Relief Packages

The key concern for businesses is to minimise operational costs during this period of severe operational and economic disruption. The Singapore Government has responded swiftly and within the course of approximately 2 months, the Government has rolled out three relief packages – the Unity, Resilience, and most recently, the Solidarity budget, in a bid to mitigate the severe economic fallout caused by COVID-19.

Investment funds in Singapore are typically constituted as companies, unit trusts or limited partnerships. This is set to change with the advent of a new fund vehicle, the Variable Capital Company ("VCC"). The VCC is now an alternative, after the commencement of the Variable Capital Companies Act 2018 ("VCC Act") on 14 January 2020. This update focuses on the considerations a financier may wish to take note of when financing a VCC.

What is a VCC?

CLIENT UPDATE 2016 FEBRUARY 1 © Rajah & Tann Singapore LLP Key Legislative and Regulatory Developments in Singapore for the Year 2015 This Update provides a brief summary of the key statutory and regulatory developments in Singapore for the year 2015.

This table provides an overview of the key developments in 2012 to date.

Capital markets are the platform on which buyers and sellers, including both individuals and businesses, buy and sell financial securities, such as stocks, bonds and related debt and equity instruments. Capital markets help channel surplus funds from savers to institutions by facilitating an open, transparent and safe environment in which to trade securities. Capital markets consist of primary markets on which new issues of securities are traded, and secondary markets, on which existing or previously-issued securities are traded.

Since gaining its independence in 1993, the Slovak Republic has adopted new laws at a rapid pace. As a country in transition, its legal system continues to develop.

The Fourth Schedule of the Insolvency Act is amended to amend priority in which preferential creditors have to be paid.

Under the Fourth Schedule of the Insolvency Act (the “IA”), unpaid wages and salaries, up to a maximum of Rs 50,000, must now be paid after the liquidator or Official Receiver has settled the cost of the liquidator under sub-paragraph (1) of paragraph of the Fourth Schedule.

The Companies and Intellectual Property Commission reported that between 2011 and 2018, a total of 2 867 South African companies initiated business rescue proceedings in terms of Chapter 6 of the Companies Act, 2008 (the “Companies Act”), with South African Airways SOC Limited (“SAA”) being the latest addition to this list. The purpose of these proceedings is to provide distressed companies with a fresh start by creating the potential for them to be rescued, to avoid insolvency and to ultimately be wound-up.

The Gauteng Division of the High Court recently delivered a judgment in the matter of The Commissioner for the South African Revenue Service and Logikal Consulting (Pty) Ltd and Others, Case No. 96768/2016, in which the court had to interpret, among other things, what comprises a “class” of creditors as contemplated in s155(2) of the Companies Act, No 71 of 2008.

Following on from our previous tax alerts regarding the various proposed amendments pursuant to the draft Taxation Laws Amendment Bill, 2018 (draft TLAB) published for public comment on 17 July 2018, we discuss in this Tax Alert another significant proposed legislative amendment, specifically related to the allowance for doubtful debts set out in s11(j) of the Income Tax Act, No 58 of 1962 (Act).