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LEGAL UPDATES |
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Insurance Act (Amendment of First Schedule) Order 2010
Pursuant to the Insurance Act (Amendment of First Schedule) Order 2010 (S184/2010), the First Schedule to the Insurance Act has been amended in relation to:
1. the meaning of “Singapore policy”. This change will come into effect on 1 January 2011.
2. the meaning of “participating policy”. This change is effective from 30 March 2010.
Agreements for the Avoidance of Double Taxation With Austria and Finland
When in force, the following agreements for the avoidance of double taxation (“DTAs”) will amend the standing DTA between the respective countries to incorporate the internationally agreed standard for the exchange of information upon request for tax purposes (the “EOI Standard”).
• Income Tax (Singapore - Austria) (Avoidance of Double Taxation Agreement) Order 2010 (effective date – 1 June 2010); and
• Income Tax (Singapore - Finland) (Avoidance of Double Taxation Agreement) Order 2010 (effective date – 30 April 2010).
The Organisation for Economic Cooperation and Development developed the EOI Standard for the exchange of information between tax authorities and maintains a list classifying various jurisdictions as (a) jurisdictions that have substantially implemented the EOI Standard, (b) financial centres (not being tax havens) that have committed to the EOI Standard but have yet to substantially implement it, (c) tax havens that have committed to the EOI Standard but have yet to substantially implement it, and (d) jurisdictions that have not committed to the EOI Standard. A jurisdiction must have entered into international agreements for the exchange of information for tax purposes with at least 12 other jurisdictions (in accordance with the EOI Standard) before it is considered to have substantially implemented the EOI Standard.
Singapore endorsed the EOI Standard on 6 March 2009 and amended the Income Tax Act to enable the implementation of the EOI Standard in Singapore with the coming into force of the Income Tax (Amendment) (Exchange of Information) Act 2009 on 9 February 2010.
Stamp Duties (Amendment) Act 2010 – Seller’s Stamp Duty on Residential Properties and Residential Lands Transferred
The Stamp Duties (Amendment) Act 2010 (A6/2010) (the “Amendment Act”) has been gazetted. It was introduced as an Urgent Bill on 12 March 2010, and read the second and third time on 12 March 2010.
The changes to the Stamp Duties Act are deemed to have come into operation on 20 February 2010.
On 19 February 2010, the Government re-introduced the seller’s stamp duty on all residential properties and residential lands transferred on or after 20 February 2010, and disposed within one year of transfer. The seller’s stamp duty is levied at the same rates as the buyer’s stamp duty, as specified in the First Schedule of the Stamp Duties Act. The rates are one per cent on the first $180,000 of consideration or market value whichever is higher, followed by two per cent on the next $180,000, and three per cent on the balance.
The Amendment Act gives legislative effect to this reintroduction of the seller’s stamp duty. The Amendment Act introduces general provisions on a seller’s stamp duty and allows the Government to introduce, vary or remove the seller’s stamp duty via a Ministerial Order.
The following Orders have also been gazetted:
1. Stamp Duties (Exempt Instruments under s 22A) Rules 2010 (S208/2010); and
2. Stamp Duties (Section 22A) Order 2010 (S209/2010).
Telecommunications (Dealers) (Amendment) Regulations 2010
The Telecommunications (Dealers) (Amendment) Regulations 2010 (S210/2010) (the “Amendment Regulations”) was gazetted on 8 April 2010 and will come into force on 15 April 2010.
Among other things, the Amendment Regulations will amend the Telecommunications (Dealers) Regulations 2010 in the following aspects:
1. Changes to the fees payable for a Dealer’s Individual Licence;
2. Changes to the conditions relating to the importation of telecommunication equipment; and
3 Introduction of a new reg 20A providing that a licensee intending to sell telecommunication equipment for which no approval for sale is required under reg 20(1), may make an application for confirmation by the Info-communications Development Authority of Singapore (the “IDA”) that the equipment is designed and constructed in accordance with standards and specifications published by the IDA under reg 20(2)(b), etc.
Legal Profession (Singapore Bar Examinations - Conduct and Discipline) Rules 2010
The Legal Profession (Singapore Bar Examination – Conduct and Discipline) Rules 2010 (S212/2010) (the “Rules”) are operative from 9 April 2010.
The Rules provide for the following:
1.Code of Conduct;
2. Student Disciplinary Committee;
3. Letter of warning for misconduct;
4. Report of misconduct to Student Disciplinary Committee;
5. Inquiry by Student Disciplinary Committee;
6. Action by Board; and
7. Continuing liability under these Rules.
The Rule revoke the Legal Profession (Postgraduate Practical Course in Law – Students’ Conduct and Discipline) Rules 2008.
Elizabeth Wong
Allen & Gledhill LLP