Other Briefings
Services Now Over 25 Percent of Singapore’s Exports
Singapore’s Ministry of Trade and Industry announces that services now make up a quarter of the country’s exports, reflecting a structural shift in exports in which services are growing faster than goods.
Singapore Postpones Effective Date of Amendment to its Companies Act
The government of Singapore has announced that it will postpone the effective date of the amendment to the Companies Act 2014 (the Amendment) and the Business Names Registration Act to the second quarter of 2015, as stated by the Accounting and Corporate Regulatory Authority (ACRA) earlier this year. An exact date is yet to be announced, but according to ACRA more details will be made public about two months before the changes are due to take place. Agencies and stakeholders likewise will have more time to adapt to the new legislative changes.
Singapore Exchange Releases Comprehensive Guide for Corporate Governance
The Singapore Exchange (SGX) has released a disclosure guide aimed at aiding companies’ compliance with the country’s corporate governance regulations. The document, structured in a concise question & answer-format, will not only help companies to comply with key aspects of governance, but will also make it easier for investors to assess the companies they might invest in.
Singapore to Become Southeast Asian Legal Hub with Opening of International Commercial Court
With its newly opened International Commercial Court, Singapore wants to become the alternative location for arbitration in Asia. The country has also made a series of other investments into its legal services sector and has established the Singapore International Mediation Centre (SIMC).
Business Optimism in Singapore Drops Again – Time to Worry?
Local businesses in Singapore started 2015 with a pessimistic outlook, continuing a downward trend for the third quarter in a row. According to the newest Business Expectations Survey (BES) – conducted by the Singapore Commercial Credit Bureau (SCCB) – the current Business Optimism Index (BOI) score of +1.11 percent, is the lowest since the first quarter of 2013. In the fourth quarter of 2014, the BOI stood at +10.79 percent. The SCCB has pointed to global economic uncertainty, rising cost pressures and manpower issues, as well as lower demand in the export-oriented sector, as possible drivers behind the lowered optimism.
Singapore-Vietnam in 2015: Trade and Investment Partners
As investment and trading partners, Singapore and Vietnam have proven to be an unstoppable combination – with 2014 bilateral trade up 20.3 percent year on year. Vietnam’s strategic location, low-cost labor, burgeoning consumer class, and incentives to foreign investors have made Vietnam an attractive destination for Singaporean foreign direct investment (FDI). While Singapore, with the highest GDP per capita in ASEAN, remains a prime market for Vietnamese exporters.
Singapore Parliament Back in Business: Multiple Legal Reforms on the Agenda
On its first day back in business, January 19, 2015, Singapore’s Parliament has approved the Industrial Relations (Amendment) Bill and the Pawnbrokers Bill on second readings, and saw the introduction of the Community Disputes, Deep Seabed Mining, Liquor Control (Supply and Consumption), and MediShield Life Scheme Bills.
Changes to Singapore Transfer Pricing Guidelines
On 6th January 2015, the Inland Revenue Authority of Singapore (“IRAS”) released revised transfer pricing guidelines.
Gulf Cooperation Council and Singapore Complete FTA
On January 1, 2015, the Free Trade Agreement (FTA) between the Gulf Cooperation Council (GCC) and Singapore entered into force. The FTA covers trade in goods and services, customs procedures, e-commerce, economic cooperation, government procurement, rules of origin and other matters.
Singapore Signs IGA on FATCA with the United States
On December 9, 2014, Singapore became the first country in Southeast Asia to sign an Intergovernmental Agreement (IGA) on tax information sharing with the United States. The signing follows an in substance agreement reached between Singapore and the US in May 2014. Most countries around the world have been entering into IGAs with the US government since the US introduced a complex reporting and withholding regime through the passage of the Foreign Accounts Tax Compliance Act (FATCA) in March 2010.
