Mother and son charged with lying to IRAS over 99-to-1 property purchase in first such prosecution

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THE Event

The Taiwanese couple accused of conspiring to give misleading information to IRAS received five claims each under the Stamp Duties Act on Friday.

On September 24, 2021, Tan sold a portion of the private estate he owned to his mother.

In 2023, IRAS began conducting an investigation into the relevant deals and emailed Tan for details.

When questioned why he did not initially plan to buy the house with his mother, Tan reportedly claimed that he had made the decision to do so with the understanding that his family would provide for him financially.

He is also accused of lying about the fact that his family was unable to do so and that he had to include his family as a mutual owner in the loan application process.

Tan is even accused of giving IRAS false information in the form of shoddy WhatsApp information.

Tan and his family have not stated how they would admit. They may return to court in October.

Tan and Ng was receive sentences of up to two years in prison, a fine of up to S$ 10,000, or both if found guilty of providing false and misleading data to IRAS.

If it discovers tax evasion, IRAS said it will pay the correct amount of stamp duty to customers. There is no statute-imposed time limit for stamp duty reviews, and there is a fee of 50 % of the additional work payable.

The taxpayer advised purchasers to deliberately inform IRAS of their arrangements when they entered a two-step 99-to-1 property purchase agreement. &nbsp,

” Depending on the circumstances, IRAS is prepared to consider such circumstances more favourably”, the organization added.

In May, Finance Minister Lawrence Wong announced that IRAS had reviewed 187 of these 99-to-1 cases, finding that about S$ 60 million in ABSD and fees would be recovered.

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Interest rate for CPF Special, Medisave and Retirement accounts increases to 4.14% in Q4

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SINGAPORE: The interest rate for Central Provident Fund ( CPF ) Special, MediSave and Retirement accounts will increase to 4.14 per cent in the fourth quarter of 2024, up from 4.08 per cent in the previous quarter.

Savings in these accounts will increase by 4.14 percent from October to December, according to the CPF Board and Housing Board ( HDB) in a joint news release released on Friday ( Sep 20 ).

The government has even extended the 4 % interest rate floor for all Specific, Medisave, and Retirement records for the following year, starting January 1 through December 31, 2025.

In spite of the volatile interest rate environment, the CPF Board and HDB said,” This modification of the ground level may continue to provide CPF people with clarity on the results of their CPF benefits.” &nbsp,

These accounts have an interest rate equal to the yield on 10-year Singapore Government Securities, which is increased by 1 %.

Since the OA pegged rate is still below the floor rate of 2.5 percent, the interest rate on the Ordinary Account ( OA ) will remain unchanged for the fourth quarter.

The concessionary interest level for HDB cover money, which is pegged at 0.1 percent above the Op interest rate, will likewise remain constant for the same time frame at 2.6 %.

Members may continue to receive more attention on their CPF savings in accordance with the administration’s efforts to increase pension savings for CPF members. &nbsp,

Those below 55 years old will earn an extra 1 per cent interest on the first S$ 60, 000 ( US$ 46, 500 ) of their combined balances. This fascination is capped at S$ 20, 000 for the OA. &nbsp,

People aged 55 and over will get an extra 2 per cent interest on the first S$ 30, 000 of their combined accounts, capped at S$ 20, 000 for the OA, and an additional 1 per share on the next S$ 30, 000. &nbsp,

A person’s Special Account or Retirement Account will receive the additional interest earned on the OA accounts. &nbsp,

The CPF Board and HDB stated that “if a member is over 55 years old and joins CPF LIFE, the additional interest will be earned on their combined Pension accounts, which includes the saving used for CPF LIFE.” &nbsp,

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Thailand unveils new bill to regulate cannabis while keeping it legal

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Discussed: 20 Sep 2024 at 10: 09

Shopkeepers wait for customers at a cannabis shop in Phuket on Sept 2, 2023. (Photo: Reuters)
On September 2, 2023, merchants in Paradise wait for consumers at a cannabis store. ( Photo: Reuters )

Thailand’s latest attempt to rein in outdoor tobacco comes after some policy flops, which has led to the passage of a new act to regulate its cannabis industry and to impose restrictions on marijuana use for primarily for medical and health reasons. &nbsp,

In addition to its use in organic, food, and cosmetic products, cannabis or its extracts will be permitted for state agencies to conduct research and medical care. The Public Health Ministry released the new bill earlier this year, just days after Prime Minister Paetongtarn Shinawatra’s new administration took office. &nbsp,

In contrast to earlier government efforts to regulate the market, the document bill appears to take a softer approach. For one, it no more contains a provision that directly criminals recreational use of cannabis, which was proposed in an earlier document by ex-premier Srettha Thavisin’s management. It also successfully indicates that the new government has abandoned a campaign to reclassify the facility as a “narcotic.”

However, anyone who uses hemp or its components for purposes not permitted by the costs will be subject to a fine of up to 60, 000 baht. A peak one-year prison term, charges of 100,000 Ringgit, or both are applied to the retailers of cannabis or its products for purposes not specified by the law. &nbsp,

For regulations may prevent the Southeast Asian nation, which decriminalized marijuana for the first time in Asia in 2022, from allowing the plant to be used freely. More than 9,400 cannabis clinics have been permitted to open across the country due to a legitimate pump, many of which are located in well-known tourist destinations and business regions in Bangkok and beyond. &nbsp,

The Pheu Thai Party, the party’s leader, vowed to re-list pot as a narcotic to restrain its use to really health purposes due to concerns over habit, making the drug’s quick availability a hot-button political problem during the national election next year. However, Pheu Thai has been forced to renounce its commitment to keep the plant constitutional due to opposition from the second-largest party in the ruling coalition.

Compliance problems

The proposed legislation calls for tighter licensing regulations for cannabis planting, income, imports, and goods, with existing producers, vendors, or related businesses required to have or use for new licenses or permits or face severe jail terms or fines. &nbsp,

The costs may still cause a compliance concern for growers, dispensaries, and a sizable amount of consumer-agro firms that have cropped up across Thailand, but it is a more favorable way for the cannabis business. The current law requires no more than 0.2 % tetrahydrocannabinol, the psychoactive substance that causes a “high” experience, to be sold, along with cannabis buds, oil extracts, weed-infused chocolate, and baked goods. &nbsp,

” The bill provides for wider functions of hemp to be in line with reality, but it still requires the supervision of licensed medical specialists”, Prasitchai Nunual, a pro-cannabis advocate said in a Facebook post. ” That’s exclusive and subjects an animal’s right to the authority of professionals. Instead, it should state that “uses must not intrude on some ‘ rights.”

Public and business participants have until September 30 to offer their opinions on the proposed legislation. Before submitting it to the government, which had then give it to Parliament for approval, the government may also make adjustments to the policy.

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China on the horns of a Fed rate cut dilemma – Asia Times

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The People’s Bank of China ( PBoC ) is in a crucial position as it looks to reduce the yuan’s appreciation while avoiding crimping Chinese bank profits as it follows the US with significant monetary easing.

On Wednesday, the US Federal Reserve eased its key lending rate by 0.5 percentage points to 4. 75 % to 5 %, marking the first easing in the country since 2019. The Fed Chair Jerome Powell said that higher borrowing costs, put in place to combat inflation, if n’t end up hurting the US market, so the split was greater than the customary 0.25 percent point decline.

Powell claimed that price cuts can be anticipated in the upcoming month and that the lessening will move faster if the economy is weak and slower if it is sturdy.

As the buck weakened, the on-shore yen increased by 233 basis points to close the regional trading program at 7.066 per money on Thursday, the strongest close since May 26, 2023. Due to this, the renminbi had increased by 2.8 % over the previous two months as forex traders anticipated the US Fed’s interest rate may be cut in September. &nbsp,

Currency markets expected that the PBoC may cut its loan prime rate ( LPR ) by 20 basis points on Friday, the Securities Times, a state-owned newspaper and a unit of the People’s Daily, reported on Thursday. &nbsp, The magazine said business aspirations for a reduction in existing loan rates, as well as the start of financial stimulation, are also growing.

Another Chinese media, including iFeng.com, likewise said the PBoC will definitely cut costs on Friday. Stock investors have profited from the opportunity to benefit from the markets, even though authorities have not confirmed all these information. &nbsp,

The Shanghai Composite Index gained 0.69 % to 2, 736 while Hong Kong’s Hang Seng Index surged 2 % to 18, 013 on Thursday. &nbsp,

Some experts claimed that the US price cut has made it easier for Asian nations to lower their borrowing rates to improve their economies and that it has also reduced the relationship yield gap between China and the US.

In April 2022, the US Treasury Bond generates have surpassed China’s, leading to a cash flow from China to the US. The supply space peaked at 237 base items, or 2.37 percentage points, in April this year. There is still a deliver space of 168 foundation points between the country’s two largest economy. &nbsp,

The US-China offer gap has decreased by about 1.6 %, according to Zhao Ran, an associate professor at the Capital University of Economics and Business, as US interest rates are declining. With reduced prices, China’s currency will continue to rise over the long run, according to Zhao. &nbsp,

Nevertheless, some economists are worried that the beginning of the US rate-cutting period, which could mean a weaker dollar and stronger yuan, did hurt China’s imports. &nbsp,

” China’s plan is to keep a steady exchange rate for yen. Even if there is a require for yuan respect, a high volatility of the currency’s exchange rate may remain avoided”, Wu Dan, a scientist at the Bank of China Research Institute, told the China Youth Daily, which is a paper published by the Communist Youth League. &nbsp, &nbsp,

She said, from a long-term view, chinese gratitude is good for China as the country can get more capital, import more goods and appreciate more room to use financial tools to improve its economy. &nbsp,

She added that because they avoided purchasing the yen during the strong dollar time, Taiwanese manufacturers may have accumulated about US$ 500 billion in dollar-denominated property since 2022. She claimed that as the yuan increases, these businesses may now be given more incentives to sell their dollar assets to Chinese ones. &nbsp, &nbsp,

After the US Fed rate cut, Chinese companies may dump about$ 1 trillion of dollar-denominated assets, according to Stephen Jen, CEO of Eurizon SLJ Capital, and send some of it back to China. This could lead to a 5- to 10 % yuan appreciation. &nbsp,

Exports at risk&nbsp,

In the first eight months of this year, China’s exports rose 6.9 % to 16.45 trillion yuan ($ 2.33 trillion ) from the same period of last year while imports grew 4.7 % to 12.13 trillion yuan. The trade surplus expanded by 13.6 % to 4.32 trillion yuan. &nbsp,

China’s trade with ASEAN countries increased 10 % year on year, and was up 1.1 % with the European Union and 4.4 % with the US over the same period. The increase was primarily attributable to increased shipment numbers of mechanical tools and electronic goods, which made up 59 % of China’s total exports. &nbsp,

Chinese consumers benefit from seeing how much Yuan appreciation lowers their costs of purchasing imported goods. But it will at the same time hurt Chinese exporters”, an Inner-Mongolia-based columnist said in an article published on September 13. &nbsp,

He claimed that the yuan’s appreciation has encouraged Chinese exporters to buy renminbi assets, but that the trend will also cause the Chinese currency to rise. He claimed that a downward spiral might lead to a” stampede,” which would indicate a sharp and unexpected increase in the renminbi, which would lower the volume of orders placed by Chinese manufacturers. &nbsp,

The PBoC wants to slow the yuan appreciation in order to maintain export growth, but the scope for rate reductions is constrained because Chinese banks ‘ net interest margins ( NIMs) have fallen below the industry’s warning line of 1.8 %, which is in line with industry expectations. &nbsp,

Chinese listed banks ‘ average NIM was 1.69 % last year, down 1.94 % in 2022 or 2.23 % from the pre-pandemic level in 2019. In accordance with an EY report, declining NIMs resulted in net interest income levels never before seen since 2017.

After the PBoC cut one-year and five-year LPRs by 10 basis points to 3.35 % and 3.85 %, respectively, in July 2024, the average NIM of major Chinese banks is expected to decline to 1.51 % for the whole year of this year, based on a Visible Alpha consensus. &nbsp,

Zhou Lan, head of the PBoC’s monetary policy department, stated in a media briefing on September 5 that while there are some restrictions on cutting interest rates, Chinese banks can still reduce their reserve requirement ratios ( RRRs ) to help boost the economy.

He said the average RRR, the percentage of a banks ‘ total deposits that must be held in reserve, is around 7 % at present, compared with 15 % in 2018.

Read more: Germany invests more than China, but midstream companies leave.

Follow Jeff Pao on X: &nbsp, @jeffpao3

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Malaysia to open 2 new VEP tag centres in Johor, boosting installation capacity five-fold

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In a move that will increase its capacity to install Vehicle Entry Permit (VEP ) tags by five times, Malaysia will open two new locations in Johor for Singaporean vehicle owners.

The Road Transport Department ( JPJ) announced in a statement on Thursday night that the two new centers will open on Sunday ( Sep 22 ). &nbsp,

Create two additional service locations to help Singapore car owners to place the VEP RFID tag in an effort to improve the VEP RFID ( radio frequency identification ) label registration process, according to the statement.

” This effort aims to help the installation of VEP RFID tags on Taiwanese car owners who have been assisted by JPJ officials there.”

The statement made no mention of whether car owners may pick up their VEPs at the new locations. &nbsp,

The two new locations will be at the Johor State Road Transport Department JPJ Complex in Taman Daya and at the Road Transport Academy ( Southern Region ) in Larkin, according to a JPJ statement. They can provide 400 and 800 vehicles with service each day, both. &nbsp,

JPJ also urged all international vehicle owners to quickly record, place, and install their RFID VEP tags to prevent any issues when entering and leaving Malaysia in the future.

The speech directed users to the JPJ site for registration and additional details. &nbsp,

As the Oct. 1 date approaches, the planned new locations serve as a result of a plan to simplify the VEP software process. &nbsp,

Now, the TCSens business in Danga Bay, which may provide up to 300 vehicles a time, is the only collection center in Johor.

Singapore has one center, located in Woodlands, which may solve around 100 requests per day.

Individuals can also pick up the keywords by mail, but some people prefer to possess them installed at authorized centers, which results in a lot of desire and long lines.

The Woodlands center had to make a special effort to simply serve those with previous appointments, with the daily 100 slots being filled up at least once a week in advance.

Many car owners in Singapore have reported dealing with uncertainty and difficulties as a result of the announcement that Malaysia may implement the VEP. &nbsp,

Some people had problems deregistering the VEP programs of past owners while others, who drive second-hand vehicles, were unable to complete online payments.

Malaysia’s Transportation Minister Anthony Loke announced in May that all foreign-registered cars traveling by land from Singapore will be required to apply VEPs starting on October 1.

Motorists who fail to do so may be fined up to RM2, 000 ( US$ 475 ) or jailed for up to six months.

An estimated 300, 000 persons cross Malaysia and Singapore each day via the Johor-Singapore Causeway, one of the busiest border bridges in the world.

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South Korean gaming powerhouse Nexon aims to extend lifespan of games with blockchain technology

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LEVERAGE BLOCKCHAIN TECH

It is” a huge experiment” that the studio is embarking with blockchain technology, said Nexon Universe’s head of strategy Keith Kim on Wednesday ( Sep 18 ).

We think it will be natural, and it will help us stay sustainable for at least 20 years.

He was speaking to CNA on the day of Token2049, the biggest crypto function of the year in Singapore, where the business presented its concept for utilizing blockchain technology.

Nexon, the creator of MapleStory, has ingeniously merged the famous online online activity with blockchain technology. More than 20 years after its release, the sport has a significantly longer shelf life and is still being played by a dedicated group.

The blockchain project MapleStory Universe creates a dynamic virtual ecosystem where various MapleStory-created games and applications interact with non-fungible tokens ( NFTs ).

Nexon has created its own sign to encourage players to create in-game information, a task that is typically handled by game developers.

Users are given the option to trade property within the game’s habitat and acquire electronic rights as a result.

” ( By ) utilising web3 technology tokens, we are actually allowing this process to be driven by the market”, said Mr Kim.

” That means this gift will have a cost, and this particular value, in turn, may work as a cost of release. Therefore, issuance will no longer be governed by a centralized object and been driven by market dynamics.

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Kylie Minogue announces new album and biggest tour in a decade

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Kylie Minogue has announced her biggest planet visit in more than a decade and a follow-up to her return record Tension.

Tension II’s 13 tracks will be available on October 18 with the start of her worldwide tour in her native Australia in February, before moving on to Asia and the UK.

In a statement, the pop image said she is “beyond excited” to become “celebrating the Tension age and more” with enthusiasts.

” There will be a whole lot of Padaming”, she said, a guide to her popular, Grammy-winning 2023 one Padam Padam.

Twenty times have been announced so far, but Minogue claimed more are coming.

The 56-year-old is in the middle of a job enlightenment, off the back of Tension and Padam Padam.

In February she picked up her second Grammy – 20 years after her first – and the following month received the Brits’ Global Icon Award.

Since debuting on Mates in 1986 as the shrewd auto mechanic Charlene, she has racked up tens of hit songs and a prize collection full of awards.

She’s even performed at the Sydney Olympics, been made an OBE, and starred in several movies.

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Singaporean living in US charged in US0 million cryptocurrency scam

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SINGAPORE: A Singaporean living in the United States was among two people&nbsp, charged with conspiring to steal and launder&nbsp, US$ 230 million in cryptocurrency on Thursday ( Sep 19 ).

The US Department of Justice said in a media release on Thursday that the couple are accused of defrauding a target in Washington, DC, and obtaining more than 4, 100 Bitcoin, which was at the time value more than US$ 30 million.

Murphy Lam, a 20-year-old Singaporean who lives in Miami and Los Angeles and Jeandiel Serrano, 21, from Los Angeles were arrested by the FBI on Wednesday nights.

Lam, who goes by the website pseudonyms” Anne Hathaway” and”$$$”, and Serrano, who uses” VesaceGod” and” @SkidStar” appeared in court on Thursday, read the press release.

Since at least August this season, Lam, Serrano, and others have reportedly conspired to carry out crypto incidents and to use “interchanges and stirring providers” to launder the stolen crypto.

According to the press release, the conspirators had knowingly gain access to target bitcoin accounts and then move target funds into their hands.

They laundered the proceeds, including by moving the money through various machines and markets using “peel stores”, pass-through pockets, and virtual private networks (VPNs ) to mask their true names.

A fruit ring is a method for laundering large sums of cryptocurrency that has been obtained illegally through a series of smaller purchases.

The couple then reportedly spent the laundered crypto money on international travel, bars, luxury cars, pieces, jewellery, designer totes and rental homes in Los Angeles and Miami.

Investigation into the scam is continued.

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F1 road closures in Singapore: Traffic arrangements and transport timings for Singapore Grand Prix 2024

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WHAT ARE THE ADDITIONAL HOURS FOR MRT AND SOME BUSES DURING F1 RACE WEEKEND IN SINGAPORE?

There are still bus route interruptions and other things to take note of, even though taking the MRT or vehicle is more convenient than taking a taxi or a personal hire car. &nbsp,

Expanded hours for Mr services starting on September 20 through September 22

Trust us when we say that the MRT is the simplest way to enter and exit the contest loop. F1 fans can check out this list to see which MRT place is closest to their designated walls. On competition time, there will be additional train services to help with the distribution of F1 crowds: &nbsp.

Sep 20 and 21: &nbsp,

North-South Line and East-West Line: Available at City Hall MRT place until 12.30am

North East Line: At 12 o’clock, the next train will depart Punggol and the last one may leave HarbourFront Station at 12 o’clock. &nbsp,

Downtown Line: At 12:03 a.m., the next station to Expo will depart at 12:04 a.m., and the last train will go to Expo at 12:04 a.m. &nbsp,

Sep 22: &nbsp,

North-South Line and East-West Line: Until 12.45am at City Hall MRT station&nbsp,

North East Line: Last train at HarbourFront station ( towards Punggol ) will leave at 12.46am, last train at Punggol station ( towards HarbourFront ) will leave at 12.17am. &nbsp,

Downtown Line: Last train at Bukit Panjang station ( towards Expo ) will leave at 12.18am, last train departs Expo station ( towards Bukit Panjang ) at 12.19am. &nbsp,

Bus services that connect to MRT facilities and Sengkang-Punggol LRT will also be on longer. &nbsp,

Vehicle way changes

These vehicle solutions may be skipping stops in the area starting on September 18 through September 23 according to road closures.

Affected SBS Transit van service: 10, 10e, 14, 14E, 16, 16M, 56, 57, 70, 70M, 100, 107, 107M, 111, 130, 131, 133, 196, 196E, 652, 660, 850E. Full details below

Affected SMRT vehicle service: 61, 75, 502, 502A, 665, 868E, 951E, 960, 960e, 961, and 961M. Complete details these

Affected Tower Transit van service: 77, 97, 97e, 106, 167, 656, 663 and 857. Full details these

Affected Go-Ahead vehicle companies: 36, 518, 518A. Full details these

TAXIS AND PRIVATE HIRE CARS: WHAT TO KNOW

If you really, really have to take a cab, note that taxis have an additional surcharge of$ 8 ( US$ 6.20 ) on Sep 20 ( 10.30pm to midnight ) and Sep 21-22 ( 9.30pm to midnight ) for trips commencing from the following locations: &nbsp,

Car holds

  • Suntec Singapore Convention &amp, Exhibition Center at Raffles Boulevard ( C25 )
  • Suntec Towers 1 &amp, 2 at Temasek Boulevard ( C18 )
  • Suntec Towers 3 &amp, 4 at Temasek Boulevard ( C19 )
  • Temasek Boulevard ( C27 ) Suntec Tower 5
  • Raffles Boulevard ( C20 ) Millenia Walk
  • Temasek Avenue’s Millenia Tower ( C21 )
  • North Bridge Road at Capitol Piazza ( C13 )
  • Coleman Street Peninsula Excelsior Hotel ( C08 )
  • Income@Raffles at Collyer Quay ( E32 )
  • Temporary taxi stand ( BS 80161 ) is located behind the intersection of Nicoll Highway and The Concourse.
  • MYP Centre At Battery Road ( E13 ) ( Reserved for wheelchair-bound commuters from 8pm to 12 midnight )

Driveways

  • Conrad Centennial Singapore
  • The Pan Pacific Hotel Singapore
  • PARKROYAL COLLECTION Marina Bay
  • Mandarin Oriental Singapore
  • The Ritz-Carlton, Millenia Singapore
  • Marina Bay Sands Game
  • Marina Bay Sands Tower 1
  • 3rd Marina Bay Sands Tower

Private hire car ( PHC ) pick-up and drop-off points

PHCs are only permitted to pick up and drop off people at these designated locations on the competition circuit:

  • Parkroyal on Beach Road ( Lobby )
  • The Concourse Shopping Mall ( Lobby )
  • Conrad Centennial ( Lobby )
  • Suntec Singapore Convention & Exhibition Center is located at Raffles Blvd (via Temasek Blvd ).
  • via North Bridge Road to the Raffles City Shopping Center.
  • Middle Road leading to South Beach Tower
  • Funan Mall
  • Marina Bay Sands Game
  • MBS Sands Expo &amp, Convention Centre
  • UOB Plaza ( Driveway )
  • Temporary pick-up/drop-off point at bus stop outside OUE Bayfront along Collyer Quay ( BS03019 ), only from 7pm-1am from Fri-Sun )
  • One Raffles Place ( Driveway )

Where can I see The Formula 1 Singapore Airlines Grand Prix 2024?

Mediacorp will heat the process, qualifying and key races on Channel 5 and mewatch.

Below is its showing routine:

Practice Race 1 ( 5.25pm to 6.30pm on Sep 20 )

Sit on Channel 5 and with a simulcast on mewatch

Practice Race 2 ( 12.30am to 2am on Sep 21 )

delayed airing on Channel 5 and a replay on Mewatch

Practice Race 3&nbsp, ( 5.25pm to 6.30pm on Sep 21 )

Sit on Channel 5 and with a simulcast on mewatch

Qualifying Race ( 8.55pm to 10.15pm on Sep 21 )

Sit on Channel 5 and with a simulcast on mewatch

Main Race ( 7.40pm to 10.30pm on Sep 22 )

Sit on Channel 5 and with a simulcast on mewatch

Catch the Formula 1 Singapore Airlines Singapore Grand Prix 2024 process, qualifying and key races on Channel 5 and mewatch.

This article was first published in 8Days.

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