News

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.

The Infocomm Development Authority of Singapore (IDA) and Attorney-General's Chambers (AGC) are conducting a joint consultation on Electronic Contracting Issues. The consultation concerns possible amendments to the Electronic Transactions Act (ETA) relating to electronic contracting.

The Ministry of Manpower has amended the Second Schedule of the Workmen's Compensation Act to include Avian Influenza as one of the compensable occupational diseases.

An Agreement between the Government of the Republic of Singapore and the Government of the Arab Republic of Egypt for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with respect to Taxes on Income enters into force on 27 Jan 2004 following the completion of ratification process. Its provisions shall apply generally with effect from Year of Assessment 2006.

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