Business GST Registration In Singapore In Singapore, Goods and Services Tax (GST) is a fundamental aspect of the business taxation system, mirroring the concept of Value-Added Tax (VAT) prevalent in many other countries. GST is a broad-based consumption tax levied on the import of goods, as well as nearly all supplies of goods and services…
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Foreign Sourced Income Taxation In Singapore
Singapore’s tax system is predominantly territorial, focusing primarily on income sourced within the country. Under this system, Singapore resident companies are liable for tax on income generated within its borders. However, the taxation of foreign-sourced income, defined as income earned by a Singapore company outside the jurisdiction introduces unique considerations into the tax landscape. The…
Interim Measures in International Arbitration
In the context of arbitration, parties involved in a legal dispute often face the decision of whether to seek interim measures. Interim measures of protection are temporary actions or orders that aim to safeguard the rights or property of one of the parties during the arbitration process. They serve as a kind of stopgap solution,…
Maritime Sector Incentive Singapore – What You Need To Know
Overview of the Maritime Sector Incentive (MSI) in Singapore The Maritime Sector Incentive (MSI) represents a significant initiative by the Singapore government to bolster the maritime industry. Aimed at encouraging shipping enterprises to establish and expand their operations in Singapore, the MSI offers a range of benefits tailored to different aspects of the maritime business….
Additional Buyer’s Stamp Duty (ABSD): What Is ABSD In Singapore and Updated Rates (2024)
Introduction to Buyer’s Stamp Duty (BSD) and Additional Buyer’s Stamp Duty (ABSD) in Singapore When purchasing property in Singapore, buyers are subject to various statutory costs, among which are the Buyer’s Stamp Duty (BSD) and the Additional Buyer’s Stamp Duty (ABSD). These duties represent significant financial considerations in the property acquisition process. BSD is a…
How to Commence Arbitration
If parties would like to commence arbitration at the Singapore International Arbitration Centre (SIAC), the first step is to ensure that there is a valid arbitration agreement in place. The arbitration agreement should clearly specify the disputes subject to arbitration and indicate that SIAC rules will govern the process. Parties should also check for any…
Tax Incentives For Setting Up Family Offices In Singapore
Introduction to Family Offices in Singapore Singapore has emerged as a leading destination in Southeast Asia for business and investment opportunities. This development is largely attributed to the proactive and intentional efforts of the Singapore government to establish a conducive business environment through solid corporate laws. The nation’s appeal to High-Net-Worth Individuals (HNWIs) is further…
Breach Of Contract In Singapore: What Are Your Options
Overview of Contract Law in Singapore Contract law in Singapore is predominantly derived from common law principles. The basis of contract law is that a contract represents a legally binding agreement between two or more parties, with each party agreeing to specific obligations that are enforceable by law. In Singapore, contracts are governed by a…
Hearings in International Arbitration
The Initial Hearing The initial hearing is often portrayed as an important moment in the arbitration process. During this hearing, the parties involved express their preferences regarding how the case should proceed and how decisions are made. It sets the stage by bringing together the arbitration tribunal and the involved parties. It is also a…
Wrongful/Unfair Dismissal Singapore: A Legal Guide For Employees & Employers
Legal Framework Of Employment Termination in Singapore Singapore’s employment termination laws are primarily governed by the Employment Act (EA) along with individual employment contracts. The EA sets out the legal framework for the termination of employment, applying to all employees except domestic workers, seafarers, and specific categories excluded by the Minister through a Gazette. Under…