The Legal 500

A void marriage is deemed invalid from its point of inception. In the eyes of the law, no marital relationship had ever been created between the parties. A voidable marriage, however, is considered valid until it is voided by a judgement of nullity.

In this issue

Changes to tax and company law

Protocol to the Russia-Cyprus DTT sent to Russian Duma for ratification

Deduction of SDC tax at source from rental payments...

Ong Sim Ho, Director and Head of Tax at Drew & Napier LLC, was one of 9 experts from the Asia-Pacific region chosen to comment on what tax planning opportunities are available and how best to manage risk.

The Monetary Authority of Singapore (“MAS”) has issued a tax circular (FDD Cir 02/2011) titled “Tax Exemption on Payments Falling under Section 12(6) of the Income Tax Act Made to Non-Residents (Excluding Permanent Establishments in Singapore) by Banks, Finance Companies and Certain Approved Entities” (“Circular”).

The tax practice at ATMD Bird & Bird LLP provides you the highlights of significant tax changes for businesses in the 2011 Budget delivered by Singapore’s Finance Minister on Friday 18 February 2011.

Currently, companies doing business in Singapore pay income tax at the corporate tax rate of 17%, effective from Year of Assessment 2010. Partial tax exemptions of 75% of the first S$10,000 of chargeable income and of a further 50% on the next S$290,000 of chargeable income, provide for tax exemption of S$152,500 on the first S$300,000 of a company’s chargeable income. Companies can achieve more tax savings under specific tax regimes.

This article provides an overview of income tax, goods and services tax and stamp duties in Singapore. The main inland taxes in Singapore are income tax, GST, property tax and stamp duties. These taxes are administered by the Inland Revenue Authority of Singapore (IRAS) as agent of the Government.

Tax competition has always existed, and continues to persist, between countries, particularly between those which impose relatively high taxes and those which impose low or no taxes. The current Great Financial Crisis only serves to exacerbate the tension.

The Income Tax (Amendment) (Exchange of Information) Bill (the “Bill”) has been introduced in Parliament. The Bill proposes to amend the Income Tax Act to bring the level of assistance Singapore can provide to foreign jurisdictions under Avoidance of Double Taxation Agreements (“DTAs”) in line with the Organization for Economic Cooperation and Development’s Standard on the exchange of information for tax purposes (the “Standard”)

The international regulation of mergers and joint ventures in 64 jurisdictions worldwide

In 2006, the Monetary Authority of Singapore (“MAS”) and the Ministry of Law launched a joint public consultation on the proposed changes to the unsecured credit rules and the proposed application of these rules to moneylenders with appropriate modifications.

The Monetary Authority of Singapore (“MAS”) and Singapore Exchange Ltd (“SGX”) had on 27 June 2007 released the findings from a study they had commissioned on the then state of corporate governance of SGX-listed companies in Singapore.

On 24 March 2008, the Singapore Exchange Limited (“SGX”) issued a News Release in the Regulator’s Column (please refer to www.sgx.com for the full details) setting out the responsibilities of boards of directors and their financial advisers in assessing acquisitions involving profit guarantees.

Singapore Exchange Limited (SGX) on April 18 announced the official of its Beijing representative office, which helps to attract more China listing and increase the profile of SGX.