2023-08-09
On August 2, 2023, the National University of Singapore Business School announced that the Singapore Governance and Transparency Index (SGTI) scores of companies in the general category increased to 74.8 points in 2023, up from 70.6 in 2022. This is the second year in a row that the score has been above 70. It also represents the largest quantum increase since 2020, when the rating jumped 8.6 points from 2019. Professor Lawrence Loh, director of the Centre for Governance and Sustainability at NUS Business School, said the overall improvement reflects ongoing efforts by companies to promote good corporate governance practices. The […]
2023-08-07
The accreditation framework for board directors was launched by the Singapore Institute of Directors (SID) on July 28, 2023 at its 25th anniversary event. Speaking at the event, Deputy Prime Minister Lawrence Wong, who was the guest of honour, said the accreditation framework will give directors greater clarity on the competencies they should develop, and provide a common standard for companies to make decisions on board appointments. The framework identifies eight areas of competence that directors have to exhibit in the boardroom: governance; director duties and practice; financial skill sets; risk management; strategy development; digital skill sets; human capital; and […]
2023-08-03
On July 31, 2023, the Energy Market Authority issued a letter stating that consumers will have better protection against volatile electricity prices, with stricter requirements for retailers coming into force progressively from August. Under the new rules, electricity retailers must have a total net worth of $1 million when they apply for or renew their licence, to ensure they are credible and have sufficient financial standing, said the Energy Market Authority (EMA). EMA said the enhanced regulatory framework is one of the guardrails to strengthen the competitive market structure. FOZL Group provides one-stop corporate services to local and overseas companies, currently […]
2023-08-01
On July 28, 2023, Singapore’s Minister for Trade and Industry Gan Kim Yong announced the launch of the book, titled Sustainability Playbook For Enterprises: Embarking On Your Environmental, Social And Governance (ESG) Journey, during a visit to marine and offshore company Sea Forrest. The free e-book, developed by Enterprise Singapore (EnterpriseSG), the Singapore Business Federation and SkillsFuture Singapore, is available on the EnterpriseSG website. It defines three stages of the environmental, social and governance (ESG) journey to help SMEs assess where they are and what more they need to do. The three stages are building awareness in sustainability, identifying the […]
2023-07-31
2023-07-28
On July 25, 2023, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, announced at the 60th anniversary dinner of the Institute of Singapore Chartered Accountants’s (ISCA) that the Accounting and Corporate Regulatory Authority (ACRA) will re-evaluate the sector’s regulatory framework in a bid to keep pace with the changing business environment and maintain standards. The Accounting and Corporate Regulatory Authority (ACRA) review will likely take some time, given the need to engage with key stakeholders and conduct public consultations before proposals are made to amend the law. Mr Wong noted: “From time to time, lapses or fraud […]
2023-07-26
Introduction to Transfer Pricing Transfer pricing (TP) is an accounting practice used to determine the prices of inter-company pricing transactions or arrangements between related parties. These can include transfers of intellectual property, tangible goods, services, loans or other financing transactions. Companies should keep in mind that the definition of “related parties” may vary between jurisdictions depending on the specific regulations and contexts. Under the Singapore Income Tax Act (ITA) section 2(1), “related party” is defined as when either party directly or indirectly controls the other, or they are under the common control of another party, whether directly or indirectly. The […]
2023-07-26
Transfer Pricing Benchmarking and Analysis This analysis involves comparing similar uncontrolled transactions (i.e. an independent third party) to which the controlled transactions (i.e. the tested transaction) can be benchmarked against. The comparability analysis and benchmarking analysis will form the basis to arrive at a transfer pricing that complies with the arm’s length principle. It thus plays a significant role in substantiating the transfer pricing positions and defend against any challenges from tax authorities. The Inland Revenue Authority of Singapore (IRAS) recommends that Singapore taxpayers adopt the following three-step approach to apply the arm’s length principle: FOZL has access to a […]
2023-07-26
Transfer Pricing Documentation and Compliance It is mandatory for taxpayers to prepare and maintain contemporaneous Transfer Pricing Documentation (TPD) to show that their company’s related party transactions are in accordance with the arm’s length principle【1*】, unless exempted. “Contemporaneous” means that in preparing the TPD, the information and data relied on by the taxpayer to determine transfer pricing should exist prior to or at the time of undertaking the transactions with related parties. It is vital for the taxpayers in Singapore to ensure that the TPD is ready before the filing due date of tax return which is 30 November. IRAS […]
2023-07-25
On July 23, 2023, the Chinese Embassy in Singapore announced that the Chinese government will resume a 15-day visa-free facility for Singaporeans traveling to China from midnight on Wednesday, more than three years after it was suspended. This includes visas for tourism, business, visiting relatives and friends, and transit purposes. Welcoming the announcement on July 23, 2023, Singapore’s Ministry of Foreign Affairs said in a Facebook post that the visa-free arrangement will facilitate people and business flows between Singapore and China, and pave the way for deeper bilateral cooperation. Singapore Chamber of Commerce and Industry in China chairman Ong Tze […]
2023-07-24
Dear partners, We are pleased to announce that Mr. William Auyong has become a partner at FOZL Assurance PAC. Mr. Auyong has over 18 years of audit experience, having worked at accounting firms in both Singapore and overseas. He is a Chartered Accountant of Singapore, a member of the Association of Chartered Certified Accountants (ACCA), and a senior member of the Fellow Association of Chartered Certified Accountants (FCCA). Throughout his career, he has managed and been responsible for clients across various industries, including construction, trade, retail, investment holdings, hotels, associations, education, charitable organizations, law firms, government agencies, and special engagements. […]
2023-07-20
On July 14, 2023, Singapore and Malaysia are in talks to establish a special economic zone in Johor and the Republic to drive growth and strengthen connectivity and collaboration, said Minister for National Development Desmond Lee. A special task force will be set up under the Malaysia-Singapore Joint Ministerial Committee for Iskandar Malaysia (JMCIM) to study the Johor-Singapore Special Economic Zone, he added. The task force, led by Singapore’s Ministry of Trade and Industry and Malaysia’s Ministry of Economy, will work out the terms of reference and broad areas of collaboration for the zone. Johor recorded RM70.6 billion (S$20.6 billion) […]
2023-07-17
On July 7, 2023, The ties binding Singapore and Vietnam were further strengthened on Friday, with business, government and educational bodies from both countries signing 12 memorandums of understanding (MOUs) at a business forum in Hanoi. The agreements at the one-day event will boost cooperation between the countries in areas such as sustainability, digitalisation, financial services and human capital development. As at December 2022, Singapore was Vietnam’s second-largest foreign investor, with a cumulative investment of US$70.8 billion (S$95.7 billion), he noted. FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist […]