A “Limited Inheritance Tax” For Singapore?
TAKEAWAYS Singapore seems to be doubling down on wealth taxes, with a new round of property cooling measures that apply from 27 April 2023, arguably a form of indirect wealth tax even if they are intended as an anti-speculative measure. Additional buyer’s stamp duty will be increased from 30% to 60% for foreigners buying any residential property; […]
Group Audit (Revision to SSA 600 and Update of ACRA Audit Practice
TAKEAWAYS There was a time when public accountants could lay claim to the ability to remember every paragraph of the auditing and assurance standards. However, with the latest edition of the International Auditing and Assurance Standards Board (IAASB)’s Handbook running at more than 1,300 pages long, probably few could make such claims today. A common joke is […]
FRS 117 vs MAS’ Risk-Based Capital 2 (Part 6)
TAKEAWAYS The fifth article of the series by the IFRS 17 Working Group, published in the June 2023 issue of this journal, addressed measurement issues of an entity applying the premium allocation approach (PAA) under FRS 117 Insurance Contracts (FRS 117). Should an insurer be eligible for the PAA, this article further explores the measurement differences under […]
Strategic Planning and Balance Scorecard (Part 2)
TAKEAWAYS The first article of the series, published in the June issue of this journal, discussed what strategic planning is and introduced the Balance Scorecard (BSC) for small and medium-sized enterprises (SMEs) and startups. In this second article, we discuss how companies can implement a BSC and share some tips for the successful implementation of strategies from […]
Singapore Tax Cases (Part 2)
TAKEAWAYS In Singapore Tax Cases 2022 (Part 1), published in the June issue of this journal, we covered two notable GST cases based on a webinar organised by the Singapore Chartered Tax Professionals and facilitated by Accredited Tax Advisor (Income Tax) & Accredited Tax Practitioner (GST) Allen Tan, Principal, and Jeremiah Soh, Local Principal, Baker & McKenzie.Wong & […]
The Rise of Generative AI
TAKEAWAYS “ChatGPT is yesterday’s toy.” Attention-grabbing punchlines such as this rippled through LinkedIn feeds, masterfully crafted by digital wordsmiths to ignite a sense of urgency, and FOMO (fear of missing out) among readers who find themselves grappling with the rapid development of technology unfolding in front of them. ChatGPT’s launch in November 2022 was met […]
Digitalisation and Sustainability in Foodservice
TAKEAWAYS In the near term, foodservice players need to navigate such challenges as higher costs of borrowing, labour and ingredients. As post-COVID-19 dining adjusts to new economic realities, foodservice players should keep abreast of changing consumer preferences. This may include easy cooking at home in lieu of out-of-home dining to save on costs. For others, […]
Top 3 Trends Driving Change In Finance & Accounting
TAKEAWAYS The wealth of data now available at business leaders’ fingertips continues to drive digital transformation for organisations worldwide, including in Singapore and more widely, across the Asia-Pacific (APAC) region. Increasingly, organisations are reaping the benefits of near-real-time data, using trends and deep data insights to uncover opportunities to significantly impact their operations, leading to […]
Mandatory Climate Reporting in 2023
TAKEAWAYS With effect from 1 January 2022, climate reporting is mandatory on a “comply or explain” basis for all issuers listed on the Singapore Exchange (SGX). Specifically, the sustainability report should have climate-related disclosures consistent with the recommendations of the Taskforce on Climate-related Financial Disclosures (TCFD) as a primary component in its sustainability report1. The […]
Don’s Column: Singapore’s Stamp Duty Regime
TAKEAWAYS The stamp duty regime in Singapore has undergone some significant changes in the last couple of years. In addition to hikes in the stamp duty rates, recent amendments to the legislation and audits conducted by the tax authorities sought to close any potential loopholes that may have been exploited by taxpayers to avoid paying […]
