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The Singapore government has argued that reducing the rate of GST would benefit the wealthy more than the poor, as the bulk of GST is collected from foreigners and higher-income earners. In 2010, 84.2% of all GST paid was collected from foreigners and the top 40% of Singaporean households, while the bottom 20% of households contributed only 4% ...
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Commercial banks in Singapore may undertake universal banking, such as the taking of deposits and the provision of cheque services and lending, as well any other business authorised by the Monetary Authority of Singapore, including financial advisory services, insurance brokering and capital market services, as long as they are permitted under section 30 of the Banking Act.
Enacted on 17 June 1960, the Prevention of Corruption Act (PCA) is the primary anti-corruption law in Singapore. The following are provided for under the PCA: [6] Powers for the CPIB to investigate bribery in all forms, both monetary and non-monetary in nature, and in both the public and private sectors;
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, also known as the Banking Royal Commission and the Hayne Royal Commission, was a royal commission established on 14 December 2017 by the Australian government pursuant to the Royal Commissions Act 1902 to inquire into and report on misconduct in the banking, superannuation, and financial ...
Chia is currently serving a 42-year jail term since 2004 for the crime, which was then the worst commercial crime Singapore has ever witnessed. [11] In January 2000, the CAD acted upon a report to arrest SIA cabin crew supervisor Teo Cheng Kiat for embezzling an approximate sum of $35 million from his company. Teo was charged with 26 counts of ...
Pertubohan Kebangsaan Melayu Singapura (2004), [72] the plaintiffs, who were members of the Pertubuhan Kebangsaan Melayu Singapura (Singapore Malay National Organisation), a political party in Singapore, had serious charges levelled against them impugning their honesty in financial management. A letter posted to the plaintiffs on 21 May 2003 ...
The Monetary Authority of Singapore or (MAS), is the central bank and financial regulatory authority of Singapore. It administers the various statutes pertaining to money, banking, insurance, securities and the financial sector in general, as well as currency issuance and manages the foreign-exchange reserves .