Category: News

Understanding Singapore’s Auto-Inclusion Scheme (AIS) for Employment Income The Auto-Inclusion Scheme (AIS) mandates Singapore employers to electronically submit employees’ income details to the Inland Revenue Authority of Singapore (IRAS), streamlining the tax filing process and enhancing accuracy.   November 2024 Inland Revenue Authority of Singapore (IRAS) The Auto-Inclusion Scheme (AIS) is an initiative by the…

Singapore Strengthens Tax Transparency with Crypto-Asset Reporting Framework Singapore is enhancing its international tax cooperation by adopting the Crypto-Asset Reporting Framework (CARF) developed by the OECD. This framework facilitates the automatic exchange of tax-related information on crypto assets between jurisdictions. From 1 January 2025, Singapore-based intermediaries, including exchanges and wallet providers, will be required to…

Singapore Carves Niche in Global AI Landscape Amidst Intensifying Competition Amidst global competition for artificial intelligence (AI) supremacy, Singapore is establishing itself as a leader in select AI domains. The nation’s strategic initiatives focus on economic impact and public good, supported by robust talent development and international collaborations. sending a “stern warning” to “separatist” forces…

ChatGPT-maker OpenAI to open Singapore office this year to support regional expansion OpenAI announces plans to open its first office in Singapore by the end of 2024, marking its expansion into the Asia-Pacific region. The Singapore office will support partnerships with local governments, businesses, and institutions, reinforcing the nation’s role as a leader in AI…

Singapore Launches ESG Impact Hub to Propel Green Finance Initiatives The Monetary Authority of Singapore (MAS) has inaugurated the ESG Impact Hub to foster collaboration among ESG fintech startups, financial institutions, and stakeholders, aiming to enhance the nation’s green finance ecosystem.   October 2022 Monetary Authority of Singapore launched the ESG Impact Hub to help…

New ACRA Contact Address Requirement for Residential Privacy Protection The Accounting and Corporate Regulatory Authority (ACRA) introduces a “Contact Address” to replace the Alternate Address for directors, CEOs, and secretaries. This change, effective July 4, 2024, enhances the protection of residential addresses while maintaining accessibility for communication and official notices.   July 2024 Introduction of…