Updates

Updates

Updates on Section 10L of the Income Tax Act 1947

On 3 October 2023, a new section 10L of the Income Tax Act 1947 (Section 10L) has been passed. Section 10L will allow Singapore to tax gains from the sale of foreign assets that are received in Singapore under certain circumstances. This will apply to gains arising from sales or disposals occurring on or after…

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Key Changes to the BVI Business Companies Act and Regulations

On 12 August 2022, the following legislations were enacted and published in the British Virgin Islands (“BVI”) Official Gazette: BVI Business Companies (Amendment) Act, 2022 BVI Business Companies (Amendment) Regulations, 2022 These new legislations which will be effective on 1 January 2023, are introduced to ensure the BVI’s continued compliance with international standards. Below are…

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Additional updates to the Seychelles Beneficial Ownership Act

The Seychelles have enacted the Beneficial Ownership (Amendment) Regulations, 2023 (“the Regulations”) on 28 April 2023. Below are some of the additional updates in the Regulations: Updated definition of Beneficial Owner New Declaration of Beneficial Owner template New yearly review obligation by legal entities Elimination of the prescribed Register of Beneficial Owner template For full…

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Key Changes to the Seychelles Beneficial Ownership Act

The Seychelles have enacted the Beneficial Ownership (Amendment) Act, 2022 with effect from 30 December 2022. This new legislation replaces the Beneficial Ownership Act, 2020 (originally enacted on 28 August 2020) for the purpose of ensuring Seychelles’ on-going compliance with international standards. Below are some of the key changes under the new legislation: New/additional information…

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Fund Tax Incentive Schemes for Family Offices – Singapore

On 5 Jul 2023, the MAS issued new guidelines with updated conditions for Section 13O (formerly 13R) and Section 13U (formerly 13X) tax incentive scheme applications for funds managed or advised directly by a family office. It aims to increase the professionalism of family office professionals in Singapore and ensure the regime remains relevant to…

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Changes to Global Investor Programme – Singapore

On 2 March 2023, the Singapore Economic Development Board (“EDB”) announced changes to the Global Investment Programme (“GIP”). The changes will direct more support to the local start-up ecosystem and the broader financial sector, as well as generate more good jobs for Singaporeans. Many jurisdictions around the world are competing to attract high-calibre business owners…

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Extended Variable Capital Companies Grant Scheme – Singapore

On 16 January 2023, the Monetary Authority of Singapore (“MAS”) has extended the Variable Capital Companies Grant Scheme (“VCCGS”) for two years from 16 January 2023 to 15 January 2025 (both dates inclusive) (“Extended VCCGS”). Under the Extended VCCGS, applicants may seek co-funding of 30% of qualifying expenses paid to Singapore-based service providers for qualifying…

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Community Outreach

Forest Adventure with Xin Yuan Community Care

It is nearing the end of the one-week school holidays in September and we took this opportunity to participate in a tree-top obstacle course at Forest Adventure with the children from Xin Yuan Community Care (“Xin Yuan”). We learnt that this is the first time for most of the children but saw that they took…

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Metta School Alumni visit

In our inaugural charitable event, Liontrust participated in a ‘reverse volunteering’ event held by Metta School Alumni where the students taught us to do batik painting… Metta School offers special education to children with Mild Intellectual Disability (MID) and to children who also have Autism (ASD), aged between 6 and 21 years.  It’s vision is…

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