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Singapore and Hong Kong have agreed not to double tax income from from operating ships or aircraft in international traffic. Its provisions shall have effect in Singapore in respect of Singapore tax from the Year of Assessment 2006.

Singapore online debit service iQB shut down on 21 December 2004. Parent company Green Dot Internet Services which acquired iQB in June discontinued the service due to low volume. Industry watchers noted that iQB could not compete with market leader eNETS. The exit of iQB leaves eNETS as the sole provider of online debit services in Singapore.

23 December 2004...The Monetary Authority of Singapore (MAS) today released a consultation paper on the draft Payment Systems (Oversight) Bill.

The Economic Development Feedback Group and SME Feedback Group has put up their conference paper on 'Enabling SMEs for the New Economy' for consultation on the feedback website. As it is an important paper for SME (which form a large portion of our clients), we have also reproduced it on our website.

In a news release by the CPF Board dated 17 December 2004, The Board would like to remind CPF members of the changes to CPF which will take effect from 1 January 2005.

The Senior Minister, Mr Goh Chok Tong on 30 Nov 2004 announced a new PR Scheme by the Monetary Authority of Singapore (MAS).

The conditions for the Scheme are:-
a) S$5 million deposit with any MAS_registered financial institution. This includes foreign banks.
b) The deposit is for a 5 years period.
c) It can be deposited in any instrument managed by the bank/insurance company in Singapore.
d) The bank must certify that the investor's personal assets is at least S$20 million.

From 1st December 2004, the Ministry of Community Development Youth & Sports (MCYS) will process applications for Dependant's Passes for children intended for adoption.

The Ministry of Finance (MOF) on 30 November 2004 launched a central unclaimed monies website for government agencies to post their unclaimed monies records.

The Singapore Chamber of Maritime Arbitration (SCMA) was established in November 2004. It provides the international maritime community with an independent, efficient and reliable dispute resolution institution in fast-developing Asia.

The Monetary Authority of Singapore (MAS) has on 28 October 2004 published a public consultation paper with proposals on the setup of a Financial Industry Disputes Resolution Centre (FIDReC). The Centre will provide consumers with an independent and affordable avenue for resolving retail disputes with financial institutions in the banking, insurance and capital markets sectors.

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