Coronavirus - Government measures in key jurisdictions - Flipbook - Page 72
Singapore
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Tax
•
Has any new
legislation been
introduced in light •
of COVID-19?
Company
law matters
Automatic Deferment of Corporate Income Tax (CIT) Payments: To ease the cash flow for
businesses during the COVID-19 pandemic, companies have been granted an automatic
deferment of income tax payments for 3 months. No application is required.
Support for the Self-Employed: To support self-employed persons, personal income tax
payments due in May, June and July 2020 will be deferred automatically for 3 months this
is also the case for one-time income tax payments. No application is required.
•
Support for Employees: Employees may apply to defer income tax payments due in May
June and July 2020 for a period of 3 months. For employees making lump sum payments,
such payments may also be deferred by 3 months upon application.
•
Extension of deadline for holding Annual General Meetings and filing Annual Reports:
On 7 April 2020, the Accounting and Corporate Regulatory Authority (“ACRA”)
announced a 60-day extension of time for all listed and non-listed companies to
hold their annual general meetings (“AGMs”) and file their annual returns (“ARs”).
The Singapore Exchange Regulation (“SGX RegCo”) also announced that it would
automatically extend the deadline by 60 days for all issuers with financial year-end
on or before 31 March 2020 to hold their AGMs.
Have any measures
been put in place
to accommodate
social distancing
(such as remote
•
general meetings)?
1
Alternative arrangements for AGMs which proceed: On 7 April 2020, the COVID-19
(Temporary Measures) Act was enacted by Parliament. One of the provisions
state that a relevant meeting or class of meetings held on or after 27 March 2020
that complies with alternative arrangements prescribed under the new law will
be deemed to satisfy any requirements for the convening, holding or conduct or
deferral of such meetings under the relevant written law or legal instrument.
•
On 13 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements
for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit
Trusts and Debenture Holders) Order was gazetted. The Order sets out alternative
arrangements to personal attendance in respect of certain classes of meetings,
which include, inter alia, general meetings of companies. Personal attendance can
be via electronic means instead.
•
The Singapore Stock Exchange is also providing a grant of SGD5,000 per issuer that
can only be used for the purpose of implementing COVID-19 measures for AGMs.
This ‘AGM Facilitation Grant’ will cover all AGM-related expenses incurred between
16 March 2020 and 15 March 2021, such as augmenting physical AGMs with video
conferencing, additional logistics such as on-site temperature taking or pre-AGM
shareholder communication, amongst others.
Government measures in key jurisdictions
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