All news by:

INLAND REVENUE AUTHORITY OF SINGAPORE RELEASES THE SIXTH EDITION OF TRANSFER PRICING GUIDELINES

On 10 August 2021, the IRAS released the sixth edition of the Singapore TP Guidelines (“Sixth Edition TPG”), updating and replacing the previous version released in February 2018. The Sixth Edition TPG takes into account some of the key contents from OECD Transfer Pricing Guidelines as well as presents an opportunity for taxpayers to revisit their transfer pricing policy and documentation to ensure they are in alignment with the IRAS TP compliance requirements...

WHEN SPAC'S COME IRRESISTIBLY CLOSE - HOW ASIA STOCK EXCHANGES' CARD UP THEIR SLEEVES?

A special purpose acquisition company (“SPAC”) is a shell corporate or blank-check listing looking for an acquisition opportunity to bring another private company listed. In short, it is led by a management team, a.k.a. a sponsor, and it raises money through an IPO before an acquisition target is identified...

DEMOCRATISING PROPERTY INVESTMENT

A digital real estate revolution is spreading across the world as property specialists increasingly ‘tokenise’ assets to improve liquidity in the world’s most valuable asset class...

THE FUTURE OF PROPERTY: BEDS, MEDS AND SHEDS

Real estate investment has bounced back strongly as the world comes to terms with Covid, with exciting new asset classes and so-called “secondary” locations on investors’ radar for the first time. At the same time, many traditional bricks and mortar investments may never again deliver the returns property funds once relied on.

TRANSFER PRICING BRIEF FROM ACROSS THE REGION

While the world has been witnessing COVID-19 roaring across the globe since early 2020 and a Delta variant hitting us even stronger in the second half of 2021, in the professional world, the tax experts from Moore Asia Pacific have been reaching out to each other and building a better tax community for this part of the world, sharing insights from mainland China, Hong Kong, Indonesia and Singapore.

THE MISSION TO SEAFARERS RAISES £320,000 FOR SUSTAINING CREW WELFARE CAMPAIGN

The Mission to Seafarers has raised £320,000 for its ongoing crew welfare campaign, thanks to the generosity of donors from across the shipping industry...

TOP 5 MATTERS TO CONSIDER IN TRANSFER PRICING TO SLEEP WELL!

Do you believe that your business is already in compliance with the Singapore TP requirements?  If so, are your answers to the following questions positive?  If not, what do you have to do?  We highlight 5 critical areas from a Singapore TP perspective below, to do a self-test.

SINGAPORE SHIPPING FORUM 2021: CASTING AN EYE ON MARKETS IN 2021 AND BEYOND

Managing Director of Maritime Strategies International pointed out that market inefficiencies have played a key role in keeping shipping markets buoyant in 2020. However, the industry should be vigilant for consequences when these inefficiencies unwind...

DISCOVER MOORE: MEET KE JUN

We kick off our first #DiscoverMoore podcast with NUS Alumni and Audit and Assurance Manager, Ke Jun as he shares more about his progressive journey and life at Moore Singapore…

MOORE APAC WEBINAR 2021: LEASES ONE YEAR ON

Lease accounting doesn't suddenly stop once you completed the transition year. It only gets harder... 

SINGAPORE SHIPPING FORUM 2021: RECOVERY IN PORTS AND THE SHIPPING INDUSTRY - THE POST COVID PANDEMIC LANDSCAPE

There are reasons to be cautiously optimistic on the global economy, including the maritime sector, according to Dr Yap Wei Yim, Head of International Trade Management at the Singapore University of Social Sciences... 

SINGAPORE SHIPPING FORUM 2021: AN INVESTOR'S PERSPECTIVE: STRATEGIES FOR THE POST PANDEMIC WORLD FOR SUSTAINABILITY

Mr. Philip Clausius, Founder and Managing Partner of Transport Capital, viewed that a more rigorous regulatory framework and more proactive involvement of small and medium shipowners will be key to effective decarbonisation in shipping...

SINGAPORE SHIPPING FORUM 2021: SHIPPING COMPANY TRANSFORMATION TO MEET NEW CHALLENGES AND OPPORTUNITIES

Shipping decarbonisation transition is a massive effort, and the responsibility cannot fall on ship owners alone, in the opinion of Mr. Dimitris Patrikios, CEO of Kyklades Maritime Corporation...

SINGAPORE SHIPPING FORUM 2021: SHIPPING - POST-PANDEMIC

Mr. John Michael Radziwill, Chairman and Chief Executive Officer of CTM and GoodBulk Ltd, took the stage at the Singapore Shipping Forum 2021 to discuss the dry bulk industry...

SINGAPORE SHIPPING FORUM 2021: EVOLUTIONS AND THE TRENDS OF SUSTAINABLE FINANCE IN SHIPPING

Interest in Sustainable Finance products will continue to accelerate in shipping, according to Ms. Marisa Dupuis, Vice President, Shipping & Offshore, Transportation Sector, Investment Banking APAC, BNP Paribas... 

SINGAPORE SHIPPING FORUM 2021: OVERVIEW OF THE SHIPPING INDUSTRY

As part of the key topics in the 2021 Singapore Shipping Forum: Shipping - Post Pandemic, Mr. Chris Johnson, Senior Partner and Head of Shipping at Moore Stephens Singapore, provided an introduction to the forum topics by touching briefly on the expected rebound of economic activity in the coming months, the outstanding performance of the dry bulk and containership sectors in the past quarter, and the huge expected cost of decarbonisation to the shipping industry....   

THE BIG PIVOT

When Covid hit, most of the world’s factories closed their doors. A year on, those plants are back in operation but many business owners are bracing to make a Big Pivot to compete in a much-changed economic landscape.

WE’RE OFF TO A GREAT START IN 2021: TWO NEW FIRMS JOINING IN KEY MARKETS

Moore Global continues to grow in key Asia Pacific and Latin American markets with the addition of two new firms - Walker Davey Searells Limited and Pérez, Mejia Navas, SA de C.V. Both firms will adopt the Moore brand...

LIGHTING THE FIRE UNDER $3 TRILLION OF DRY POWDER

There will be no shortage of funds available to the smartest manufacturers and distributors to invest in technology that boosts efficiency and profitability.

MOORE NORTH AMERICA FIRMS RANK AMONGST THE BEST

The 2021 Accounting Today list of Top 100 Firms was recently released, and we are proud to announce that eight of our U.S.-based member firms have been recognised as top performers, making Moore North America the third most represented network or association.

SPOTLIGHT ON DA HUA CERTIFIED PUBLIC ACCOUNTANTS, CHINA ("DA HUA")

Founded in 1985, Da Hua is one of the largest large-scale accounting firms in China, one of the first batch of domestic firms approved to engage in H-share listing auditing, and a pilot firm carrying out the program for collectivized development of large-scale accounting firms launched by the Ministry of Finance...

SPOTLIGHT ON PEOPLE

The editorial team will like to take this opportunity to thank Michelle Chong and Ludovicus Sensi Wondabio for the candid sharing sessions, as well as their thoughts on strengthening network growth and collaboration.

MOORE ASIA PACIFIC CONFERENCE 2020

The coming years will present many changes and challenges for the profession, but opportunities for network collaboration and synergies abound. This was one of the key takeaways from the 2020 Moore Asia Pacific Conference...

AN OVERVIEW OF A SINGAPORE VARIABLE CAPITAL COMPANY

In this article, we look in detail, some of the prominent features of a VCC from a corporate secretarial perspective...

SINGAPORE - A MAJOR MARITIME HUB

Singapore does not operate a tonnage tax system. Instead, it adopts a liberal shipping policy which encourages companies to both register their ships in Singapore and also to locate their shipping and marine-related business in Singapore...

VARIABLE CAPITAL COMPANY – WHY THE HYPE?

“The introduction of this corporate structure, known as the variable capital company or VCC, will be a game changer for Singapore’s fund management industry” according to Second Minister for Finance Ms. Indranee Rajah.

TRANSFER PRICING BRIEF - DECEMBER 2020

Welcome to this issue of Moore Global’s Transfer Pricing Brief. This is Issue No 4 of 2020, the year that will forever be remembered for the devastating worldwide coronavirus (COVID-19) pandemic.  

MOORE INTELLIGENCE: NEW YORK IS EERILY QUIET BUT THERE ARE PLANS TO REINVENT THE WORLD'S FINANCIAL HUB

The trains in Manhattan are practically empty and the streets are quiet but behind the scenes planners and property experts are rethinking the role of the skyscrapers dominating the skyline.  

MOORE INTELLIGENCE: SMART TECHNOLOGY IS HELPING COMPANIES SURVIVE AND DRIVING AN M&A BOOM

A digital revolution among small and medium size enterprises worldwide is accelerating at an unprecedented pace as business owners invest in data analytics and automation to survive and thrive in a fiercely challenging environment...

COVID-19: ACCOUNTING TREATMENT FOR JOB SUPPORT SCHEME

As a response to the COVID-19 pandemic, governments around the world are implementing measures to help businesses and economies get through it. The Singapore government has announced various support schemes during the year in the form of income tax rebate and reliefs to protect local business and residents...

IN THE LEAD: BUSINESS RESILIENCE

Take it from me – in the last year, my firm and many of our clients have operated throughout a period of widespread civil protest on the streets of Hong Kong. Now, at the time of writing, the authorities are ramping up measures to combat the spread of the coronavirus, which has just claimed its first fatality here.

SPOTLIGHT ON MOORE SHISEI

Moore Shisei, a member of Moore Global since 1992, is a full service accounting firm that began operations in 1978, and has provided over 40 years of high-quality professional services to our clients...

TOP 4 EVOLVING RISKS AND WHAT YOU CAN DO ABOUT IT

Jack Ma once said “Today is hard, tomorrow will be worse. But the day after tomorrow, it will be sunshine.” The coronavirus pandemic (“COVID”) has made the day hard for businesses and disrupted the global economy, which is projected to shrink by 3% in 2020 based on the world economic outlook of the International Monetary Fund...

FINANCIAL REPORTING CHANGES IN PHASE 2 OF THE INTEREST RATE BENCHMARK REFORM

“...the substitution of inter-bank offered rates will have important implications for accounting and auditing of certain financial instruments, leases and insurance contracts...” 

IMPACT OF COVID-19 ON TRANSFER PRICING

Once the “new” normal business operations resume, companies can anticipate that governments and tax authorities around the world will place greater emphasis on tax collection and transfer pricing matters, in order to replenish national budgets caused by the economic slowdown during the period, as well as the cost of government support packages to deal with the pandemic...  

FINANCIAL REPORTING IMPLICATIONS OF COVID-19

Virtually all economic and financial markets have been impacted by the COVID-19 pandemic that erupted since January 2020. As global governments take measures to stem its spread by imposing economic lockdowns, countries are experiencing increasing unemployment, broad declines in aggregate consumer demand, soaring inventory levels, and reductions in production.   

POSITIVE PARTICIPANT FEEDBACK FOR MOORE AMBITION

“It doesn’t matter where you came from - it does not limit where you can go and what you can achieve.”

CONTRACTUAL AND LEGAL PROTECTION UNDER COVID-19

As COVID-19 escalates across the globe, governments have scrambled to institute emergency economic measures to safeguard businesses and livelihoods. This includes usual measures within the budgetary arsenal including tax relief, grants, and government loans. However, one of the less usual measures introduced in this economic crisis, are regulatory measures to provide relief from legal and contractual obligations. This article considers the potential impact of these measures.

AUDIT IMPLICATIONS ARISING FROM COVID-19

The coronavirus (COVID-19) has been classified by the World Health Organisation (WHO) as a global pandemic. As Governments are adopting structured and precautionary actions to prevent and delay the spread of the infection, many businesses are facing significant challenges in dealing with the evolving crises.

COVID-19 TEMPORARY BILL

On 7 April 2020, Singapore has passed the COVID-19 (Temporary Measures) Bill to offer temporary reliefs to address the impact of COVID-19 pandemic to businesses and individuals who are unable to fulfil their contractual obligations as well as... 

UNITY, RESILIENCE AND SOLIDARITY BUDGET 2020 - CHANGES PROPOSED TO HELP BUSINESSES COMBAT COVID-19

The Singapore Budget 2020 (also known as the Unity Budget) presented on 18 February 2020 was centered on ensuring sufficient targeted support measures for businesses that are negatively impacted by the COVID-19 outbreak. Given the uncertainties in the global economy and cognizant of the impact of COVID-19 to businesses in 2020, the Singapore Government had initiated various tax changes aimed at helping businesses cope with the immediate challenges in cash flows. 

TOP BUSINESS CONSIDERATIONS EMERGING FROM COVID-19

The emergence of COVID-19 has provided an awakening call for much of the business world. With nearly 3 billion people around the globe under COVID-19 lockdowns, many businesses in the world are experiencing unprecedented business challenges.

BIG DATA AND BIG OIL

Few industries need and produce richer, greater volumes of data than oil and gas: terabytes of the stuff from the geological exploration and appraisal process; the complex modelling and measurement applied to daily onshore and offshore active operations;  the electronic brains behind the delivery of cargoes, coordinating the thousands of tankers and pipelines taking the raw product from field to refinery; and then, of course, the digital monitoring and sensors needed to support the refining and processing of the crude and gas into petroleum and LNG.

Singapore's Upcoming Game Changer in Fund Management - The Variable Capital Company

A VCC will not be required to disclose its register of shareholders to the public, although it may be required to disclose such information to supervisory and enforcement agencies. The financial statements also need not be made public. This will provide shareholders with enhanced privacy and anonymity.

Sustainability Reporting - Reimagining the Shipping Business in Green

Pursuant to the adoption of the 2030 Agenda for Sustainability Development with 17 Sustainability Development Goals by the United Nations (“UN”) in 2015, the International Maritime Organisation (“IMO”), as part of the UN, has since established several important targets related to these SDGs. These targets, amongst many others, include the 0.5% global sulphur cap coming into force from 1 January 2020 and the reduction of greenhouse gas (“GHG”) emissions by at least half before 2050 compared to 2008, reduction of average carbon emissions of 40% by 2030 and then 70% by 2050 from 2008.

Singapore Financial Reporting Seminar 2019

As regulations grow in volume and complexity, the need for expertise and professional judgement can only be expected to increase.… The 2019 Moore Stephens-CCS Financial Reporting Seminar, led by financial reporting and taxation specialists from Moore Stephens LLP and the Singapore Management University and held at the Suntec City Convention Centre on 20 September 2019, attracted more than 200 participants including Company Directors, Chief Financial Officers, and Finance Executives.

Direction and Trends in Sustainability Reporting

Sustainability reporting has since progressed from the traditional corporate social responsibility (CSR) model to integrate environmental, social and governance (“ESG”) practices in business operations and strategy. This progression...

Singapore Budget Seminar 2019

The Singapore Budget Seminar 2019, jointly organised by Moore Stephens LLP and Complete Corporate Services (“CCS”), was successfully concluded at the Suntec City Convention Centre on 26 February 2019, attended by almost 200 delegates. Prominent guest speakers...

Singapore Exchange (SGX) Amends Voluntary Delisting Rules to Protect Minority Shareholders

On 11 July 2019, the regulatory arm of SGX amended voluntary delisting rules with immediate effect after relevant public consultations. These amendments followed minority investors have expressed dissatisfaction at certain listed companies...

Moore Stephens LLP - Singapore Shipping Forum 2019: Current Shipping Developments & Green Shipping

The Singapore Shipping Forum 2019 was successfully concluded at The Westin Singapore on 11 April 2019 with an attendance of some 250 international delegates. This event, organised by Moore Stephens in conjunction with co-sponsor BNP Paribas, was conducted in conjunction with the Singapore Maritime Week 2019, an event supported by both the Singapore Shipping Association (SSA) and the Maritime and Port Authority of Singapore.   

Taxation of Singapore-Based Cost Centres  

‘Service companies that no longer qualify for the CM basis should prepare to revert to the NTC basis, latest by YA 2020 (i.e. financial year ended/ending in 2019).’

Understanding the New Leasing Standards

By now, most of those involved in preparing or using accounts should be familiar with the headline changes that will be introduced by the new lease accounting standards starting in 2019 under IFRS 16 Leases or ASC 842 Leases.

Data Analytics procedures may soon be incorporated into Global Auditing Requirements

The International Auditing Standards Board, IAASB, has set up the Data Analytics Working Group (DAWG) to look into the incorporation of data analytics procedures into the global auditing requirements. DAWG has recently published a working document on this subject for which input is requested.

Survey highlights investor preference for Audit Committee commentaries

During the 2016 Singapore Accountancy Convention, Senior Minister of State for Law and Finance Indranee Rajah urged Audit Committees to provide commentaries on financial reports.