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On 30 March 2014, the Infocomm Media Masterplan Steering Committee issued a consultation document setting out the vision to grow and transform Singapore's Infocomm and Media ("ICM") sectors. The goal of the Masterplan is to establish Singapore as a Smart Nation that will lead the world in tapping the potential of ICM and nurture innovative talent and enterprises.
As a clear sign of the pervasiveness of the ICM sectors in Singapore, the Masterplan will focus on the key pillars of infrastructure development, talent development, industry development and economic/social transformation through ICM. Stakeholders in ICM-related industries are invited to contribute their views and ideas through the consultation on how to grow the ICM industry.
For more information, please refer to the firm's update here.
On 6 May 2014, The Singapore Ministry of Finance and the Monetary Authority of Singapore announced that Singapore and the US have substantially concluded discussions on the Intergovernmental Agreement ("IGA") that will facilitate compliance with the US Foreign Account Tax Compliance Act ("FATCA") by Singapore-based financial institutions. Both countries initialled the Model 1 IGA.
What this means for Singapore-based financial institutions is that they will report US account-holder information to the Inland Revenue Authority of Singapore ("IRAS"). IRAS will in turn forward the information directly to the US IRS. Being under Model 1 IGA means Singapore-based financial institutions will not have to enter into an agreement directly with the IRS. Once they report to IRAS, their reporting obligations will be deemed to have been met. This substantially eases their compliance burden.
Singapore and the US expect to sign the official agreement in the second half of 2014. Singapore-based financial institutions have until the end of 2014 to register as a Foreign Financial Institution with Model 1 IGA jurisdiction. This will ensure that there will be no FATCA-related withholding tax on payments made to them from the US.
For further information, please refer to the firm's update here.
The Geographical Indications Bill ("GI Bill"), introduced in Parliament on 5 March 2014, was passed on 14 April 2014. When it comes into full force, it will pave the way for a GI registry which will improve the certainty of protection given to GIs. Owners of all registered GIs will also have access to improved border enforcement measures.
Currently, GIs are already protected in Singapore under the Geographical Indications Act ("Act"). This is in accordance with the WTO Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) standards. However, the Act does not require GIs to be registered before they enjoy the relevant type of protection under TRIPS.
The GI Bill is the result of the recently-concluded Free Trade Agreement negotiations with the European Union. Under that agreement, Singapore has agreed to take steps to strengthen the country's GI regime.
For more information, please refer to the firm's update here.
Please note that whilst the information in this Update is correct to the best of our knowledge and belief at the time of writing, it is only
intended to provide a general guide to the subject matter and should not be treated as a substitute for specific professional advice.
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Rajah & Tann Singapore LLP
9 Straits View
Marina One West Tower
#06-07
Singapore 18937
Republic of Singapore
http://sg.rajahtannasia.com
Contacts: Francis Xavier, SC, PBMPartnerD +65 62320551francis.xavier@rajahtann.comChia Kim HuatPartnerD +65 62320464kim.huat.chia@rajahtann.comAndrew CL OngPartnerD (65) 62320259andrew.c.ong@rajahtann.comHoward CheamPartnerD +65 62320685howard.cheam@rajahtann.com| Rajah & Tann Asia is a network of legal practices based in Asia. |
Member firms are independently constituted and regulated in accordance with relevant local legal requirements. Services provided by a member firm are governed by the terms of engagement between the member firm and the client. |
This update is solely intended to provide general information and does not provide any advice or create any relationship, whether legally binding or otherwise. Rajah & Tann Asia and its member firms do not accept, and fully disclaim, responsibility for any loss or damage which may result from accessing or relying on this update. |
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