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Insights

Insights2018-07-18T21:40:38+00:00

Changes to Individual Income Tax Law in China

China’s top legislature passed the amendment to the Individual Income Tax Law on Friday 31 August 2018. This article explores the main changes introduced by the new legislation. On 31 August 2018, China’s Individual Income Tax Law (Amendment) was passed by the National People’s Congress of the People’s Republic of China (PRC). It will be effective from 1 January 2019, [...]

By |September 19th, 2018|Categories: Corporate Income Tax, Taxation|

Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash

The Great Crypto Crash of 2018 looks more and more like one for the record books. As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in [...]

By |September 18th, 2018|Categories: Blockchain, News|

Singapore Land Frenzy Slows After Property Curbs

The bidding frenzy for Singapore land has slowed to a trickle, going by the results of the first auctions since property curbs were tightened. Just three bids were submitted for the Jalan Jurong Kechil site in the island’s northwest, compared to 24 received in April last year for the nearby Toh Tuck Road plot. Only five offers were tendered for [...]

By |September 17th, 2018|Categories: Asia, Corporate Advisory, Corporate Assistance, Family Business, General, Private Business|

North Korean charged over cyber attack that hit NHS

A North Korean man has been identified as part of a group behind the WannaCry ransomware which caused havoc to the NHS. US authorities say Park Jin Hyok was part of the state-sponsored "Lazarus Group", which was allegedly being responsible for hacks on Sony Pictures and the theft of $81m (£62m) from a bank. The 34-year-old worked "on behalf of [...]

By |September 14th, 2018|Categories: Cyber Security, Europe, News|

British Airways – 380,000 card payments ‘compromised’

Shares of British Airways' parent company IAG fell around 4% as markets opened on Friday morning, hours after the airline said the credit card information of at least 380,000 customers had been "compromised" in a data theft. The airline said people using BA.com and its mobile app for flight bookings were targeted by hackers between 21 August and 5 September. [...]

By |September 13th, 2018|Categories: Cyber Security, Europe, News|

China’s ‘Silk Road’ project runs into debt jam

CHINA'S massive and expanding "Belt and Road" trade infrastructure project is running into speed bumps as some countries begin to grumble about being buried under Chinese debt. First announced in 2013 by President Xi Jinping, the initiative also known as the "new Silk Road" envisions the construction of railways, roads and ports across the globe, with Beijing providing billions of [...]

By |September 6th, 2018|Categories: Asia, Corporate Finance, Financial Advisory, International, News|

Corporate Culture goes beyond that of the CEO

Stories of corporate culture gone off the rails have become a regular feature in the headlines. From rampant sexism and bullying, falsifying of critical safety records, to underhand tactics against competitors and outright fraud, breakdowns in standards of governance inevitably lead to demands for strong action to be taken. But while companies, governments and regulators may feel tempted to take [...]

By |September 5th, 2018|Categories: Audit and Assurance, Family Business, Risk|

4 years worth of Audited Financial Reports no Longer valid

Midas, a Chinese railway parts maker which has a primary listing on the mainboard of the Singapore Exchange and a secondary listing in Hong Kong, is being investigated in Singapore and China for fraud. Founded in 2000 by Patrick Chew, a Singaporean businessman with a rags-to-riches story, and a Chinese partner, Chen Wei Ping, trading in Midas shares has been [...]

By |September 4th, 2018|Categories: Asia, Audit and Assurance|

Case Study: PwC UK auditor spent only 2 hours on BHS Audit

In an email seen by Sky News, Kevin Ellis, chairman of PwC UK, reportedly blasted partner Steve Denison over his audit work for BHS, which last week led to a six-figure fine and 15-year ban for Denison and a record £10m fine for the Big Four firm (reduced to £6.5m). In the email circulated to the firm’s nearly 1,000 partners, [...]

By |August 31st, 2018|Categories: Audit and Assurance, Europe, News|

Independent directors to face 9-year limit – SGX

SINGAPORE-LISTED companies will have to justify the independence of long-serving independent directors - if suggested rule changes put forth by the Corporate Governance Council on Tuesday go into force within the second half of this year. To encourage firms to refresh and introduce more diversity into their boardrooms, the Council is proposing to enforce a "nine-year rule" that will reassess [...]

By |August 30th, 2018|Categories: Asia, Business Support, Corporate Assistance, Initial Public Offering, News|
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