News

Singapore: New incentives for start-up crowdfunding projects unveiled

The Monetary Authority of Singapore (MAS) has unveiled plans to reduce the base capital and minimum risk prerequisite for crowdfunding programs which is hoped will make crowdfunding more accessible to SMEs and start-up companies.


Singapore joins OECDs multilateral tax convention

On May 1st 2016 the OECD (Organisation for Economic Cooperation and Development) implemented a convention on Mutual Administrative Assistance relating to tax matters in Singapore, effectively establishing these requirements on a multilateral level.


10 Singapore financial firms fined for anti-competitive behaviour

10 firms in Singapore have each been fined up to almost half a million Singapore dollars by the Competition Commission of Singapore (CCS) in what is the first official instance of anti-competition in the financial services sector.


Singapore government will do more to support SMEs in new tax scheme

This week, Parliament in Singapore passed an amendment to the Economic Expansion Incentives Act, which will extend the maximum potential tax relief period for companies if they base their long-term operations in Singapore, which will effectively increase incentives for more direct foreign investment into the economy.


Swiss bank ordered to disclose records of Singapore account

The IRS (Inland Revenue Service) in the US has ordered a subpoena which enforces a court order for the Swiss bank UBS to disclose records on a Singapore bank account owned by an American currently residing in China.


Hong Kong & Singapore financial secrecy stats worsen

Negative news for Hong Kong & Singapore which have climbed positions in a 2015 index of the world’s offshore havens compiled by the Tax Justice Network, mainly as a result of their financial secrecy.