As a function of the widespread disruption to countries and societies resulting from the onset of COVID-19, most businesses continue to struggle to settle into the reality of a new normal alongside the macroeconomic impacts that are now inevitably ingrained into its very corporate fabric. The compounding effects of the pandemic upon the global economy can cause ripples throughout an organisation from its finance and liquidity, workforce availability, demand and supply of its revenue drivers, down to its operations and supply chain, impacting its operating expenses and costs of functioning. These ripples are due to deliver long sustaining impacts beyond the initial occurrence of the pandemic for an extended time period unknown and undeterminable. The million-dollar question thus exists: What are the cautionary measures to be exercised by management in their formulation of the goodwill impairment model? Should management regard this global pandemic as a one-off extraordinary event to be disregarded entirely in their financial projections?Read More
The COVID-19 pandemic has redefined the way businesses are carried out across the world. Analysts predict that Singapore economy will shrink by 11.8 per cent in the second quarter, which could be Singapore’s worst recession. In order to cope with this crisis, the Singapore government has dedicated close to $100 billion or nearly 20 per cent of GDP to help businesses and individuals.
The impact of a bleak economic performance here in Singapore is indisputable but to what extent has COVID-19 affected businesses and which sectors are more severely hit than others? Hear from the C-suites in a networking forum hosted by Nexia TS as they share their thoughts on the challenges they have faced, how the crisis has impacted ways of doing business and their insights on what might lie ahead.Read More
Since June 2016, China’s State Administration of Taxation (SAT) has responded to the OECD BEPS transfer pricing recommendations through release of two primary regulatory documents, to include Announcement  #42, Improved Administration of Related Party Declarations and Contemporaneous Documentation, and Announcement  #6, Administrative Measures on Special Tax Investigation, Adjustment and Mutual Agreement Procedures. While in some cases Announcement 42 increases the complexity of related party transaction reporting by global companies operating in China, many of the provisions clarify points that were previously quite vague, and overall the regulations mostly bring China’s transfer pricing documentation requirements into line with the BEPS recommendations.Read More
After falling 34% from their peak this year, global equities (as measured by the MSCI All Country World Index) bottomed-out on 23 March. At the time of writing, they had since rallied 25%. Investors returned on signs that the coronavirus outbreak may be peaking after a slowing in daily new cases in epicentres like Italy and New York.
Equities were also lifted after the Fed (and other central banks) stepped-up their asset purchases (Quantitative Easing) and governments around the world unveiled record stimulus programs.Read More
The COVID-19 pandemic has caused upheaval in the world in most areas of living. Businesses have been disrupted worldwide resulting in economic hardship and devastation. In the light of such dire consequences, the COVID-19 (Temporary Measures) Act 2020 (hereinafter referred to as the “Act”) is timely and meant to provide relief for businesses. It acknowledges that resulting from the pandemic, there will be obligations that parties will not be able to fulfil.Read More