Singapore Legal Update - February 2019
01 March 2019
Proposed Changes to Laws Affecting Bank
The MAS is proposing changes to requirements for outsourcing arrangements by banks and merchant banks. The proposals will extend requirements on outsourcing to a wider range of outsourcing arrangements as well as enhance the requirements for such arrangements. Other changes have also been proposed to the Banking Act.
Stamp duty and Goods and Services Tax for Sub-Funds of VCCs
The Variable Capital Companies Act 2018 is expected to come into force in the second half of 2019. The MOF is currently consulting on the GST and stamp duty treatment of sub-funds in a VCC. It is proposed that for these purposes sub-funds will be treated as if they were separate entities in respect of supplies and transactions made.