SG Law Cookies (03 April 2023)
Welcome to today’s blog post, where we summarize recent legal news in Singapore. The Inland Revenue Authority of Singapore (IRAS) is focusing on auditing private property purchases that use the “99-to-1” sales contract to circumvent additional buyer’s stamp duty (ABSD). This loophole may result in significant penalties for buyers who utilize it for tax avoidance purposes. Additionally, employers in Singapore will have to provide higher medical insurance coverage for work permit and S Pass holders, including domestic helpers. Finally, there is concern among the legal profession in Singapore about the decline in ethical standards. Stricter enforcement and teaching of legal ethics are seen as ways to prevent a further slide. Join us to learn more about these legal developments and their implications.