Inland Revenue Authority of Singapore

Inland Revenue Authority of Singapore

  1. Home
  2. Singapore

The Inland Revenue Authority of Singapore (“IRAS”) is the main tax administrator to the Government. IRAS collects taxes that account for about 70% of the Government’s operating revenue that supports the Government’s economic and social programmes to achieve quality growth and an inclusive society. IRAS also represents the Government in tax treaty negotiations, drafts tax legislations, and provides advice on property valuation to the Government. As part of its public engagement, IRAS works closely with tax agents as partners in administering the Singapore tax system and in facilitating tax compliance.

IRAS was established by legislation on 1 September 1992 as a statutory board under the Ministry of Finance. Prior to that, IRAS’ functions were performed by the Singapore Income Tax Department, which was created in 1947 to administer the Income Tax Ordinance, and then by the Inland Revenue Department in 1960 to administer the Income Tax Act (Cap 134, 2014 Rev Ed).

 

Source:
www.iras.gov.sg

Monetary Authority of Singapore

Monetary Authority of Singapore

  1. Home
  2. Singapore

The Monetary Authority of Singapore (“MAS”) is the central bank of Singapore. Its mission is to promote sustained non-inflationary economic growth, and a sound and progressive financial centre. MAS has the following functions:

(a) To act as the central bank of Singapore, including the conduct of monetary policy, the issuance of currency, the oversight of payment systems, and serving as banker to and financial agent of the Government.

(b) To conduct integrated supervision of financial services and financial stability surveillance.

(c) To manage the official foreign reserves of Singapore.

(d) To develop Singapore as an international financial centre.

MAS was established on 1 January 1971 following the Government’s enactment of the Monetary Authority of Singapore Act (Cap 186, 1999 Rev Ed) in 1970. The Act gave MAS the authority to regulate the financial services sector in Singapore. In April 1977, the Government decided to bring the regulation of the insurance industry under the wing of MAS. In 1984, the regulatory functions under the Securities Industry Act were transferred to MAS. In 2002, following its merger with the Board of Commissioners of Currency, MAS also assumed the function of currency issuance.

In keeping with Singapore’s role as a key financial centre in the region, MAS also plays an active role regionally and internationally. It contributes to discussions on maintaining global financial stability and shaping international financial regulatory reforms. MAS is also a member of global bodies like that IMF and the World Bank; and of international standard-setting bodies like the Basel Committee of Banking Supervision. MAS works closely with its counterparts in ASEAN, Asia-Pacific, the US, and key European and Latin American central banks and regulators.

 

Source:
www.mas.gov.sg

Competition Commission of Singapore

Competition Commission of Singapore

  1. Home
  2. Singapore

The Competition Commission of Singapore (“CCS”) was established on 1 January 2005 to administer and enforce the Competition Act (the “Act”) (Chapter 50B). On 1 April 2018, CCS was renamed the Competition and Consumer Commission of Singapore (“CCCS”) and took on an additional function of administering the Consumer Protection (Fair Trading) Act (Chapter 52A). In relation to the Act, besides investigating and enforcing against practices that have an adverse effect on competition in Singapore, CCCS also represents Singapore in respect of competition matters in the international arena. In addition, CCCS has a statutory duty to advise the government or other public authority on national needs and policies in respect of competition matters generally.

The functions and duties of the CCCS are to:

(a) Maintain and enhance efficient market conduct and promote overall productivity, innovation, and competitiveness of markets in Singapore.

(b) Eliminate or control practices having adverse effect on competition in Singapore.

(c) Promote and sustain competition in markets in Singapore.

(d) Promote a strong competitive culture and environment throughout the economy in Singapore.

(e) Act internationally as the national body representative of Singapore in respect of competition matters and consumer protection matters;

(f) Promote fair trading practices among suppliers and consumers and enable consumers to make informed purchasing decisions in Singapore;

(g) Prevent suppliers in Singapore from engaging in unfair practices;

(h) Administer and enforce the Consumer Protection (Fair Trading) Act (Cap 52A); and

(i) Advise the Government, other public authorities or consumer protection organisations on national needs and policies in respect of competition matters and consumer protection matters generally.

These functions are supported by the various divisions in CCCS, which include the Business and Economics, Consumer Protection, Corporate Affairs, Enforcement, International and Strategic Planning, Legal, and Policy and Markets.

As part of its role as Singapore’s competition authority, the CCCS also works with its foreign counterparts to promote competition by mitigating non-tariff barriers, building the necessary capacities and rendering technical assistance. The CCCS also cooperates with its foreign counterparts on cross-border competition matters. Such co-operation includes:

(a) Entering into agreements with foreign competition agencies, eg, negotiating FTAs with competition chapters to establish a level playing field for businesses.

(b) Forging strategic engagements with key foreign counterparts to foster closer cooperation in competition-related matters.

(c) Participating and contributing actively at the various international competition fora to shape the development and implementation of best practices in competition policy and law.

(d) Monitoring emerging competition trends and developments, and identifying international best practices, to operate a robust and enlightened competition regime in Singapore.

CCCS matters are usually handled by local counsel, but a Qualifying Foreign Law Practice (“QFLP”) can also assist a client with CCCS matters in limited ways.

A QFLP can provide legal advice and make representations, including oral representations, on behalf of their clients for all matters before CCCS staff, but only (1) through lawyers registered under s 36B or s 36E of the Legal Profession Act (Cap 161, 2009 Rev Ed), and (2) strictly within the permitted areas of legal practice as provided under rule 4 of the Legal Profession (Regulated Individuals) Rules 2015. A QFLP should provide these details when they first contact the CCCS.

 

Source:
www.cccs.gov.sg

Ministry of Law

Ministry of Law

  1. Home
  2. Singapore

The Ministry of Law (“MinLaw”) is one of the ministries of the Government of Singapore and overseas the broad legal landscape in Singapore.

MinLaw plays the following roles:

(a) To formulate and review legal, intellectual property, land, insolvency, public trustee, moneylending, pawnbroking, legal aid and community mediation policies, as well as legislation and strategies under MinLaw’s purview;

(b) To provide legal and policy input for other Ministries’ proposed Bills and programs;

(c) To develop the legal services, alternative dispute resolution and intellectual property sectors; and

(d) To regulate and license all law practice entities and register foreign-qualified lawyers in Singapore.


Statutory bodies and agencies under MinLaw include:

(a) Intellectual Property Office of Singapore

(b) Singapore Land Authority

(c) Land Surveyors Board



Source:
www.mlaw.gov.sg

Attorney-General’s Chambers

Attorney-General’s Chambers

  1. Home
  2. Singapore

The Attorney-General’s Chambers is led by the Attorney-General, who discharges his responsibilities and duties through 5 legal divisions (Civil, Criminal Justice, Financial and Technology Crime, International Affairs, and Legislation), with the support of the Corporate Services Division, AGC Academy, Strategic Planning and Organisational Excellence Office.

As principal legal advisor to the Government, the Attorney-General plays an important role in upholding the rule of law in Singapore, and thus contributes to one of the key aspirations of her people: to build a democratic society based on the fundamental ideals of justice and equality.

The Attorney-General performs the following key functions:

(a) Legal Advisor to the Government: the Attorney-General renders his advice to the Government on legal matters, and performs other legal duties referred or assigned to him by the President or the Cabinet;

(b) Public Prosecutor: the Attorney-General is vested with the power to institute, conduct or discontinue proceedings for any offence. The Attorney-General is independent in this role, and not subject to the control of the Government;

(c) Drafter of Laws: the Attorney-General is responsible for drafting Singapore’s laws and producing revised editions of legislation;

(d) Singapore’s Legal Representative: all actions by or against the Government are made in the name of the Attorney-General. The Attorney-General also represents Singapore, and advances and protects her interests, in the international arena and in international disputes;

(e) Protector of Charities: under common law, the Attorney-General is the guardian of charities;

(f) Central Authority for Mutual Legal Assistance in Criminal Matters and Extradition: officers of the Attorney-General’s Chambers process and handle all formal requests for assistance in accordance with the provisions of the Mutual Assistance in Criminal Matters Act and any applicable Mutual Legal Assistance Treaty.

 

Source:
www.agc.gov.sg/about-us/overview

Overview

Overview

  1. Home
  2. Singapore

The Singapore legal system is made up of several different institutions, which all play an instrumental and indispensable role in ensuring the growth and development of the legal landscape in Singapore. Each independent institution functions together in such a way as to form a jurisprudential kaleidoscope bounded by a unique national identity.

 

Source:
www.singaporelaw.sg