SINGAPORE - The Covid-19 pandemic took its toll on firms across the board and the Jobs Support Scheme s (JSS) main priority was to ensure that all of them received timely support, Second Minister for Finance Lawrence Wong said on Friday (Feb 26).
The JSS was thus rolled out as a broad-based scheme without the need for onerous applications , which especially helped small and medium-sized enterprises (SMEs), he told Parliament during the debate on ministries budgets.
Mr Wong said that the scheme was introduced at the start of the crisis, when the public health and economic situation was highly fluid.
Firms were also facing immediate cash flow issues, said Mr Wong who was responding to a question from MP Foo Mee Har (West Coast GRC) on how the Government prioritised assistance during the pandemic , and why the JSS was provided across the board.
From a Singapore TP perspective, there were two main TP related developments.
2020 will probably be remembered primarily for COVID-19 as governments, businesses and individuals alike dealt with the fall-out from the pandemic. However, in the world of transfer pricing (TP), there were some significant developments as well. These include the issuance of the ‘Transfer Pricing Guidance on Financial Transactions’ by the OECD and substantial progress on pillar one and pillar two proposals by the OECD/G20 Inclusive Framework.
From a Singapore TP perspective, there were two main TP related developments. The first was the issuance of guidance related to transactions impacted by COVID-19. Thereafter, in November 2020, the Inland Revenue Authority of Singapore (IRAS) also issued guidance on how TP adjustments will be treated from a goods and services tax perspective.
GST on imported items bought online: Experts, consumers unsure if it will make more people buy local Toggle share menu
Advertisement
GST on imported items bought online: Experts, consumers unsure if it will make more people buy local
Advertisement Singapore
GST on imported items bought online: Experts, consumers unsure if it will make more people buy local
FILE PHOTO: A parcel moves on the conveyor belt at Amazon s logistics centre in Graben near Augsburg. (REUTERS/Michaela Rehle)
17 Feb 2021 10:30PM) Share this content
Bookmark
SINGAPORE: Experts and consumers are uncertain if the Government s move to extend the Goods and Services Tax (GST) to low-value items imported via air or post will make a push towards buying local.
Edmund Leow has enjoyed a stellar career in law and exudes the same passion for his subject as if he were still climbing the legal profession ladder. But actually he is at the pinnacle – he has been senior partner at international law firm Dentons, Rodyk & Davidson LLP in Singapore since 2017, joining directly from three years in a prominent role as a judge with the Supreme Court there. That call to serve his country came after 26 years practising law at the prestigious Baker & McKenzie, first in London from 1987 and then in Singapore. Hubbis was privileged to enjoy his company via video call in early January, during which we learned much of the increasing dynamism of wealth structuring and estate and succession planning in Singapore. Leow explained that more relevant and tax-effective structures have become available in recent years, helping the island republic attract more ultra-wealthy families to its shores to establish vehicles and family offices, and thereby helping Singapore