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Welcome To Our Latest Newsletter

Dear Valued Clients,

   Welcome to our E-newsletter for February 2017.

   Our Expansion Quest
   In this issue of newsletter, we are glad to share with you that we are now one step further into our expansion quest.

   We have completed our partnership agreement with two more members recently, one from United Kingdom and the other one from Israel. We wish to take this opportunity to extend a warm welcome to both our partners, Wisteria Ltd of United Kingdom and Lazar & Co of Israel. Together, we are now capable to support anyone who is interested to incorporate their business in both United Kingdom and Israel.

   Our Awards and Recognitions
   With all the excellent work, the overall performance of 3E Accounting Pte. Ltd. was exceedingly good. On 10 January 2017, we were extremely honored to be one of the Finance Awards Winner 2017, presented by Corporate LiveWire. We are being specially selected as the company incorporation services provider of the Year in Singapore for Corporate LiveWire Finance Awards 2017. Besides, we are honored to be featured in various medias like The Straits Times, Been There Count That and so on as we stand out in the work-life balance arena. On 10 January 2017, we were delighted to be featured in Nee Hao, The UK’s no.1 resource for British Chinese culture, for being a leading example of quality service. All this awards and recognitions added feathers in our cap and thus motivate us to move on to serve you better.

   Personal Income Tax Filing Season in Singapore
   Once again, tax season is coming (annual personal tax returns for Year 2016 must be filed with IRAS by 15 April 2017), and we are pleased to invite you, to have your tax return prepared by our professional team. Our mandate is to provide quality service at a fair price. We are also committed to be accessible to you for any questions that they may have thereafter. Remember, we are always ready to serve you better as well as to meet these goals.

   As an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) for all your employees including directors (who are employed in Singapore) by 1st Mar each year.

   Incorporation made Faster and Easier in Malaysia
   Appointing nominee directors has always been one of the major concerns for foreign investors keen in starting a business in Malaysia. Now, with the introduction of new Companies Act 2016, setting up a business in Malaysia is much simpler. The new Act will introduce the ability to incorporate a company with only one individual being the single local director and single shareholder, with RM1 share capital as the minimum requirement. This will make incorporating a company in Malaysia more attractive for foreign investors, entrepreneurs and businesses. See Malaysia Company Incorporation Services for more information.

   Update of DTA with India
   Singapore and India signed a Protocol to amend their bilateral Avoidance of Double Taxation Agreement (DTA) in New Delhi on 30 December 2016. The updated DTA preserves the existing tax exemption on capital gains for shares acquired before 1 April 2017, while providing a transitional arrangement for shares acquired on or after 1 April 2017. For shares acquired on or after 1 April 2017, there will be a two year transition period, during which the capital gains from such shares will be taxed at 50% of India’s domestic tax rate if the capital gains arise during 1 April 2017 to 31 March 2019. See Company Setup in Singapore and do business in India for more information.

   Office Closure on 27 January 2017 to 1 February 2017
   We would like to inform that our office will be closed on 27 January 2017 (Friday) to 1 February 2017 (Wednesday) for Chinese New Year. Please be informed that our partner, directors and staffs will have no access to the emails on the said dates and all emails will be attended to once we resume operations on the next working day.

   As Chinese New Year draws to a close, I would like to take this opportunity to wish everyone a Happy Chinese New Year. May the coming new year bring you joy, love and prosperity.

Remember to call us if you require any assistance.

Otherwise, stay tune for any new update and interesting news from us.

Thank you.

Lawrence Chai
Lawrence Chai
Managing Director

Latest News

  Improving Re-employment Opportunities for Older Workers
Improving re-employment opportunities for older workers Retirement and Re-employment (Amendment) Bill 2016 and Revised Tripartite Guidelines on the Re-employment of Older Employees The Retirement and Re-employment (Amendment) Bill 2016 was passed by Parliament on 9 January 2017. In April 2016, MOM announced that following extensive tripartite consultations, the tripartite partners had agreed for the following… Read More

  ASC publishes the 2017 Volume of FRSs and INT FRSs and the SFRS for Small Entities
ASC publishes the 2017 volume of FRSs and INT FRSs and the SFRS for Small Entities The Accounting Standards Council (ASC) publishes the 2017 volume of Financial Reporting Standards (FRSs) and Interpretations of Financial Reporting Standards FRSs (INT FRSs) and the Singapore Financial Reporting Standard for Small Entities (SFRS for Small Entities) that is applicable… 
Read More

  Indicative Margins for Related Party Loans
Indicative margins for related party loans IRAS has introduced an indicative margin which taxpayers can apply on each related party loan not exceeding S$15 million as tabulated in this table: Related party loan not exceeding S$15 million obtained or provided during the period 1 January 2017 to 31 December 2017 – Indicative margin is +… Read More

  Singapore: Taking Up Secondary Directorship for Employment Pass Holders
The Ministry of Manpower (MOM) has announced new rules in place for companies appointing Employment Pass (EP) holders as directors. Eligible companies can appoint EP holders from another related company to their Board of Directors, but with an Letter of Consent (LOC) from the MOM. In… Read More

  Goods and Services Tax (GST) – Unauthorised Charging of GST and Price Display Requirements
We would like to bring your attention on the following matters:  Unauthorised Charging of GST Only GST-registered businesses are allowed to charge GST on their sales. It is a serious offence for businesses that are not GST-registered to charge GST… Read More

  Personal Income Tax Filing Season for Year 2016 in Singapore
Time to file your Singapore personal tax return. Singapore’s personal income tax year is from 1 January to 31 December and income is assessed on a preceding year basis. Annual personal tax returns for Year 2016 must be filed with IRAS by 15 April… Read More

  Government Accepts Recommendations to Enhance the Progressive Wage Model for Cleaning Sector
The Government has considered and accepted the recommendations contained in the report of the Tripartite Cluster for Cleaners (TCC) dated December 2016 on the enhancements to the Progressive Wage Model (PWM) for the cleaning sector, which was released today. The PWM enhancements will… Read More

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Notice of Holiday

Chinese New Year

Our office will be closed on 27 January to 1 February 2017 for Chinese New Year.

We will be operating on 2 February 2017 (Thur) onwards.

Dear Clients,

Our directors and staffs will
have no access to the email during these period and all
email will be attended to once we are back to the office on the next working day. We apologize for any inconvenience caused.

About 3E Accounting

Why switch to 3E Accounting

3E Accounting is a leading international accounting firm that provides truly one-stop solutions for businesses, committed in helping businesses in the areas of Company incorporation, nominee director, LLP setup, immigration, work pass application, stamp seal maker, accounting, tax, GST, secretarial, human resource, cloud based accounting software support, business advisory, and virtual office services.

Currently, our network group has presence in 32 countries globally, with a total combined staff strength of more than 600 staffs and 44 offices across Asia, North and South America, Africa, Oceania and Europe. We are not just to support you locally in Singapore, but to support you for your business expansion in overseas as well when you are ready.

Find out more: Why switch your service provider to 3E Accounting
Company Compliance
For more information about Company Compliance, Please click here. (i.e. GST registration and CPF contribution and other requirements).

Hiring Staff in Singapore
For Guide to Hiring Staff in Singapore, please click here.

Corporate Income Tax Submission Deadline
Kindly remind that the deadline for submission of your Company's Form C / Form C-S for the Year of Assessment 2015 is on 30 November 2016.

Productivity and Innovation Credit (PIC)
Under the Productivity and Innovation Credit (PIC) scheme, your business can enjoy: - 400% tax deductions/ allowances and/ or - 60% cash payout For more information, please see PIC Bonus in Singapore

GST Registration Obligation
All Singapore companies must register for GST if their annual taxable revenue is more than S$1 million, or if their current taxable income and annual taxable revenue is expected to be more than S$1 million. The business must register for GST within thirty days from the time it is deemed liable.

Withholding Tax Obligation
Under the law, when a person or a company makes payment(s) of a specified nature (for example, Royalty, Interest, Technical Service Fee, etc) to a non-resident company or individual, he/she is required to withhold a percentage of that payment and pay the amount withheld to IRAS. The amount withheld is called Withholding tax. Kindly be reminded that it is our Company's policy that you must engage our withholding tax reporting services if you are engaging our nominee director services.

Tax Planning
Looking for tax savings method for Personal and Company, please refer to:
Click here for more Resources

Awards and Milestones

3E Accounting
3E Accounting Pte Ltd
51 Goldhill Plaza #07-10/11
Singapore 308900
+65 6690 9262
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