Singapore’s first cybersecurity framework
The much discussed Cybersecurity Act 2018 (the Act), which was passed by the Singapore Parliament on 5 February 2018, came into force on 31 August 2018. The Act establishes a legal framework for the oversight and maintenance of national cybersecurity in Singapore. Its four key objectives are to strengthen the protection of Critical Information Infrastructure…
Read more
POSTED BY
Paul Wan & Co
Temasek unit invests in blockchain-based platform iSTOX
THE Singapore Exchange (SGX) and Temasek Holdings holdings subsidiary Heliconia Capital Management have invested in iSTOX, a capital markets platform by blockchain-based infrastructure company ICHX Tech. The platform designed by ICHX Tech – a company incubated by Singapore investment firm ICH Group – aims to provide fast time-to-issuance and a high level of transparency for…
Read more POSTED BY
Paul Wan & Co
Tax Deductability OF “Keyman” Insurance Premiums
Generally, premiums incurred by a company in taking up an insurance policy on the life of a key personnel of the company (commonly referred to as “keyman” insurance) against loss of profits arising from the demise of the insured, the premiums are tax deductible. The following are the requirements that must be satisfied before the…
Read more
POSTED BY
Tax Dept
GST – Transfer of Business as Going Concern
In accordance with the GST Act, any supply of goods or services made by a taxable person in the course or furtherance of his business is chargeable to GST. Where a taxable person transfers or disposes of his business assets, whether or not for a consideration, is making a supply and hence, he has to…
Read more POSTED BY
Tax Dept
Best practices for engaging tax agents
Last Updated: 24 Feb 2019 Tax compliance is part and parcel of every business in almost all countries. Without proper tax compliance, businesses will run into trouble with tax authorities. Fines, penalties, freezing bank accounts, summons, court’s attendances, imprisonment, not allowing errant taxpayers leaving the country are some of the steps that may be taken…
Read more POSTED BY
