Tax, Investment, and Workforce Considerations in Singapore Budget 2024
Singapore unveils Budget 2024 with an emphasis on international tax compliance, business competitiveness, and supporting local workforce development, among other priorities. Finance Minister Lawrence Wong delivered the Singapore Budget 2024 address on February 16th, outlining financial strategies for the upcoming year. Many businesses are closely watching developments as shifts in budget allocations and policies offer a roadmap for adapting their own plans. Here’s a breakdown of the most impactful changes for businesses in Singapore: International Tax Landscape (BEPS 2.0) Singapore plans to align its corporate income tax regime with Pillar 2 of the international BEPS 2.0 framework. Key components include: Income Inclusion Rule (IIR): For multi-national enterprises headquartered in Singapore, […]
Understanding Singapore’s New Tax Regulations Under Section 10L of the Income Tax Act
Singapore has taken the step to enact section 10L in the Singapore Income Tax Act 1947, treating gains received in Singapore from the sale of foreign assets as income chargeable to tax. Effective from January 1, 2024, this new section aims to ensure that entities operating without significant economic presence in Singapore are subject to income tax on gains derived from the sale of foreign assets. Entities must demonstrate a substantial economic presence in Singapore, which is evaluated based on the management and performance of core income-generating activities within the country, along with the presence of adequate human resources and operational management. Understanding and meeting these criteria are vital, […]
Alpadis Group Celebrates the Official Launch of Their New Office in Singapore’s One George Street
Office launch signals a reaffirmation of Alpadis Group’s longstanding commitment to Singapore and the wider Asian market. Alpadis Group, a leading provider of fiduciary services, is excited to announce the Official Launch Event of their new office, located at the prestigious One George Street, slated for Friday, October 27, 2023. This celebration is not just a move but a reaffirmation of Alpadis Group’s longstanding commitment to Singapore and the wider Asian market. The transition to One George Street earlier this year marked a significant milestone, bringing Alpadis Group closer to the epicentre of Singapore’s financial district, clients, and intermediaries. The state-of-the-art facilities, coupled with perks that foster community spirit and […]
Singapore’s Family Office Tax Incentives Revised to Benefit Local Markets
MAS to change the tax incentives for Single Family Offices to boost local hiring and investments in equity markets Singapore’s Monetary Authority (MAS) plans to adjust its tax incentives for single-family offices, aiming to stimulate local employment and encourage investment in domestic equity markets. The proposed revisions also involve incentives to drive investment in climate-related projects and promote philanthropy within the country. Family offices, established by wealthy individuals to manage their financial affairs and investments, currently benefit from tax exemptions on a variety of investments in Singapore. This policy has led to an increase in single-family offices located in the city-state, growing from 400 at the end of 2020 to […]
Alpadis Group Announces Move to Iconic One George Street Building in Singapore
Alpadis Group has announced its strategic relocation to the iconic One George Street (OGS) building in the heart of Singapore’s financial district Alpadis Group, a leading provider of fiduciary services, has announced its strategic relocation to the iconic One George Street (OGS) building in the heart of Singapore’s financial district. The move to the new location, closer to clients, intermediaries, and major banking facilities, is part of a strategy to better serve Alpadis Group’s private and corporate clientele, facilitating ongoing growth and enhancing service delivery. The new location boasts spacious, state-of-the-art facilities and is situated closer to the heart of Singapore’s financial centre. This move enables Alpadis Group to provide […]
A Strategic Journey with Alpadis Group’s New Singapore Managing Director
Alpadis Group’s new Singapore head discusses his plans for the future, the key to growth and the importance of meditation In this comprehensive interview, the newly-appointed Managing Director for Alpadis Group Singapore, John Tan, delves into his motivation for joining Alpadis Group, the unique insights he bring from his extensive experience in trust and fiduciary planning, and his strategy to enhance service delivery, drive expansion, and promote client retention. He also touches upon the value of my personal hobbies, including meditation and how they contribute to his approach to leadership and client service. Could you share with us what drew you to Alpadis Group and what about this opportunity excites […]
Alpadis Group Welcomes John Tan as Managing Director of Singapore Office
Industry Veteran to drive further expansion, grow team in Singapore, and ensure the highest levels of client service Alpadis Group is pleased to announce the appointment of John Tan as the new Managing Director of its Singapore office, effective May 2023. In his new role, John will be responsible for overseeing the operation and administration of corporate, tax, and accounting services offered by Alpadis Group in Singapore. With 19 years of experience in trust and fiduciary planning and administration, John brings a wealth of knowledge and expertise to Alpadis Group. Throughout his career, he has worked with corporate clients, as well as high and ultra-high net worth private clients across […]
Singapore Increases Property Tax, Doubling Rate on Foreigners to 60%
Higher property taxes designed to moderate growth in the price of homes Singapore is raising taxes on property purchases to temper its overheated housing market, amid growing concern that an influx of wealth into the city-state is harming affordability for locals and its competitiveness as a financial hub. The government is increasing stamp duties for second-home buyers and foreigners purchasing private property. For foreigners buying any home, the tax rate, known as Additional Buyers Stamp Duty (ABSD), has doubled to 60% from 30%. Singaporeans purchasing their second residential property will now face an ABSD rate of 20%, increased from 17%, while those acquiring their third or subsequent residential properties will […]
Singapore Government announces measures to support citizens and businesses in 2023 Budget
A number of expansionary measures, as well as higher taxes on luxury cars and property, included in the latest Singapore budget The Singaporean government has announced several economic measures aimed at supporting citizens and businesses through inflation, cost of living, and encouraging innovation. Announced by Deputy Prime Minister Lawrence Wong, these measures include increasing support for permanent GST voucher scheme recipients and extending assistance through the Assurance Package, increasing the monthly income ceiling for CPF contributions, supporting innovation, introducing measures to support parenthood, and better protection for platform workers. The government will also increase taxes on luxury cars and tobacco while harmonizing support programs for lower-income families and expanding initiatives […]
Singapore extends grant scheme for Variable Capital Companies
Extension will co-fund 30% of qualifying expenses incurred by Singapore-based service providers for work related to the incorporation or registration of a VCC The Monetary Authority of Singapore (MAS) has announced an extension to its grant program aimed at reducing the costs associated with setting up or registering a Variable Capital Company (VCC) in Singapore. The grant program, originally set to end on January 15, 2023, has been extended until January 15, 2025, in response to high market demand. Under the extended program, the Financial Sector Development Fund will provide co-funding for 30% of qualifying expenses incurred by Singapore-based service providers for work related to the incorporation or registration of […]