Introduction to Transfer Pricing
2023-07-26
Singapore Newsletter_2023Q2
2023-07-31
On July 25, 2023, Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, announced at the 60th anniversary dinner of the Institute of Singapore Chartered Accountants’s (ISCA) that the Accounting and Corporate Regulatory Authority (ACRA) will re-evaluate the sector’s regulatory framework in a bid to keep pace with the changing business environment and maintain standards.
The Accounting and Corporate Regulatory Authority (ACRA) review will likely take some time, given the need to engage with key stakeholders and conduct public consultations before proposals are made to amend the law.
Mr Wong noted: “From time to time, lapses or fraud can still occur, and if they do, we will act swiftly to take the necessary regulatory actions, including against the auditors if their work falls short.”
He added that while no system was foolproof, the industry had to strive to uphold high standards and safeguard Singapore’s reputation as a trusted place of business.
FOZL Group provides one-stop corporate services to local and overseas companies, currently serving over 1,000 companies in Singapore. FOZL assist clients to register Singapore companies, and provide Accounting, Annual Return, Auditing, Tax Declaration, Trademark Registration, applying for Investment Promotion Policies, Corporate Advisory, Private Client Consultancy, establishing Family Offices and providing serviced office solutions for enterprise.
If you would like to learn more, please feel free to contact us, and we will be happy to assist you.
Follow us for latest updates!