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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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National Wage Council – Wages Recommendations
17/08/2020
National Wage Council meeting again for second time this year to review new recommendations for wages in the midst of Covid19 economic crisis, in attempt to save jobs. National Wages Council to reconvene this year amid Covid-19’s rising toll on Singapore jobs
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SG United Mid-Career Pathways Programme
14/08/2020
For companies looking to offer Attachments for Mid-Career Singaporeans and Permanent Residents, do consider signing up for SG United Mid-Career Pathways Programme. Under this programme, the Government will fund 80% of the training allowance, while the host organisation funds the remaining 20% for the programme duration. #SGUnited SGUnited Mid-Career Pathways Programme – Enterprise Attachment Track… View Article
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Manpower issues in construction sector
14/08/2020
Construction sector in Singapore faces continued manpower issues Manpower issues pose biggest roadblocks for construction firms seeking to resume business amid Covid-19 pandemic
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Non-compliance of Income Tax & GST Laws
08/08/2020
Need help complying with Income Tax and GST laws? Approach us for a free consultancy at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! Used Car Dealer Abetted Company to Understate over $6 million of Income
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MAS fined International trust Asiaciti Trust
07/08/2020
Case: International trust Asiaciti Trust fined by MAS for poor controls against money laundering and terrorism financing. Internal controls and proper cashflow management are very important for any corporate companies and businesses. Contact us at at +65 66363691, +65 9326 2271 or info@lnmsolutions.com for timely consultancy. Asiaciti Trust fined S$1.1m for poor money-laundering controls
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COVID-19 Support Measures and Tax Guidance
07/08/2020
Updated Tax Guidance on COVID-19 Support Measures: COVID-19 Support Measures and Tax Guidance
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Singapore Job Market Situation
07/08/2020
“Without the SGUnited Jobs and Skills programme, the local job market conditions would have likely deteriorated faster,” said OCBC Bank head of treasury research and strategy Selena Ling. Experts fear worst may be yet to come in S’pore job market
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Responsible Retrenchment Practices
06/08/2020
Fair Retrenchment Framework proposed on three key principles: protecting the Singaporean core of the workforce, preserving jobs and providing job support. NTUC calls on firms to observe responsible retrenchment practices, keep Singaporean core
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Register of Registrable Controllers (RORC)
06/08/2020
Under the law, all companies, foreign companies and LLPs, unless exempted, are required to file the information in their existing RORC with ACRA’s Central Register of Controllers, within 30 days from 30 July 2020. In view that Singapore has just exited the Circuit Breaker and to assist business entities to ease into the resumption of… View Article
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Incorrect Declaration of Directors’ Fees
05/08/2020
We can help you ensure your corporate tax and individual tax are properly filed to IRAS! Contact us at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! Investment Company and its Director Fined for Incorrect Declaration of Directors’ Fees in Tax Returns
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