Other Briefings
The Philippines Expands the Number of Taxpayers Included in its e-Tax Filing Program
The Philippines’ Bureau of Internal Revenue (BIR) has announced that it has expanded the number of taxpayers who must now use e-filing to pay their taxes. This action is intended to make filing tax returns simpler and encourage more tax compliance from taxpayers.
Services Now Over 25 Percent of Singapore’s Exports
Singapore’s Ministry of Trade and Industry announces that services now make up a quarter of the country’s exports, reflecting a structural shift in exports in which services are growing faster than goods.
ASEAN Regulatory Brief: CIT Incentives, PIT Changes, Export Management Fees, VAT on E-commerce, and More
In this ASEAN Regulatory Brief, we look at some of the important regulatory changes taking place in Thailand, Cambodia, Malaysia, Indonesia, and Indonesia during the months of January and February.
Singapore Postpones Effective Date of Amendment to its Companies Act
The government of Singapore has announced that it will postpone the effective date of the amendment to the Companies Act 2014 (the Amendment) and the Business Names Registration Act to the second quarter of 2015, as stated by the Accounting and Corporate Regulatory Authority (ACRA) earlier this year. An exact date is yet to be announced, but according to ACRA more details will be made public about two months before the changes are due to take place. Agencies and stakeholders likewise will have more time to adapt to the new legislative changes.
Singapore Exchange Releases Comprehensive Guide for Corporate Governance
The Singapore Exchange (SGX) has released a disclosure guide aimed at aiding companies’ compliance with the country’s corporate governance regulations. The document, structured in a concise question & answer-format, will not only help companies to comply with key aspects of governance, but will also make it easier for investors to assess the companies they might invest in.
Philippine Economic Growth Looks Strong in 2015
The Philippines has become one of the fastest growing economies in Asia, with an annual GDP growth rate of 6.1 percent in 2014 – the second highest in the Asia-Pacific region after China. This healthy growth is due to strong economic fundamentals and a faster than expected GDP growth of 6.9 percent in the fourth quarter of 2014.
Singapore to Become Southeast Asian Legal Hub with Opening of International Commercial Court
With its newly opened International Commercial Court, Singapore wants to become the alternative location for arbitration in Asia. The country has also made a series of other investments into its legal services sector and has established the Singapore International Mediation Centre (SIMC).
Business Optimism in Singapore Drops Again – Time to Worry?
Local businesses in Singapore started 2015 with a pessimistic outlook, continuing a downward trend for the third quarter in a row. According to the newest Business Expectations Survey (BES) – conducted by the Singapore Commercial Credit Bureau (SCCB) – the current Business Optimism Index (BOI) score of +1.11 percent, is the lowest since the first quarter of 2013. In the fourth quarter of 2014, the BOI stood at +10.79 percent. The SCCB has pointed to global economic uncertainty, rising cost pressures and manpower issues, as well as lower demand in the export-oriented sector, as possible drivers behind the lowered optimism.
Indonesia Online: A Guide to E-commerce
While currently, e-commerce only accounts for less than one percent (worth ~US$2 billion per year) of Indonesian retail spending, analysts believe that the country’s fast growing middle class and proliferation of smartphones will soon raise that share to eight percent (worth US$8 billion) in just a few years. If that scenario were to happen, then Indonesia’s e-commerce market would be the largest in Southeast Asia.
Singapore-Vietnam in 2015: Trade and Investment Partners
As investment and trading partners, Singapore and Vietnam have proven to be an unstoppable combination – with 2014 bilateral trade up 20.3 percent year on year. Vietnam’s strategic location, low-cost labor, burgeoning consumer class, and incentives to foreign investors have made Vietnam an attractive destination for Singaporean foreign direct investment (FDI). While Singapore, with the highest GDP per capita in ASEAN, remains a prime market for Vietnamese exporters.
