Orient Magazine Issue 83 - August 2021 | Page 32


Message from the Board

Supporting members through Covid

I ’ d like to take a moment to recognise our shared experiences over the past 18 months or so . The impacts on our daily lives , our health and our loved ones , our freedom to move around the globe , our businesses , and our livelihoods have been intense and destabilising . As Singapore approaches a landmark in vaccinations and we watch developments closely around the region for further signs of recovery , my fellow Board members and I would like to thank you for your patience , your incredible support of each other , and above all , your continued support of the Chamber .
We have witnessed a strong sense of community throughout this period among our network , as people face similar issues and challenges in their businesses and industries . We look forward to bringing you together in person when circumstances allow , strengthening these relationships further .
As you will have seen , much of our Covid support is visible to all , such as media articles , survey releases , news updates , maintenance of restriction information , and events . Behind the scenes , conversations regularly occur with representatives from MTI , MOM , Enterprise Singapore and EDB ; using the direct feedback from our sentiment surveys we provide concrete data on how our members are coping through the pandemic . Relevant and timely data of this nature has been appreciated and recognised as helping the Government to make informed decisions .
Conversations are held at three different levels – operationally , where we work to ensure access to Government officials in our activities and answers to your questions ; senior operations , where we flag critical issues and provide urgent support , and at a Ministerial level where I represent the voice of our community as the Chamber President in numerous dialogues .
I look forward to the upcoming next milestone in Singapore ’ s recovery and a return to the days when we can once again make plans for the future , visit our families and meet in person . In the meantime , I encourage members to reach out to the Chamber and Board if you need any support and be assured that we stand ready to help .
Regards ,
Richard Warburton , on behalf of the Board President , British Chamber of Commerce Singapore NEWS
SPECIAL FEATURE: THE FUTURE OF TRADE 33 IN FOCUS INTERVIEW Singapore and Scotland’s Food and Drink Figure 1 Source: www.acra.gov.sg/train- ing-and-resources/facts-and-fig- ures/business-registry-statistics Purpose is clear - Major economies want to discourage multinationals from shifting profits - and tax reve- nues - to low-tax countries regardless of where their sales are made. For example, this means that the U.S. will get less in taxes from Google and Apple but will start getting taxes from the money Samsung and Volkswagen make from sales to Americans. Will there be an impact to MNCs here in Singa- pore? This depends on the final agreed revenue limit, and it isn’t clear now, but certain sectors or entities may be excluded from the minimum tax. Most companies benefiting from existing tax incentives in Singapore are likely to fall under the revenue threshold and therefore won’t be affected by the deal. a standardised tax architecture, it’s likely that we have a long way to go before businesses are affected by any new regulations. For now, multination- al organisations should be looking at their current tax positions as well as what services they are providing and where. This will put them in a good position to review the impact of, and effectively adapt to, any new proposed global tax changes if and when they are implemented. The G20 will convene again in October to finalise an accord. Further reading: • www.vistra.com/insights/pro- posed-minimum-corporate- tax- rate-what-businesses-need- know Although the recent IF agreement is certainly a marker of progress towards How does your partnership with the Chamber help to bolster trade between Singapore and the UK? Our ongoing partnership with the British Chamber makes it easier, and quicker, for companies looking to expand into Singapore. Vistra has a global presence in 46 jurisdictions including the UK and Singapore, and we’re able to provide expert advisory and administrative support for compa- nies looking to expand internationally. Our on the ground presence helps companies to navigate the compliance nuances so that they can focus on their core business, and we also help companies to employ faster through Employer of Record services. Togeth- er with the Chamber’s network, we function as a one-stop ecosystem for businesses. By Tony Gunnis Food and Drink Specialist, South East Asia Scottish Development International Scotland is a land of abundant and premium quality food and drink and its produce can be found in all major global markets, including Singapore. ABOUT THE COMPANY With a laser focus on minimising risk and enhancing efficiencies, Vistra provides expert advisory and administrative support to Fund, Corporate, Capital Market and Private Wealth clients; helping capital flow, protecting investors and safeguarding assets across multiple industries. Vistra is present in 46 jurisdictions and employs over 4,700 professionals. Find out more at www.vistra.com. SPECIAL FEATURE: THE FUTURE OF TRADE SINGAPORE AND SCOTLAND'S FOOD AND DRINK