MAS to Review Incentive Process for Single Family Offices
Singapore will review its internal incentive administration process for single family offices (SFOs) that are applying for tax incentives in Singapore, said Minister of State for Trade and Industry Alvin Tan.
This comes as one or more of the accused persons in Singapore’s largest money-laundering probe may have been linked to SFOs that were awarded tax incentives, Tan said in Parliament on Tuesday (Oct 3).
Tan was delivering the second of three ministerial statements addressing the case in Tuesday’s Parliament sitting.
Singapore Hotel Takings, Average Room Rates Slip in August
Singapore hotels’ average room rate (ARR) dipped in August from July’s year-to-date peak to come in at S$283.98, but remained higher than the rate recorded in the year-ago period, latest data from the Singapore Tourism Board (STB) showed.
ARR was up 13.6 percent year on year, but 2.4 percent lower than July’s revised S$290.97.
Overall hotel room revenues also fell in August, slipping 6.4 percent to S$450.5 million, from S$481.5 million previously. Nevertheless, it still surpassed the S$311.2 million recorded in August 2022.
Singapore Tables Amendment Bills for Law Training, Tax Relief, CPF
Three bills to make amendments to legislation – for the training regime for lawyers, income tax relief and Singapore’s Central Provident Fund (CPF) – were introduced in Parliament on Tuesday (Oct 3).
The Legal Profession (Amendment) Bill, if passed, will give effect to previously-deferred implementation of recommendations made by the Committee for the Professional Training of Lawyers, from the 2024 session of Part B of the Singapore Bar Examinations.
The Ministry of Law had in 2018 announced that it accepted these recommendations in principle.
