic Growth, Challenges, Opportunities & Outlook
Retail – Myanmar’s Economy Fueling the Retail Boom, Challenges, Opportunities & Outlook
Education – Educating Myanmar’s Future, Challenges, Opportunities & Outlook
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A Look into Myanmar’s Services Sector: Oil & Gas
​Myanmar is one of the world’s oldest oil producers. The country exported its first barrel of crude in 1854. Despite this, its upstream sector is still not mature. This is due to a number of factors; sanctions, government policy and insufficient investments have all hindered Myanmar’s efforts to realize its Oil & Gas (O&G) potential. 


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