Search for:
Category

Singapore

Category
In Asia-Pacific

Singapore Budget 2022: Key tax updates

by , , and 3 Mins Read

Singapore Budget 2022 makes significant strides in charting Singapore’s path into the future. As the nation faces an ageing population and seeks to recover from a prolonged pandemic amidst an increasingly volatile global landscape, Budget 2022 aims to prepare Singapore to meet these challenges while securing the opportunities of the future. What is of particular note in Budget 2022 is the announcement of changes to the tax system that are broadly aimed at building a fairer and more resilient revenue structure for Singapore. Importantly, Singapore is exploring the possible introduction of a minimum effective tax rate for multinational enterprise groups.

Read More
In Asia-Pacific

Singapore: Cyber Security Agency advises businesses to strengthen cybersecurity posture against cyberattacks

by and 4 Mins Read

The Singapore Computer Emergency Response Team (SingCERT), set up by the Cyber Security Agency of Singapore to facilitate the detection, resolution and prevention of cybersecurity-related incidents on the internet, has issued a list of measures that organisations should adopt to ensure proper cyber hygiene controls are in place and operating correctly.
SingCERT’s advisory is issued on the basis of warnings of increased cyber threats globally arising from the recent cyberattacks on Ukraine and the developments in the invasion of Ukraine by Russia.

In Asia-Pacific

Singapore: Dubai International Financial Centre issues cross-border data transfer adequacy decision for Singapore

by , , and 2 Mins Read

On 4 February 2022, the Dubai International Financial Centre Office of the Commissioner of Data Protection announced that the commissioner issued an adequacy decision recognising, among others, Singapore’s Personal Data Protection Act for safe data transfers from the DIFC. This is a welcome development as it facilitates cross-border personal data transfers from the DIFC to Singapore, which can in turn strengthen business ties between the two territories.

Read More
In AML & Financial Services Regulatory

Singapore: New MAS guidance restricts public marketing of cryptocurrencies

by , and 4 Mins Read

The Monetary Authority of Singapore requires all providers of cryptocurrency, known under the Payment Services Act as Digital Payment Tokens, to understand that DPT trading is unsuitable for the general public. MAS has issued PS-G02: Guidelines On Provision Of Digital Payment Token Services To The Public on 17 January 2022 to all DPT service providers to ensure that their marketing campaigns, advertisements and promotions for buying or selling of DPTs or facilitating the exchange of DPTs are consistent with the risk disclosures under the PSA, which requires that all actual and potential customers be provided with a risk warning statement highlighting the risks associated with trading in DPTs.

Read More
In Asia-Pacific

Singapore: Authorities introduce measures to combat SMS-phishing scams

by , , , and 7 Mins Read

Singapore authorities are looking to address the recent spate of SMS-phishing scams targeting digital bank users through a variety of measures. The multi-stake holder approach involves government entities with responsibilities for the financial, telecommunications and home affairs sectors, as well as industry groups such as the Association of Banks in Singapore.

In Asia-Pacific

Singapore: MCI responds to unauthorised sales of personal data over the past five years

by , and 3 Mins Read

On 10 January 2022, the Singapore Ministry of Communications and Information responded to a parliamentary question on measures that ensure companies in Singapore engage third- and fourth-party IT vendors that are licensed and certified by the MCI. The Singapore government has put in place trustmark certifications to help companies better identify IT vendors with strong data and cyber security practices to minimise the risk of data breaches and leaks. Further cybersecurity trustmarks are under development by the Cyber Security Agency of Singapore.

In Asia-Pacific

Singapore: MCI responds to unauthorised sales of personal data over the past five years

by , and 2 Mins Read

On 10 January 2022, the Singapore Ministry of Communications and Information responded to a parliamentary question relating to the number of cases of unauthorised sales of consumers’ personal data that have been investigated over the last five years, and how many of those cases were successfully prosecuted by the Personal Data Protection Commission.

Read More
Load More