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Money laundering using shell companies
07/03/2024
Money laundering using shell companies: Shell companies in S’pore linked to money laundering operation in India Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #moneylaunderingcase
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IRAS (Amendment) Bill
01/03/2024
Under the new IRAS (Amendment) Bill passed recently, the amendments grant IRAS the powers of: – administering scheduled public schemes for the Government, or any other statutory body. – investigating fraud and abuse and – recovering grant funds that were disbursed wrongly. The new powers will allow it to access premises, conduct… View Article
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S’pore keeps 2024 growth forecast
27/02/2024
Low growth forecast for Singapore for 2024, as expansion in 2023 slowed to 1.1%. Singapore keeps 2024 growth forecast at 1%-3% as economy slows to 1.1% expansion in 2023 Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #GrowthForecast
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S’pore key exports to rebound in 2024
26/02/2024
Singapore key exports expected to grow in 2024 as her key trading partners, China, the US and the Asean-5 – Indonesia, Malaysia, the Philippines, Singapore and Thailand – are expected to see growth pick up. Singapore key exports to rebound in 2024 after 13.1% fall in 2023 on weak global demand Contact us for professional… View Article
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Budget 2024 – Corporate Income Rate
25/02/2024
* Moving forward, pillar 2 of BEPS 2.0 – an OECD project where more than 140 countries agree to bring the minimum effective tax rate of large corporates to 15% – will be implemented. * Currently, the headline corporate income rate is 17% in Singapore, but some investors pay an effective rate that is as… View Article
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Additional buyers’ stamp duties
24/02/2024
Budget 2024 – Additional buyers’ stamp duties for property developers * “Some flexibility” will also be accrued to the ABSD regime for housing developers. Currently, developers are granted an ABSD remission if they sell all units in their development by a deadline. For those who can’t sell all their units, they are subject to a… View Article
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Budget 2024 – Personal income tax rebates
24/02/2024
* There will be a personal income tax rebate of 50% for the AY 2024, capped at S$200. * Currently, taxpayers may also claim a range of dependent-related tax reliefs, if the dependants have an annual income of S$4,000 or less. This threshold will be raised to S$8,000 with effect from AY 2025. Contact us… View Article
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Budget 2024 – Employment Matters
23/02/2024
* CPF Contribution Rates will increase by 1.5 percentage points for those aged 55 to 65. *From 2025 onwards, the government will raise the maximum amount members can put into their CPF RA to receive higher CPF payouts. * The government’s CPF Transition Offset for employers will also be extended by another year to cover… View Article
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Budget 2024 – Employment matters
23/02/2024
* The qualifying income cap for the Workfare Income Supplement scheme will be raised from S$2,500 to S$3,000 to continue narrowing the income inequality gap. * Workfare payouts will be raised; lower-wage senior workers will qualify for a maximum annual payout of S$4,900, up from S$4,200. * The local qualifying salary, which is the lowest… View Article
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Budget 2024 – More SkillsFuture Credits
23/02/2024
Currently, all eligible Singaporeans aged 25 and above are entitled to S$500 in SkillsFuture credit to better upskill themselves and promote lifelong learning. Now, a new SkillsFuture Level-Up Programme will be introduced with a focus on supporting mid-career workers. This comprises a S$4,000 top-up in SkillsFuture credit top-up in May 2024 for Singaporeans aged 40… View Article
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Govt to refund $7.5m in GST wrongly collected by 6 agencies over 5 years
22/02/2024
According to Singapore’s goods and services tax system, GST should not be charged on fees for regulatory services. Do look out for refunds of GST previously wrongly collected by government agencies. Govt to refund $7.5m in GST wrongly collected by 6 agencies over 5 years Contact us for professional advice at +65 66363691, +65 9326… View Article
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EMPLOYEES OF THE FUTURE
22/02/2024
Why employees of the future need a new superpower – agility Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions
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Budget 2024 – Helping local firms to level up
22/02/2024
* Many Singapore companies grow rapidly by partnering with MNCs based locally. * To date, the PACT scheme (Partnerships for Capability Transformation) has been set in place to facilitate such collaborations. -In the coming months, this scheme will be enhanced to further support partnerships in these areas, specifically in capability training, internationalisation, and corporate venturing…. View Article
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Budget 2024 – Top-ups to build on strengths
21/02/2024
DPM Lawrence Wong also announces that the following funds and schemes will receive top-ups: * $1 billion investment over the next five years into the AI compute, talent and industry development * Additional resources to improve broadband speeds of up to 10 Gigabits per second (10 times faster than speeds in most homes today) from… View Article
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Budget 2024 – Top-ups to build on strengths
21/02/2024
*New tax credit scheme for attracting quality investments: – To attract high-quality investments, DPM Lawrence Wong announced a new tax credit with a refundable cash feature to encourage companies to make sizable investments to bring economic benefits in various sectors – particularly in key economic sectors and growth areas. – These include new manufacturing plants,… View Article
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Budget 2024 – $1.3bil support for businesses
21/02/2024
*All companies will get a 50% corporate income tax rebate for YA2025, capped at S$40,000. * Furthermore, a minimum of S$2,000 cash payouts will be given to companies that hire at least one local employee in 2023. * The Enterprise Financing Scheme will be enhanced, with the maximum working capital loan quantum to be raised… View Article
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S’pore’s largest case of money laundering
28/12/2023
Vast and tangled web: S’pore’s largest case of money laundering Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions
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Phishing scam involving supposed tax refunds
27/12/2023
10 victims lose at least $9,000 to phishing scam involving supposed tax refunds Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions
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S’pore can be philanthropic hub for South-east Asia
24/10/2023
Singapore can be philanthropic hub for South-east Asia, says social investor network Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions
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Money laundering case
12/10/2023
Tough challenge for charities : Money laundering case: Some suspects donated six-figure sums to charities Contact us for professional advice at +65 66363691, +65 9326 2271 or info@lnmsolutions.com! #cheapcorporatesecretarial #cheapaccounting #corporatesolutions #LNMSolutions #Charities
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