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From Year of Assessment 2015, employers with 12 or more employees or who have received the "Notice to File Employment Income Of Employees Electronically" are required to participate in the AIS under S68(2) of the Income Tax Act.

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Deputy Prime Minister and Minister for Finance, Mr Tharman Shanmugaratnam, will deliver the FY2015 Budget Statement in Parliament on Monday, 23 February 2015.

 

There will be ‘live’ television and radio coverage of the Budget Statement. A 'live' webcast of the delivery of the Budget Statement will be available as well at the Singapore Budget website (http://www.singaporebudget.gov.sg). The Budget Statement will be uploaded on the Singapore Budget website after the speech has been delivered.

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From 1 January 2015, the CPF contribution rates are increased to help employees save more for retirement and healthcare needs. The new contribution rates apply to wages earned from 1 January 2015.

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Singapore and Uruguay signed an Agreement for the Avoidance of Double Taxation (DTA) on 15 January 2015.  The signing took place in Singapore between Ms Chiam Yah Fang, Chief Tax Policy Officer, Ministry of Finance and His Excellency Carlos Irigaray, Uruguay’s Ambassador to Singapore.

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Singapore and France have signed a revised Agreement for the Avoidance of Double Taxation (DTA). The revised DTA offers improved terms for businesses, such as lower withholding tax rates for dividends and includes anti-abuse provisions. The signing took place in Singapore yesterday between Mr Tharman Shanmugaratnam, the Singapore Deputy Prime Minister and Minister for Finance and Mr Michel Sapin, the French Minister of Finance and Public Accounts.