Stay informed with the current happenings in Singapore with the latest updates on economic trends, government initiatives, and noteworthy developments shaping the business landscape.
1.2024 Budget Statement to be delivered on Friday, 16 February 2024
Singapore’s Deputy Prime Minister and Minister for Finance, Mr. Lawrence Wong, is set to present the FY2024 Budget Statement in Parliament on Friday, February 16, 2024.
The Budget Statement will be broadcasted live on television and radio. You can also watch the live webcast on the Singapore Budget website (www.singaporebudget.gov.sg), and the complete Budget Statement will be made available on the website after the presentation.
You may share your views and suggestions for Budget 2024 through the REACH Budget 2024 microsite at www.reach.gov.sg/budget2024 until Friday, January 26, 2024.
2. ISCA Dedicates $15 Million for Aspiring Chartered Accountants through the Singapore Chartered Accountant Qualification Programme (SCAQ)
• Starting from January 1, 2024, ISCA assumes the daily management of the SCAQ.
• Additional support initiatives are being rolled out for SCAQ candidates.
• The SCAQ will now be available to a broader audience.
What is the SCAQ Programme?
The SCAQ Programme in Singapore is the official qualification for becoming a Chartered Accountant (CA) and earning the title of Chartered Accountant of Singapore (CA Singapore). Established in 2013 under the Singapore Accountancy Commission (SAC), now merged with the Accounting and Corporate Regulatory Authority (ACRA) since April 1, 2023.
Starting January 1, 2024, ISCA manages the SCAQ program, handling tasks like candidate registration and examinations. ACRA oversees to ensure it meets the needs of the accountancy sector. This simplifies the process, allowing SCAQ candidates to smoothly become full ISCA members as Chartered Accountants of Singapore (CA Singapore) upon completion.
3. Collaboration Between Accounting and Legal Organizations to Enhance Sustainability Skills in Professional Service Firms
Singapore’s main professional bodies in accounting and law are teaming up for the next three years to create a network of professional service firms capable of offering sustainability services locally and regionally.
Currently, fewer than 50 firms in Singapore provide such services, but the Institute of Singapore Chartered Accountants (ISCA) and the Law Society of Singapore (LawSoc) aim to triple this number. The increasing focus on companies ensuring sustainability in their operations has led to a rising demand for services that go beyond sustainability reporting and advisory. This includes providing businesses with external limited assurance on their direct greenhouse gas emissions and power consumption.
4. Telcos Introduce Anti-Scam Feature: Mobile Subscribers Can Now Block International Calls
- Mobile network operators (Singtel, M1, Starhub & SIMBA) will offer the option to block calls from international numbers from 5 January 2024 onwards.
- Subscribers are encouraged to opt-in to the service to better protect themselves from international scam calls.
In Singapore, we get around 1.6 billion international calls each year. Some of these calls are from scammers, often located abroad. To tackle this issue, IMDA and Telcos have taken steps. They now block international calls showing unusually high frequency, usually signs of automated scam calls. They also identify and block calls with a +65 prefix on the caller ID, trying to appear as calls from Singapore.