Singapore Law Blog

Following the Prime Minister's Budget Speech on guidance concerning transfer pricing, the Inland Revenue Authority of Singapore (IRAS) on 23 February 2006 issued a circular entitled "Transfer Pricing Guidelines" (Ref: 2006/IT/2).

The Malaysian government has postponed the implementation of a goods and services tax to allow businesses time to get ready.

Former Deputy Prime Minister S. Rajaratnam, one of Singapore's founding fathers, has died.

The Prime Minister has listed in his budget speech on 17 Fenruary 2006 a number of Acts where the record keeping time frames are to be reduced. We will post the necessary updates as and when the relevant amendments are tabled and passed in Parliament.

Prime Minister Lee Hsien Loong on 17 February 2006, unveils a budget with $3.6 billion earmarked to help Singaporeans.

Two men have become the first in Singapore to be jailed for illegally distributing music online.

The Residential Property (Amendment) Bill that was introduced in Parliament on 16 January 2006 was passed on 14 February 2006. The Act implements the changes to rules on foreigners owning residential properties announced in Parliament by the Minister of National Development on 19 July 2005.

The Casino Controll Bill was passed in Parliament on 14 Feb 2006.

Information, Communications and The Arts Minister Lee Boon Yang told Parliament that wider protection for personal information is needed in Singapore.

The Casino Control Bill 2006, 2nd Reading Speech by DPM and Minister for Home Affairs, Wong Kan Seng, Parliament Sitting, 13 February 2006.

The Energy Market Authority (EMA) invites feedback from the public on the proposed amendments to the Gas Act to implement the Government’s policy decision to restructure the gas industry to facilitate competition in gas import and retail.

A new Agreement for the Avoidance of Double Taxation and Prevention of Fiscal Evasion with respect to Taxes on Income between Singapore and Malaysia enters into force on 13 February 2006 following the completion of ratification formalities. The provisions of this new Agreement shall cover income derived on or after 1st January 2007. The provisions of the old Agreement will cease to apply from the effective date of the new Agreement.

The Consumer Association of Singapore invited the public to give their views and feedback on the proposed revisions to the current Consumer Protection (Fair Trading) Act.

The Monetary Authority of Singapore (MAS) announced that the Singapore Deposit Insurance Corporation Limited (SDIC) has been set up to administer the deposit insurance scheme and manage the deposit insurance fund. This follows the enactment of the Deposit Insurance Act in 2005.

The Preservation of Monuments Board (PMB) will gazette the historic Ford Motor Factory for preservation as a national monument on 15 February 2006. The National Archives of Singapore (NAS) has converted the building to house a World War II gallery called “Memories at Old Ford Factory” and repository.

Supreme Court Judge, Justice Lai Kew Chai, will retire from 7 February, after 25 years on the Bench.

The Ministry of Manpower Demerit Points System for Employment Agencies take effect from 1 February 2006.

The Inter-Ministry Committee (IMC) on the Regulation of Charities and Institutions of a Public Character (IPCs) has released its preliminary recommendations for greater regulatory oversight of charities and IPCs, and to facilitate the growth of the charitable sector. The IMC invites public feedback on its proposed recommendations.

ACRA will not be operational on Saturdays with effect from 28 January 2006. However, users will continue to be able to make use of ACRA's self-help kiosk available at ACRA's premises on Saturdays.

The new Practice Direction No 1 of 2006 is to inform the public of the commencement of the Companies (Amendment) Act 2005 (“the Amendment Act”) on 30th Jan 2006, the consequential changes to Bizfile forms, the introduction of new forms in Bizfile and related matters. Some of the amendments include: removal of the concept of par value and authorized capital, reforms in the capital maintenance regime, introduction of treasury shares and amalgamation.

The Energy Market Authority and the Government intends to effect amendments to the Electricity Act to strengthen regulatory oversight of the electricity market. The public’s feedback is sought on the proposed amendments.

The Agri-Food and Veterinary Authority (AVA) is seeking public feedback on proposed new measures for managing the pet and stray dog populations in Singapore. These measures serve to promote responsible pet ownership through improved traceablility of dogs, encourage owners to sterilise their pets to prevent unwanted breeding and would also help deter people from abandoning their pets.

The 168-unit Amberville is the first HUDC to have successfully clinched a deal at $183 million with a member of the Far East Organization. The completion of the sale and purchase is still subject to the top-up of the lease to 99 years and subject to the approval of the Strata Titles Board. This works out to a higher-than-expected $396 per square foot per plot ratio inclusive of an estimated development charge of $35.2 million and $23.8 million to top up the site's lease from the remaining 71 years to the original 99 years.

The long awaited Casino Control Bill, introduced in Parliament on 16 January 2006, seeks to establish a new statutory body to be known as the Casino Regulatory Authority of Singapore, to make provision for the operation and regulation of casinos and gaming in casinos, and to make related amendments to the Civil Law Act (Cap. 43) and the Income Tax Act (Cap. 134).

In an Oral Answer to a Parliamentary Question on whether the Registry of Societies will consider implementing strict accounting guidelines and conducting audit checks on other societies, such as religious organizations and associations, the Ministry of Home Affairs highlighted a light-touch approach.