News

This Circular clarifies the property tax treatment on en-bloc sales sites or developments which are collectively sold by the owners of individual units to the developer.

India and Singapore have concluded a round of air services consultations with the signing of a Memorandum of Understanding (MoU) to expand the air services between both countries. This will pave the way for carriers of both sides to increase the number of services between the Indian metropolitan cities of Chennai, Bangalore and Delhi, and Singapore. A new air link between the Indian city of Coimbatore and Singapore is now also possible. There are additional fifth freedom traffic rights granted to the airlines of both India and Singapore under the MoU.

An Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income was signed today between the Republic of Singapore and the Kingdom of Morocco.

AFTER 43 years in the legal profession, the Chief Judge of Malaya, Siti Norma Yaakob, retired on 5 January 2007.

The Chief Justice Chan Sek Keong announced at the Opening Of the Legal Year 2007 the appointment of three new Senior Counsels - Sant Singh, Harpeet Singh and Toh Kian Sing. This being in total 45 Senior Counsels in Singapore.

The Singapore Management University (SMU) will be starting a School of Law with effect from 2007. The SMU School of Law will provide legal education with a strong business orientation to prepare its graduates for law practice in Singapore and in the region. It will also add richness and diversity to the legal education landscape in Singapore. The School will offer a 4-year undergraduate single Law degree programme, and a 5-year double degree programme combining the Law degree programme with SMU’s existing non-law programmes of Accountancy, Business, Economics, Information Systems, and Social Sciences. The School will start to admit students in Academic Year (AY) 2007.

In a press statement dated 27 December 2006, but embargoed for release on 4 Janaury 2007, the Subordinate Courts announced its new and improved website which will also host the new ATOMS on the Internet. ATOMS on the Internet will enable offenders of minor traffic and parking offences will be able to settle their traffic or parking fines online.

The Monetary Authority of Singapore (MAS) issued amendments to the Code on Collective Investment Schemes (Code) to give fund managers greater operational flexibility while safeguarding investors' interest.

The 1998 concession on deferment of payment of stamp duty on agreements for purchase of properties will be withdrawn with immediate effect from 15 December 2006. Henceforth, the purchase of a property will pay stamp duty based on normal stamp duty rule that is within 14 days after the date of the sale and purchase agreement or the date of acceptance of the option to purchase.

The new Agreement for the Avoidance of Double Taxation between Singapore and Germany comes into effect on 12 December 2006. This follows the completion of ratification formalities and exchange of ratification instruments in Berlin.

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