Standard Chartered is enticing Chinese customers with short-term deposit rates reaching up to 10 per cent to attract deposits from mainland China and bolster Hong Kong's status as a wealth hub. As part of the Wealth Management Connect program, eligible customers can exchange renminbi for US dollars with funds equivalent to HK$100,000 (S$17,390) or more [...]
The Auto-Inclusion Scheme (AIS) is a system where employers electronically submit their employees’ employment income details to the Inland Revenue Authority of Singapore (IRAS). Subsequently, IRAS automatically incorporates this information into the employees’ online tax returns and assessments. Here's how it works: Employers are required to compile all employment income information and submit it via [...]
It is highly recommended to initiate early preparations to seamlessly transition to the new GST rate of 9% effective from January 1, 2024. This involves potential adjustments to your point-of-sale, invoicing, accounting systems, and other operational aspects, including updating price displays to reflect the revised rate. The Budget In the Budget announcement of 2022, [...]
The Monetary Authority of Singapore recently announced that individuals dealing with digital payment token (DPT) services from Singapore-regulated providers will be prohibited from using local credit cards to purchase cryptocurrencies. Additionally, they will be required to undergo assessments regarding the risks associated with trading in DPTs. DPTs are known for their volatile prices. These conditions [...]