Search Results for: Singapore

IN a country where tax collection remains weak, Bangladesh accounting experts now hope that a 2012 transfer pricing (TP) law is finally starting to increase revenues, although progress is slow. Demonstrating the difficulties involved in rolling out complex tax legislation in emerging market states that targets powerful multinationals, the country’s National Board of Revenue (NBR) says that it collected just USD1.2 million’s worth more taxes from 10 multinationals (which it would not name) in the financial year to last June (2018) than without taking TP into account.…

Transaction monitoring systems (TMS) are supposed to detect suspicious activities and provide useful information to AML/CFT law enforcement, but they are proving ineffective, with more than 90% of filings in the USA false positives, according to former chair of the US House of Representatives sub-committee on terrorism and illicit finance Steve Pearce.…

THE HONG Kong government’s 2019 budget is to include a planned 75% reduction of profits tax, salaries tax and tax under personal assessment for the 2018-19 tax year, up to Hong Kong dollars HKD20,000 (USD2,547) per case. These breaks will cost HKD18.9 billion (USD2.4 billion), benefiting about 2.05 million taxpayers.…

SINGAPORE’S central bank, the Monetary Authority of Singapore (MAS), is consulting on whether it should be allowed to revoke bank licences for financial institutions who have breached the country’s anti-money laundering requirements. The formal consultation is part of the roll out of proposed changes to Singapore’s Banking Act.…

TRADE-based money laundering (TBML) continues to be a complex typology that is tough for law enforcement to detect and ML regulators to control.

The risk is that with Iran being subject to new USA sanctions, the use of TBML is going to grow in the short term, warn experts.…

IN a world increasingly hungry for natural gas, recent foreign investment in liquefied natural gas (LNG) projects has raised the likelihood that the substantial gas reserves of some sub-Saharan African nations will make it into global markets in the decade ahead.…

THE SINGAPORE government is to phase out between 2020 and 2024 a ‘not ordinarily resident’ tax scheme, where talented overseas workers enjoy tax concessions over five years. This includes not being taxed on work undertaken outside Singapore and an employer’s contribution to a non-mandatory overseas pensions or provident fund being tax exempt.…

THE SINGAPORE government is to phase out between 2020 and 2024 a ‘not ordinarily resident’ tax scheme, where talented overseas workers enjoy tax concessions over five years. This includes not being taxed on work undertaken outside Singapore and an employer’s contribution to a non-mandatory overseas pensions or provident fund being tax exempt.…

THE DYNAMIC east Asian powerhouses of Hong Kong and Singapore are both models for good practice in anti-money laundering/combating the financing of terrorism (AML/CFT) – sharing both an efficient and open UK-inspired legal system and a need for a clean image internationally that helps maintain their status as hubs of global trade and finance.…

BRITAIN was among a handful of European nations that fell down in Transparency International’s latest Corruption Perception Index, dropping out of the top-10 of the most honest jurisdictions in the 2018 rankings. The UK is now joint 11^th with Germany, dropping two points to 80 on the scale where 100 is seen as cleanest and 0 highly corrupt among experts and business people surveyed.…