News

A new Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income between Singapore and Malaysia enters into force on 13 February 2006 following the completion of ratification formalities. The provisions of this new Agreement shall cover income derived on or after 1st January 2007. The provisions of the old Agreement will cease to apply from the effective date of the new Agreement.

The Consumer Association of Singapore invited the public to give their views and feedback on the proposed revisions to the current Consumer Protection (Fair Trading) Act.

The Monetary Authority of Singapore (MAS) announced that the Singapore Deposit Insurance Corporation Limited (SDIC) has been set up to administer the deposit insurance scheme and manage the deposit insurance fund. This follows the enactment of the Deposit Insurance Act in 2005.

The Preservation of Monuments Board (PMB) will gazette the historic Ford Motor Factory for preservation as a national monument on 15 February 2006. The National Archives of Singapore (NAS) has converted the building to house a World War II gallery called “Memories at Old Ford Factory” and repository.

Supreme Court Judge, Justice Lai Kew Chai, will retire from 7 February, after 25 years on the Bench.

The Ministry of Manpower Demerit Points System for Employment Agencies take effect from 1 February 2006.

The Inter-Ministry Committee (IMC) on the Regulation of Charities and Institutions of a Public Character (IPCs) has released its preliminary recommendations for greater regulatory oversight of charities and IPCs, and to facilitate the growth of the charitable sector. The IMC invites public feedback on its proposed recommendations.

ACRA will not be operational on Saturdays with effect from 28 January 2006. However, users will continue to be able to make use of ACRA's self-help kiosk available at ACRA's premises on Saturdays.

The new Practice Direction No 1 of 2006 is to inform the public of the commencement of the Companies (Amendment) Act 2005 (“the Amendment Act”) on 30th Jan 2006, the consequential changes to Bizfile forms, the introduction of new forms in Bizfile and related matters. Some of the amendments include: removal of the concept of par value and authorized capital, reforms in the capital maintenance regime, introduction of treasury shares and amalgamation.

The Energy Market Authority and the Government intends to effect amendments to the Electricity Act to strengthen regulatory oversight of the electricity market. The public’s feedback is sought on the proposed amendments.

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