News Pulse

You may have heard of the old proverb, “from shirtsleeves to shirtsleeves in three generations”. Indeed, reports have shown that approximately 70% of wealthy families lose their wealth by the second generation, and an incredible 90% by the third. A study has shown that 60% of the time, the biggest factor is due to communication breakdown amongst family members, with 25% of the time being a lack of effective wealth planning.

The increased focus on related party transactions, both globally and in Singapore, is apparent. In this age where the amount of cross-border transactions continue to grow and companies continuously look for ways to increase their profits through various means, tax authorities in many countries are keeping up with the trends to ensure that companies are paying the appropriate amount of taxes in their respective territories.

Legislative changes to the Companies Act, Chapter 50 (“Act”) including: AGMs and ARs timelines, Restrictions on changing FYE, AGM Exemption, as well as Simplified process for AR filing for Solvent Exempt Private Companies (“EPCs”) and Private Dormant Relevant Companies, will take effect on 31 August 2018 for companies with financial year end (FYE) ending on or after 31 August 2018.

In this interview, Henry Tan discusses the potential of the ASEAN region, Singapore’s competitive advantages and Nexia TS Group’s unique personalized service offering to its clients across Asia. On the topic of digitalization and the adoption of new technologies such as data analytics, Mr. Tan says that “you must be forward looking and technologically savvy in order to lead.”