Wage Credit Scheme Payouts for 2016
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Employers are reminded to make CPF Contributions for employees by 14 Jan 2016 to receive Wage Credit Scheme payouts.
Employers of eligible Singaporean employees are reminded to make the full CPF contributions for these employees by 14 January 2016 in order to receive the third tranche of Wage Credit Scheme (WCS) payouts in March 2016.
To qualify for the third tranche of the WCS payout, employers must fulfil the following conditions:
• Have given Singaporean employees a wage increase of at least $50 in 2015 and/or have sustained the wage increases (at least $50) previously given to employees in 2014 and 2013; and
• Have paid the employees’ mandatory CPF contributions for 2015 wages to CPF Board by 14 January 20161.
PUBLIC ANNOUNCEMENT: DATA REGISTER PTE LTD TO OFFER ELIGIBLE SUBSCRIBERS OPPORTUNITY TO UNSUBSCRIBE BY TERMINATING THEIR ACCOUNTS
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ACRA had brought a total of 1,104 charges against Data Register Pte Ltd (previously known as “Company Register Pte Ltd”) in 2014/15 for issuing business correspondences in October and November 2013 which did not state its company name and registration number in breach of section 144(1)(b) and section 144(1)(A) of the Companies Act (“the 2013 correspondences”).
Since November 2013, ACRA has issued media releases and public announcements to inform the public on this matter and explained that the purpose of section 144 is to ensure that members of public are aware of the identity of the corporate entity that issued the letter in question. Members of the public were also urged to conduct a free search on ACRA’s online business directory to check information such as the name, registration number, address and status of any company registered with ACRA.
Click HERE for more info!
Source: ACRA
CPF contribution rates with effective from 1 January 2016
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From 1 January 2016, the CPF contribution rates will be increased for employees aged above 50 to 65 years. This change will affect employees who are Singapore Citizens, third year and onwards Singapore Permanent Residents (SPRs) and first or second year SPRs contributing to CPF at full rates or full employer-graduated employee rates.
The CPF Ordinary Wage Ceiling will also be raised from $5,000 to $6,000. The Additional Wage Ceiling will therefore be increased from $85,000 to $102,000. These two changes will apply to all employees.
Source: CPF Board
Singapore-Luxembourg Avoidance of Double Taxation Agreement Enter Into Force
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The revised Singapore-Luxembourg Avoidance of Double Taxation Agreement (DTA) entered into force on 28 December 2015.
The revised DTA lowers the withholding tax rates for dividends, interest and royalties, lengthens the period test for determining permanent establishments as well as provides a more mutually favourable tax treatment for international air transport and shipping income, amongst other changes. These changes are expected to enhance trade and investment flows between the two countries.
The full text of the DTA is available HERE.
Source: MOF
Singapore’s Avoidance of Double Taxation Agreements with Ecuador, San Marino and Seychelles Come into Force
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Singapore’s respective bilateral agreements with Ecuador, San Marino and Seychelles for the avoidance of double taxation (DTA) entered into force on 18 December 2015.
The DTAs provide clarity on tax matters and eliminate double taxation relating to cross-border transactions between Singapore and the respective contracting jurisdictions.
The full texts of the DTAs are available HERE.
Source: MOF
