Corporate Support Services Updates

Personal Income Tax and CPF

In the 2015 Budget, the Government announced the changes to CPF salary ceiling and increase in CPF contribution rates for workers aged 50 to 65 for retirement planning. In addition, the foreign worker levies will now be deferred. For personal income tax, the Government has also taken a more progressive approach in making marginal adjustment to the percentage for taxable income above $160,000.


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Amendments to financial reporting standards issued in 2015

Investment entities: applying the consolidation exception (Amendments to FRS 110, FRS 112 and FRS 28)

Background:

The investment entity consolidation exemption was introduced by Investment Entities, issued on 31 October 2012 and effective for annual periods beginning on or after 1 January 2014.

As FRS 110 Consolidated Financial Statement sets out the principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. It highlights special accounting requirements for investment entities, where an entity meets the definition of an 'investment entity'.   


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Companies (Amendment) Act 2014 – How This Affects Your Company’s Annual Filing

The Companies (Amendment) Act 2014 (the “CAA”) was passed in Parliament in October 2014. On 15 April 2015, the Accounting and Corporate Regulatory Authority announced that the legislative changes under the CAA will come into force in two phases, on 1 July 2015 (“Phase 1”), and in the first quarter of 2016 (“Phase 2”).

The CAA has introduced the largest number of changes to the Singapore Companies Act, Cap. 50 (the “CA”) since it was first enacted in 1967. The key objective of the review was to update the Singapore Company Law to meet the evolving business landscape, reduce the regulatory burden and maintain a transparent corporate environment that instills investor confidence.

We look at a couple of changes in the annual filing requirements in the CAA which reduce the cost of compliance for small to medium sized companies.


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