Monday, 26 February 2018
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Ex-Bank Clerk gets 13 and Half Years' Jail over $11.4M Swindle

A former bank clerk who admitted to 21 charges including converting the benefits of his criminal conduct was sentenced to a total of 13 and half years' jail.

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Other Headlines

Mentally Ill Man who beat Adoptive Father to Death jailed 15 Years

A mentally ill man was jailed for 15 years after the court found him guilty of charges including beating his adoptive father to death and assaulting his adoptive mother and girlfriend.
Date: 23 February 2018; Type: Legal News; Source: Singapore Law Watch

MAS Consults on Regulations to require OTC Derivatives to be traded on Organized Markets

Singapore, Feb 21 - The Monetary Authority of Singapore (MAS) issued for consultation today proposed regulations to require the trading of Over-The-Counter (OTC) derivatives on organised markets, to help improve market transparency. This requirement will complete MAS’ implementation of the G20 OTC derivatives reforms.
Date: 21 February 2018; Type: Legal News; Source: Monetary Authority of Singapore

GST walls for e-Commerce without Borders

The Singapore government is setting up a plan to charge GST from 2020 on imported services including e-books, and apps, popularly known as the "Netflix tax".
Date: 22 February 2018; Type: Legal News; Source: Singapore Law Watch

Close Watch by Banks and Developers on Imported Services GST

Banks are expected to take a closer look on their expenses on imported services as a small portion of goods and services tax will be levied on them by the year 2020.
Date: 22 February 2018; Type: Tax News; Source: Singapore Law Watch

IRAS releases Consultation Papers on e-Commerce Transactions

The Inland Revenue Authority of Singapore (IRAS) has published two consultation papers on Feb 20 regarding taxing e-commerce transactions for businesses and individuals buying digital services from overseas providers.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Buyer's Stamp Duty Hike a preferred tool to Wealth Taxes

The Buyer's Stamp Duty hike in the budget has received praise from tax consultants and other experts as they think it is easier to implement and less disruptive than other alternatives.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Court rules against Sale of Beauty World Food Centre

The collective sale of the Beauty World Food Centre has stalled as the High Court found that three trustees had fallen short in their duty to obtain the best price for the stallholders.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Borrowing Plan will help fund Higher Infrastructure Spending

Singapore is looking to ramp up its spending on infrastructure by borrowing to fund its projects, and plans to use the country's national reserves to guarantee such borrowings.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

David James Roach's Extradition Request and Accompanying Assurance

The Singapore Government is working with UK authorities on the extradition of David James Roach to Singapore. As part of the extradition proceedings, the UK Government has requested an assurance that if Roach were to be found guilty by a Singapore Court of robbery, the sentence of corporal punishment will not be carried out.
Date: 20 February 2018; Type: Legal News; Source: Ministry of Home Affairs

Reit ETFs to enjoy Tax Transparency

Tax transparency treatment for Singapore-listed real estate investment trusts (S-Reits) will soon be extended to exchange-traded funds (ETFs) invested in these REITs.
Date: 20 February 2018; Type: Tax News; Source: Singapore Law Watch

Judge rules against Financial Director who wanted Quick Divorce

District Judge Cheryl Koh denied an application of a businessman for a quick divorce and directed him to wait out the mandatory separation period to obtain the formal split.
Date: 20 February 2018; Type: Legal News; Source: Singapore Law Watch

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

Buyer's Stamp Duty (BSD) Rate to be raised, on the Value of Residential Property in excess of of $1 Million

The Minister for Finance announced in the 2018 Budget Speech that the top marginal Buyer’s Stamp Duty (BSD) rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised BSD rates will apply to all residential properties acquired on or after 20 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

Budget 2018: Together, a Better Future

Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament on Mon, 19 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

MAS Consults on Regulations to require OTC Derivatives to be traded on Organized Markets

Singapore, Feb 21 - The Monetary Authority of Singapore (MAS) issued for consultation today proposed regulations to require the trading of Over-The-Counter (OTC) derivatives on organised markets, to help improve market t ...

IRAS releases Consultation Papers on e-Commerce Transactions Buyer's Stamp Duty Hike a preferred tool to Wealth Taxes Borrowing Plan will help fund Higher Infrastructure Spending more

Court rules against Sale of Beauty World Food Centre

The collective sale of the Beauty World Food Centre has stalled as the High Court found that three trustees had fallen short in their duty to obtain the best price for the stallholders.

Partner's Shares in Firm worth $15K, Court rules Prospaq Group Pte Ltd v Yong Xing Construction Pte Ltd Jhaveri Darsan Jitendra and Others v Salgaocar Anil Vassudeva and Others more

Ex-Bank Clerk gets 13 and Half Years' Jail over $11.4M Swindle

A former bank clerk who admitted to 21 charges including converting the benefits of his criminal conduct was sentenced to a total of 13 and half years' jail.

Mentally Ill Man who beat Adoptive Father to Death jailed 15 Years Criminal Appeal: Strict Terms for Fresh Prosecution Evidence Zainudin bin Mohamed v Public Prosecutor more

GST walls for e-Commerce without Borders

The Singapore government is setting up a plan to charge GST from 2020 on imported services including e-books, and apps, popularly known as the "Netflix tax".

Close Watch by Banks and Developers on Imported Services GST Reit ETFs to enjoy Tax Transparency Shaking up Singapore's Transfer Pricing Regime more

Rapid Transit Systems (Creation of Rights) Notification 2018

This is to notify that an Authority or any person authorised by the Authority may, at any reasonable time, enter upon the railway area and exercise such rights as are described in the Schedule in, under or over the ...

Road Traffic (Chingay Parade 2018) (Exemption) Order 2018 Singapore concludes Open Skies Agreement with Guyana Road Traffic (Singapore Airshow 2018) (Exemption) (No. 2) Order 2018 more

Industry Updates

More Support for Firms to innovate and go International Companies

The government will provide more support to firms that buy solutions and for those that develop their own innovations or team up with partners, in the form of tax reliefs.

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Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Industry Updates

Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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Industry Updates

Three New Judicial Commissioners of High Court appointed

Tan Puay Boon, Mavis Chionh and Ang Cheng Hock have been appointed as the Judicial Commissioners of the High Court by the President Halimah Yacob.

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Industry Updates

Singapore must help shape International Law: Indranee

Senior Minister of State for Finance and Law Indranee Rajah urged that Singapore must actively help to shape International Law as its impact on domestic economic and social life will continue to grow.

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Industry Updates

Experts from Asia affirm Need to push towards Convergence of Legal Frameworks to facilitate Cross-Border Data Flows

Singapore, Feb 7 - For the first time in Asia, representatives from government, data protection regulators, industry and the legal community across 19 countries met to discuss how to achieve a common Asian framework to share and transfer information across international borders.

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Industry Updates

MAS Encourages Financial Institutions to use Technology to On-board Customers more Efficiently

Singapore, Feb 7 - The Monetary Authority of Singapore (MAS) has issued a new guidance to financial institutions (FIs) on the use of innovative technology solutions to facilitate safe, non-face-to-face customer on-boarding.

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Industry Updates

State Courts launch Online Filing for Neighbour Disputes

The second phase of the State Courts’ Community Justice and Tribunals System (CJTS) was launched by the Community Justice and Tribunals Division (CJTD) today.

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Industry Updates

ASEAN: Terrorism most serious Security Threat to Region

SINGAPORE, Feb 6 (Bernama) - The ASEAN Defence Ministers today unanimously identified terrorism as the most serious security threat to the region.

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Industry Updates

ASEAN unanimously agreed on KSCIP Initiative

SINGAPORE, Feb 6 (Bernama) - All 10 ASEAN countries have agreed with the King Salman Center for International Peace (KSCIP) initiative, said Malaysian Defence Minister Datuk Seri Hishammuddin Tun Hussein.

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Industry Updates

Law Society seeks to boost Gender Diversity

In a move to boost gender diversity in the legal industry, the Law Society has formed a task force to look at women-in-workplace issues like mentoring and office harassment.

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Industry Updates

New Programme to help Legal Sector go Global

A new programme, Lawyers Go Global, was launched recently to help Singapore law firms take their practice abroad with overseas mission trips, training and marketing.

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