Monday, 16 January 2017

What ‘device’?

By Aaron Bromley and Dave Ananth, Ernst & Young Tax Consultants Sdn Bhd

The GST Act 2014 will have two new sections - Sections 34A and 34B - introducing the potential application of a device to monitor sales activity. Internationally, such a device is commonly known as an ‘Electronic Fiscal Device’ (EFD). The application of such a device, for any registered person as prescribed by the Minister, comes into effect on 1 January 2017.

Section 34A of the GST Act states that a registered person may be required to provide information on supplies made and payments received by way of a prescribed device, to be installed at the taxpayer’s business premises. Presumably this will be integrated or configured with the Point of Sale (PoS) system (eg cash till).

With the installation, RMCD will have access to information on all sales made by the company and the payments received, on a "real-time" basis. The purpose would appear to be to capture transactions potentially not reported in the GST returns filed by the person (or in the case of a person not registered, but required to be so, those transactions not reported at all). Hence, RMCD is targeting undisclosed supplies and potential fraud.

Wednesday, 30 November 2016

Getting updated on terminations at our HR knowledge clinic

Last week, Wolters Kluwer Singapore ran one of our knowledge clinics in Singapore, in the area of human resources, focusing specifically on terminations. We invited our Asia Pacific Employment Law Online subscribers to join us for the session, titled Managing Terminations of Employment in Asia.

Our speaker for the day was Fatim Jumabhoy from Herbert Smith Freehills. Her expertise and wealth of experience was evident throughout, not to mention her exceptional delivery of information.

She went through the legal requirements for disciplinary and dismissal handling when terminating employees across Asia, looking specifically at Singapore, Hong Kong, Malaysia, Indonesia, Japan and Korea. She also highlighted particular areas of concern that our attendees needed to be aware of, as well as discussing such topics as notice periods and severance payments.

Tuesday, 22 November 2016

“Akaun Emas”- A second retirement “nest egg” unveiled

Effective 1 January 2017, a new account called Akaun Emas (Gold Account) will be launched by Employees Provident Fund (EPF) for members working beyond the age of 55 following a consultation held with stakeholders.

Results from Members’ Consultation showed that 91,047 members had opted for an option to retain the full withdrawal age of 55 and to lock in new contributions until the age of 60. Akaun Emas was introduced in tandem with the increase of compulsory retirement age announced by the government from age 55 to age 60. Moreover, response from Members’ Consultation would have also been considered for the creation of this new account.

Thursday, 17 November 2016

A Practical Guide to Financial Reporting Standards, Singapore (6th Edition) launching soon!

The long anticipated 6th edition of the WK A Practical Guide to Financial Reporting Standards, Singapore will be available for purchase on 13 December 2016!

A Practical Guide to Financial Reporting Standards, Singapore is a comprehensive guide to accounting standards in Singapore.

This 6th Edition covers all the Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards (INT FRS) issued by the Accounting Standards Council that are effective as at 1 January 2017. Also included are the three major FRSs that are effective on:

Thursday, 10 November 2016

"A Practical Guide to Company Secretarial Obligations in Singapore" out soon!

That's right, A Practical Guide to Company Secretarial Obligations in Singapore will be out soon, and you can make a pre-order now! The book provides a clear and concise explanation of the laws and issues affecting corporate secretarial practice

This book will be a great help to both new company secretaries as well as senior company secretaries and those in a compliance role to understand and apply the requirements of a company and securities laws in fulfilling their obligations to their company and its offices. 

Thursday, 3 November 2016

Hong Kong's Public Consultation on BEPS Implementation

A public consultation on the implementation of base erosion and profit shifting (BEPS) measures proposed by the OECD was launched by the Hong Kong government on 26 October 2016. 

The top priority in the package put forward by the OECD is to monitor the implementation of four minimum standards: countering harmful tax practices, preventing treaty abuse, imposing country-by-country (CbC) reporting requirements, and improving the cross-border dispute resolution regime.