The IIA released its Three Lines Model in July 2020 as an update to the highly-regarded Three Lines of Defence Model promulgated in 2013. Many practitioners either love it or hate it, while others (including this author) vacillate between the two states.
Under the previous administration, Malaysia transitioned from the old Sales and Services Tax (SST) to the existing Goods and Services Tax (GST). Following the Malaysian General Election 2018, the new government decided to abolish the GST and revert to the SST regime. In line with this decision, the government imposed zero rated GST effective 1 June 2018 before transitioning into SST.
The revised tax treaty between Singapore and Thailand came into effect on 1 January 2017, replacing the previous treaty signed in 1975. Areas that may be affected include intellectual property, construction, real property, services, leasing, airlines and shipping and certain debt funding arrangements.
Budget 2016 spells out the direction the Singapore government is steering in, to transform industries and the economy to be more global and innovative. Companies should, likewise, make changes. Baker Tilly TFW charts the waters ahead.