A Quick Glance at Singapore’s New Expat Regulations
Singapore has tightened the sponsorship criteria for dependants of foreign workers.
The new legislation, effective
from September 1, 2012, aims to restrict the rapid influx of dependants into Singapore and affects P1, P2, S pass
and Employment Pass holders.
Dependents of the...
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A Quick Glance at Singapore’s New Expat Regulations Singapore has tightened the sponsorship criteria for dependants of foreign workers. The new legislation, effective from September 1, 2012, aims to restrict the rapid influx of dependants into Singapore and affects P1, P2, S pass and Employment Pass holders. Dependents of the overseas worker who are residing in Singapore since September 1, 2012 are not impacted. However, if a foreign worker has changed employer, lost the job or the validity period of the worker’s work pass had ended after September 1, 2012, the dependents of the foreign worker are subject to the revised regulations. Key highlights of Singapore’s new Expat Regulations: S Pass and Employment Pass holders will be eligible to sponsor parents, spouses and children, if they earn a minimum of 4000 Singaporean dollars P1 Pass holders can sponsor parents, spouses and children, but cannot sponsor parents-in-law P2 Pass holders can sponsor spouses and children, but cannot spo
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Pub. il Nov 21st 2012
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What You Must Know About the Latest Argentine IFRS Update
Expanding your business into the Argentina market has tremendous potential, and the only way to know if your
business is ready is by doing a meticulous market research.
Companies doing business in Argentina, which has
recently adopted the International Financial Reporting...
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What You Must Know About the Latest Argentine IFRS Update Expanding your business into the Argentina market has tremendous potential, and the only way to know if your business is ready is by doing a meticulous market research. Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base calculation. The recently-released general resolution 3363 states that taxpayers subject to the IFRS and technical regulations (FACPCE - Federación Argentina de Consejos Profesionales de Ciencias Económicas) 26 and 29 must present the new information to the tax authorities (Administración Federal de Ingresos Públicos). The information required is for tax years ending on or after June 30, 2012. Taxpayers must provide the new documents in the month that follows the due date for filing the tax returns. However, certain exceptions are available for small and mediu
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Pub. il Nov 21st 2012
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Argentina Tightens Exchange Control Regulations; Impacts Employees Share Plans
(Sunnyvale, CA)- Argentina has restricted its residents’ ability to purchase foreign currency and remit funds outside
Argentina.
The new regulations, expected to stay in effect at least till 2014, impact the current employee share
purchase plans and the...
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Argentina Tightens Exchange Control Regulations; Impacts Employees Share Plans (Sunnyvale, CA)- Argentina has restricted its residents’ ability to purchase foreign currency and remit funds outside Argentina. The new regulations, expected to stay in effect at least till 2014, impact the current employee share purchase plans and the ability of companies to offer news plans to local employees in Argentina. Here are the key highlights of these new exchange control regulations that are relevant for companies doing business in Argentina and especially to those dealing with employment law and employee benefits in Argentina. Resident companies and individuals cannot procure foreign currency for obtaining certain assets abroad including foreign company shares. Employers should be mindful that there are Argentina employment law implications to changing the terms of an employee’s compensation plan in view of the latest regulations. Because participation in a share plan is considered to be pa
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Pub. il Nov 19th 2012
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Restructuring French Subsidiaries may Lead to Financial Liability for Larger Group
(Sunnyvale, CA)- In a string of recent decisions, the French Supreme Court has asserted that a parent company can be regarded
as the co-employer of its subsidiary’s employees and shares any liabilities that may arise from a restructuring process.
Here...
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Restructuring French Subsidiaries may Lead to Financial Liability for Larger Group (Sunnyvale, CA)- In a string of recent decisions, the French Supreme Court has asserted that a parent company can be regarded as the co-employer of its subsidiary’s employees and shares any liabilities that may arise from a restructuring process. Here are some highlights of the issue for companies doing business in France. Restructuring French Subsidiaries May Lead To Financial Liability For Larger Group In a recent case, employees were transferred between two subsidiaries of a French parent company after the parent moved the activities of the first subsidiary to the second one. Employees of the French subsidiary who refused the transfer were terminated and some of them subsequently went to a French labor court claiming damages from the subsidiary (their original employer) and the parent company that ordered the restructuring. The court took the view that there was “intermingling of interests, activi
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Pub. il Nov 16th 2012
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Vietnam Set To Increase Minimum Wages by 33%; Rise in Expenses for Businesses
(Sunnyvale, CA)- Vietnam has proposed to raise minimum monthly wage by about 33% leading to higher
operational costs for companies doing business in Vietnam.
The proposal aims to increase the minimum wage
range from the current $67-$96 per month to $89- $125...
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Vietnam Set To Increase Minimum Wages by 33%; Rise in Expenses for Businesses (Sunnyvale, CA)- Vietnam has proposed to raise minimum monthly wage by about 33% leading to higher operational costs for companies doing business in Vietnam. The proposal aims to increase the minimum wage range from the current $67-$96 per month to $89- $125 per month. The proposal is due to be implemented in March 2013 but if the sluggish economic climate persists the government may further delay the minimum wage hike to September 2013. The Vietnamese government proposed the hike after it found out that the current minimum wages cover only 60% of cost of living. Majority of local Vietnamese companies have supported the hike. For more information about Vietnam’s minimum wages, employment law or doing business in Vietnam please call or email us. For more information on this topic email media@nair-co. com Get the latest press releases and updates on international tax, HR, Finance, compliance and other leg
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Pub. il Nov 16th 2012
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Notice to Implement Income Tax Provisions in Canada- What you Must Know
The Canadian government has tabled a Notice of Ways and Means Motion that will allow it to implement certain
tax provisions from the country’s Economic Plan 2012 and also certain other previously approved tax measures.
The motion seeks to implement provisions...
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Notice to Implement Income Tax Provisions in Canada- What you Must Know The Canadian government has tabled a Notice of Ways and Means Motion that will allow it to implement certain tax provisions from the country’s Economic Plan 2012 and also certain other previously approved tax measures. The motion seeks to implement provisions for international taxation and personal and corporate income tax from the Economic Plan 2012. International Taxation provisions include: Measures to ensure that transfer pricing secondary adjustments are regarded as dividends for Part XIII withholding tax. Measures for enhancement of reliability and fairness of thin capitalization regulations. The thin capitalization rules are broadened to include debts of partnerships that have Canadian resident corporate partners, either directly or through multiple tiers of partnerships. Interest that is denied (under particular provisions) will be considered as a dividend and not as interest for the purposes of withho
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Pub. il Nov 9th 2012
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Argentina IFRS Update: New Requirements for Information Reporting and Tax Base
Calculation
(Sunnyvale, CA)- Companies doing business in Argentina, which has recently adopted the International Financial
Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base
calculation.
The...
Di più
Argentina IFRS Update: New Requirements for Information Reporting and Tax Base Calculation (Sunnyvale, CA)- Companies doing business in Argentina, which has recently adopted the International Financial Reporting Standard (IFRS), must now comply with the new requirements for information reporting and tax base calculation. The recently-released general resolution 3363 states that tax payers subject to the IFRS and technical regulations (FACPCE - Federación Argentina de Consejos Profesionales de Ciencias Económicas) 26 and 29 must present the new information to the tax authorities (Administración Federal de Ingresos Públicos). The information required is for tax years ending on or after June 30, 2012. Taxpayers must provide the new documents in the month that follows the due date for filing the tax returns. However, certain exceptions are available for small and medium enterprises (SMEs). The new regulations also contain provisions for how to calculate the tax base for income, minimu
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Pub. il Nov 8th 2012
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Singapore Tightens Entry Rules; Dependents of Expat Workers Affected
(Sunnyvale, CA)- Singapore has tightened the sponsorship criteria for dependants of foreign workers.
The new
legislation, effective from September 1, 2012, aims to restrict the rapid influx of dependants into Singapore and
affects P1, P2, S pass and Employment Pass...
Di più
Singapore Tightens Entry Rules; Dependents of Expat Workers Affected (Sunnyvale, CA)- Singapore has tightened the sponsorship criteria for dependants of foreign workers. The new legislation, effective from September 1, 2012, aims to restrict the rapid influx of dependants into Singapore and affects P1, P2, S pass and Employment Pass holders. Dependents of the overseas worker who are residing in Singapore since September 1, 2012 are not impacted. However, if a foreign worker has changed employer, lost the job or the validity period of the worker’s work pass had ended after September 1, 2012, the dependents of the foreign worker are subject to the revised regulations. Key highlights of Singapore’s new Expat Regulations: S Pass and Employment Pass holders will be eligible to sponsor parents, spouses and children, if they earn minimum of 4000 Singaporean dollars P1 Pass holders can sponsor parents, spouses and children, but cannot sponsor parents-in-law P2 Pass holders can sponsor spou
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Da Nandita Verma
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Pub. il Nov 8th 2012
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A Quick Glance at the Approval Procedure for Establishing Foreign NGOs in India
Starting a new business venture in a new country always involves striking the correct balance between cost and
risk.
Companies may incur losses or face unanticipated costs, if the start up period of a business in a new country is
unexpectedly delayed....
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A Quick Glance at the Approval Procedure for Establishing Foreign NGOs in India Starting a new business venture in a new country always involves striking the correct balance between cost and risk. Companies may incur losses or face unanticipated costs, if the start up period of a business in a new country is unexpectedly delayed. Errors in the choice of the legal entity could mean serious tax and other liabilities for the parent company, while inadequate employment contracts could expose them to avoidable risks. Every country has different regulations for licensing taxes, compliance laws, data privacy, trademarking, etc. and prior to setting up a foreign operation it becomes necessary to be fully aware of the laws of that particular country. For those interested in establishing foreign non-government organizations in India, the Reserve Bank of India has clarified the approval procedure. Here’s a quick glance: The RBI has clarified the approval process for foreign non-government o
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Pub. il Nov 5th 2012
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What You must Know about India’s New Tax Residence Certificate Rules
Indian tax authorities have introduced new rules specifying the way Tax Residence Certificate (TRC) should be
submitted to claim reliefs under relevant tax treaties.
New Tax Residence Certificate Rules for Non-Residents
As per the new rules, the TRC obtained by a...
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What You must Know about India’s New Tax Residence Certificate Rules Indian tax authorities have introduced new rules specifying the way Tax Residence Certificate (TRC) should be submitted to claim reliefs under relevant tax treaties. New Tax Residence Certificate Rules for Non-Residents As per the new rules, the TRC obtained by a non-resident in India from its home country must (along with the general requisites) include: The taxpayer’s residential status for taxation, The taxpayer’s address for the relevant period, and Its applicability period. New Tax Residence Certificate Rules for Residents The Indian tax authorities have prescribed a new application format which is to be submitted to the tax authorities to obtain a TRC, and have also provided a new format in which the TRC can be issued. A business consultant to simplify tax matters overseas When doing business overseas, it is essential to be familiar with the latest updates pertaining to tax and other regulations as incomplete
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Pub. il Nov 5th 2012
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