Friday, 23 February 2018
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IRAS releases Consultation Papers on e-Commerce Transactions

The Inland Revenue Authority of Singapore (IRAS) has published two consultation papers on Feb 20 regarding taxing e-commerce transactions for businesses and individuals buying digital services from overseas providers.

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Buyer's Stamp Duty Hike a preferred tool to Wealth Taxes

The Buyer's Stamp Duty hike in the budget has received praise from tax consultants and other experts as they think it is easier to implement and less disruptive than other alternatives.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

Borrowing Plan will help fund Higher Infrastructure Spending

Singapore is looking to ramp up its spending on infrastructure by borrowing to fund its projects, and plans to use the country's national reserves to guarantee such borrowings.
Date: 21 February 2018; Type: Legal News; Source: Singapore Law Watch

IC to complete Study on Insurance Capitalization Cap Next Month

MANILA, Feb 21 (PNA) - The Insurance Commission (IC) targets to complete next month its study on the proposed capitalization cap of PHP900 million instead of PHP1.3 billion by year 2022 for insurance companies.
Date: 21 February 2018; Type: Legal News; Source: Philippine News Agency

CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018

Central Provident Fund (CPF) members will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and Medisave Accounts (SMA) monies in the second quarter of 2018. CPF members will also earn up to 5% per annum on their Retirement Account (RA) monies in 2018. These intere ...
Date: 20 February 2018; Type: Legal News; Source: Central Provident Fund Board

Buyer's Stamp Duty (BSD) Rate to be raised, on the Value of Residential Property in excess of of $1 Million

The Minister for Finance announced in the 2018 Budget Speech that the top marginal Buyer’s Stamp Duty (BSD) rate will be raised from 3% to 4%, and applied on the value of residential property in excess of $1 million. The revised BSD rates will apply to all residential properties acquired on or after 20 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

Budget 2018: Together, a Better Future

Minister for Finance Heng Swee Keat delivered the Singapore Government’s Budget Statement for Financial Year 2018 in Parliament on Mon, 19 February 2018.
Date: 19 February 2018; Type: Legal News; Source: Ministry of Finance

BoT: Commercial Banks can appoint their own Banking Agents

BANGKOK, Feb 19 (NNT) - The Bank of Thailand (BoT) has confirmed commercial banks can appoint their own banking agents to provide financial services.
Date: 19 February 2018; Type: Legal News; Source: National News Bureau of Thailand

Ministry of Finance agrees with Bank Licensing Plan

BANGKOK, Feb 19 (NNT) - The Permanent Secretary for Finance, Somchai Sajjapongse, said the Ministry of Finance agrees with the move taken by Bank of Thailand to allow 7-Eleven convenience stores to provide a deposit and withdrawal service.
Date: 19 February 2018; Type: Legal News; Source: National News Bureau of Thailand

Securities Commission Malaysia and Bursa Malaysia to implement New Measures to boost Market Vibran

Kuala Lumpur, Feb 14 - The Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) today outlined the operational details of various new measures to further enhance the vibrancy and liquidity of the equity market.
Date: 14 February 2018; Type: Legal News; Source: Bursa Malaysia

No governing Law makes Digital Currency Investment risky: SEC

BANGKOK, Feb 18 (NNT) - Investment in digital cryptocurrency has high risk as there is no existing law to protect investors from possible damages, and that investors have no legal way to file complaints for compensation, says SEC.
Date: 18 February 2018; Type: Legal News; Source: National News Bureau of Thailand

MAS sets out e-Payment Guidelines for Banks, Consumers

The Monetary Authority of Singapore has moved to set standards for consumer rights regarding mobile payments options provided by major retail banks. It has, amongst others, outlined the liabilities of customers in case of unauthorised transactions and the responsibilities of the banks to notify customers ...
Date: 14 February 2018; Type: Legal News; Source: Singapore Law Watch

SC, Bursa unveil Details of Equity Market Measures

KUALA LUMPUR, Feb 14 (Bernama) - The Securities Commission Malaysia (SC) and Bursa Malaysia Bhd have outlined the operational details of various new measures to further enhance the vibrancy and liquidity of the equity market as announced by the Prime Minister Datuk Seri Najib Tun Razak recently.
Date: 14 February 2018; Type: Legal News; Source: Bernama

BNM to introduce Policies to preserve Economic, Financial Stability

KUALA LUMPUR, Feb 14 (Bernama) - Malaysia will continue to introduce new policies, as new risks from external spillovers emerge, in order to preserve macroeconomic and financial stability, says Bank Negara Malaysia (BNM).
Date: 14 February 2018; Type: Legal News; Source: Bernama

MoF implements National Regulatory Sandbox Initiative

PUTRAJAYA, Feb 14 (Bernama) - The Ministry of Finance (MoF) has started to implement the National Regulatory Sandbox Initiative which involves the creation of a brain-storming group from regulators and selected industry players to enable innovators to test their solutions or products in a conducive environment. Its Secretary-General, Tan Sri D ...
Date: 14 February 2018; Type: Legal News; Source: Bernama

Bank Indonesia studies Use of Blockchain

Jakarta (ANTARA News) - Bank Indonesia (BI) is studying the use of blockchain, a system in which a record of transactions made in bitcoin or another cryptocurrency is maintained across several computers.

Central Bank warns Banks against violating LTV Regulation Bitcoin possesses Potential to fund Terrorism: BI Minister urges People to avoid Trading in Crytocurrencies more

Beware of Illegal Transactions by Fake Banks, Public warned

The Bank of the Lao PDR has warned members of the public to beware of unauthorised bank accounts after learning that some people have been tricked into making transactions with fake banks.

New Service Fee Regulation to boost SME, Selected Sectors License issuance for new Financial Institutions suspended more

Securities Commission Malaysia and Bursa Malaysia to implement New Measures to boost Market Vibran

Kuala Lumpur, Feb 14 - The Securities Commission Malaysia (“SC”) and Bursa Malaysia Berhad (“Bursa Malaysia” or the “Exchange”) today outlined the operational details of various new me ...

SC, Bursa unveil Details of Equity Market Measures BNM to introduce Policies to preserve Economic, Financial Stability MoF implements National Regulatory Sandbox Initiative more

Interest Rates to remain unchanged until 2020: Central Bank

The Central Bank of Myanmar (CBM) will not revise the interest rates on bank deposits, borrowings and government treasury bonds, CBM Vice-Governor U Soe Thein told the media on Tuesday.

MPs prevail over President on Audit Bill Government to accept Only Low-Interest Foreign Loans as Debts rise Central Bank allows Foreign Banks to provide Export Financing more

IC to complete Study on Insurance Capitalization Cap Next Month

MANILA, Feb 21 (PNA) - The Insurance Commission (IC) targets to complete next month its study on the proposed capitalization cap of PHP900 million instead of PHP1.3 billion by year 2022 for insurance companies.

SC suspends Lawyer for 'Dilatory Tactics' House approves Proposed Insurance for Farmers and Fisherfolk SEC halts Calata’s Initial Coin Offering more

IRAS releases Consultation Papers on e-Commerce Transactions

The Inland Revenue Authority of Singapore (IRAS) has published two consultation papers on Feb 20 regarding taxing e-commerce transactions for businesses and individuals buying digital services from overseas providers.

Buyer's Stamp Duty Hike a preferred tool to Wealth Taxes Borrowing Plan will help fund Higher Infrastructure Spending CPF interest Rates and HDB Mortgage Rate from 1 April 2018 to 30 June 2018 more

Industry Updates

Cabinet reorganizes funding for Economic and Public Service Enhancement

BANGKOK, Feb 21 (NNT) - Thailand's Cabinet has resolved to increase the efficiency of public services by taking out a loan of 800 million baht while also approving over 5 billion baht to strengthen the domestic economy.

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DTI updates MSMES on PH’s Free Trade Pact

TAGAYTAY CITY, Cavite, Feb 21 (PNA) - The Department of Trade and Industry (DTI) is boosting its Free Trade Arrangements (FTAs) with the Regional Comprehensive Economic Partnership (RCEPT) ASEAN plus 6, PH-EU (27 countries) and Asia Pacific (APEC’s 21 member economies).

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Industry Updates

Start-ups, SMEs Call for Greater Access to Loans by Foreign Banks

Start-ups and small and medium-sized enterprises (SMEs) are now calling for equal treatment of foreign and local banks as this will give them more options to borrow money for growth.

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Industry Updates

More Support for Firms to innovate and go International Companies

The government will provide more support to firms that buy solutions and for those that develop their own innovations or team up with partners, in the form of tax reliefs.

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Industry Updates

Ministry of Justice launches Mobile Campaign to promote Knowledge of Laws

AYUTTHAYA, Feb 20 (NNT) - The Ministry of Justice has launched a mobile campaign to educate people about laws and provide legal advice.

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Industry Updates

DCA is now known as CAAM

PUTRAJAYA, Feb 19 (Bernama) - The Department of Civil Aviation (DCA) has been transformed into the Civil Aviation Authority of Malaysia (CAAM) effective today in line with the government's commitment to spur the nation's aviation industry to greater heights.

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Industry Updates

PHL Embassy in Moscow issues Urgent Reminder: no Legal Status for Household Service Workers in Russia

MOSCOW, Feb 19 - In an advisory issued on February 13, the Philippine Embassy in Moscow reminded that “the category of household service worker is an occupation not open to Filipinos.” The Embassy issued the advisory after receiving queries from the public and media if Filipino household service workers could legally work in Russia.

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Industry Updates

Monetary Authority of Singapore and the Central Bank of Egypt Bolster FinTech Cooperation

Singapore, 14 February 2018 - The Monetary Authority of Singapore (MAS) and the Central Bank of Egypt (CBE) signed an agreement to strengthen FinTech cooperation between the two countries on 6 February 2018. The Cooperation Agreement was signed at Seamless North Africa 2018 (under the patronage of the CBE), a conference focused on Payments, FinTech and eCommerce.

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Industry Updates

Swiss Institute of Federalism ink Academic Cooperation with UP

MANILA, Feb 16 (PNA) - The University of the Philippines-National College of Public Administration and Governance (NCPAG) and the University of Fribourg’s Institute of Federalism (IFF) have entered into a Memorandum of Understanding (MOU) for academic cooperation and exchange, the Department of Foreign Affairs (DFA) said.

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Industry Updates

Commerce Ministry keen to help SMEs expand Production Bases

BANGKOK, Feb 17 (NNT) - The Ministry of Commerce will assist Thai small and medium enterprises in their endeavors to expand their production capacity to meet the demand for their goods in Cambodia, Laos, Myanmar, and Vietnam, also known as the CLMV region.

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Industry Updates

Justice Ministry campaigns for Legal Awareness among Thais

BANGKOK, Feb 15 (NNT) - A transit advertising campaign is being organized by the Ministry of Justice in various provinces to raise awareness of the law and the justice system among public members and state agencies.

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Industry Updates

Thailand, Cambodia discuss Nationality Verification for Migrant Workers

PHNOM PENH, Feb 14 (NNT) - Thailand's Labor Minister Adul Sangsingkeo and his Cambodian counterpart Ith Samheng discussed the nationality verification for undocumented migrant workers.

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