News

The Ministry of Trade & Industry (MTI) would like to invite comments from the public on the draft Manufacture of Optical Discs Bill. The draft Bill and an introductory note of the legislation, are on the MTI website at www.mti.gov.sg. These materials can also be accessed at the Government Online Consultation Portal at www.feedback.gov.sg.

Comments should reach MTI no later than 12.00 noon, 11 May 2004.

Ministry of Trade and Industry (MTI) has launched the first round of public consultations on The draft Competition Bill ("draft Bill") to solicit feedback on the proposed law. The document "Competition Bill Consultation Paper" sets out the approach and framework of the draft Bill. We encourage members of the public, companies, as well as consumer and business associations to give feedback on the draft Bill. Submissions may be sent through the following means. The feedback page is here (at www.mti.gov.sg).

The Inland Revenue Authority of Singapore is seeking feedback on its Consultation Paper on Proposed Tax Treatment on Benefits in Kind (BIK).

The Monetary Authority of Singapore invites feedback on its consultation paper on Amendments to the Code on Collective Investment Schemes.

Accounting and Corporate Regulatory Authority on 1 April 2004 issued a practice direction that requires all companies to publish its registration number on certain documents with effect from 1 October 2004.

Effective 1 April 2004, the Singapore Examinations & Assessment Board (SEAB) will function as a new statutory board under the Ministry of Education (MOE).

The Registry of Companies and Businesses (RCB) and The Public Accountants Board (PAB) have merged to form the Accounting and Corporate Regulatory Authority (ACRA) on 1 April 2004.

IPOS officially announced on 29 March 2004 the released of four draft bills to seek public feedback by 27 April 2004 on the amendments to the upcoming intellectual property (IP) legislation.

The four draft bills are the Patents (Amendment) Bill 2004, Trade Marks (Amendment) Bill 2004, Plant Variety Protection Bill 2004 and IP (Miscellaneous Amendments) Bills 2004.

The Economic Development Board is broadening its incentive schemes to help Singapore-based law firms to expand. The scheme also applies to accounting and auditing firms.

As part of EDB's concerted efforts to develop professional services, a new Expansion Incentive for Partnerships (EIP) programme for audit, accounting and law firms has been launched. This programme allows such firms, typically constituted as partnerships, to enjoy a 50% tax exemption on the qualifying overseas income above a pre-determined base. Previously, tax incentives were only available to manufacturing and services corporations. The EIP programme aims to encourage audit, accounting and law firms to use Singapore as their central business hub to develop their business and proficiencies locally and service the regional market from here.

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