Blog
Manufacturing PMI rises by 2.2
20/08/2020
Manufacturing PMI rises by 2.2. points although economic situation remains volatile in the midst of the pandemic and US-China trade tensions. S’pore factory activity expands in July after 5 months of contraction
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Proposed phasing out SIBOR in 3 to 4 years
20/08/2020
Singapore Overnight Rate Average (SORA) proposed to be progressively used instead of SIBOR as the main interest rate benchmark for SGD financial markets in 3-4 years, to avoid market fragmentation, facilitate transparency and easier comparison of loan pricing. Consultation report proposes phasing out SIBOR in 3 to 4 years, shifting to new standard
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Highlights of latest Covid19 support measures
20/08/2020
Highlights of latest Covid19 support measures announced by DPM Heng on Monday: The Jobs Support Scheme will be extended by up to seven months to March 2021, subsidising wages of local workers by 10 per cent to 50 per cent. The COVID-19 Support Grant will be extended to December to help citizens and PRs who… View Article
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Luckin Coffee delisted for accounting fraud
19/08/2020
Luckin Coffee delisted after accounting fraud case. China says to penalise Luckin Coffee for accounting fraud
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Heavy penalties for tax-related offences
19/08/2020
There are heavy penalties for tax-related offences. Contact us at +65 66363691, +65 9326 2271 or info@lnmsolutions.com if you need assistance with income tax and goods and services tax compliance. Partner in firm gets fine, $1m penalty over tax offences
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Additional Funding for Hardest-Hit Sectors
19/08/2020
Government gives targeted support to aerospace, aviation and tourism sectors: Contact us at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! Extra stimulus for aerospace, aviation and tourism sectors; Singaporeans to get S$320m worth of local tourism credits
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SG sends strong signal on tax avoidance
18/08/2020
Singapore is taking a strong stance to combat tax avoidance, with the announcement by Singapore’s Ministry of Finance (MOF) on July 20, 2020, that it intends to amend the Income Tax Act and Stamp Duties Act to introduce a 50 per cent surcharge on tax avoidance arrangements. This will take effect for adjustments made to… View Article
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Cases of Data Protection Breaches
18/08/2020
Cases of data protection breaches: CDP among 3 organisations fined $47,000 in total for not securing personal data
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JSS extended till Mar 2021
17/08/2020
JSS extended for most industries till Mar 2021. Last payout will be on Jun 2021, as announced by DPM Heng today. Photo courtesy of Channel NewsAsia.
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Extended FWL Waiver and FWL Rebate
17/08/2020
MOM has announced that all firms in the construction, marine shipyard and process sectors will be receiving a 100 per cent waiver for levies due in July to September (extended to September 2020). The $375 foreign worker levy rebate paid to such firms will also be extended from July to September. S$320m set aside to… View Article
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