August 5, 2016

RHTLaw Taylor Wessing Partner Sandra Han quoted in The Straits Times

RHTLaw Taylor Wessing’s Real Estate Partner Sandra Han was quoted in The Straits Times article titled “askST: Does inheritance property attract Additional Buyers' Stamp Duty?”. The article was first published in The Straits Times on 4 Aug 2016. askST: Does inheritance property attract Additional Buyers' Stamp Duty? Source: The Straits Times © Singapore Press Holdings Ltd. Date: 4 Aug 2016 Author: Rennie Whang Reader Madam M Lee wrote in to askST to say that she co-owns a property with her husband. Her husband is due to inherit a separate property soon. She asked: "Will the inheritance property attract additional ABSD once the probate is done? "If it attracts additional ABSD as it is my husband's second property, does it help to sell off our first property? What can we do to avoid the additional taxes? "Does owning overseas properties also count towards additional buyer's stamp duties?" Business reporter Rennie Whang found the answer. Assuming the properties are all residential properties in Singapore, the property in question will neither attract Buyer's Stamp Duty nor Additional Buyers' Stamp Duty (ABSD), said Ms Jennifer Chia, executive director and head of corporate real estate at TSMP Law Corporation. But the property has to be inherited in accordance with any of the following conditions:  1. A will which specifically states that the property is to be inherited by the husband; 2. The Intestate Succession Act; or 3. The Administration of Muslim Law Act However, Sellers' Stamp Duty could be payable should the husband wish to transfer the inherited property in the future, depending on how soon he sells it after acquiring, Ms Chia added. Upon inheritance of the property, Mdm Lee's husband will have two properties to his name. Hence, if he subsequently purchases another property without selling off either the first property or the property he inherited, the new property purchased would be considered as his third property, said Ms Sandra Han, partner in the real estate practice at RHTLaw Taylor Wessing. Assuming Mdm Lee's husband is a Singapore Citizen, the ABSD rate of 10 per cent would then kick in for the third property. ABSD is only applicable on residential properties in Singapore, Ms Han added. Overseas properties are not taken into account when calculating the ABSD rate to apply.
August 5, 2016

RHTLaw Taylor Wessing ASEAN Summit 2016 featured in The Edge Singapore article titled “Single ASEAN market will strengthen SMEs competitiveness”.

RHTLaw Taylor Wessing ASEAN Summit 2016 was featured in The Edge Singapore article titled “Single ASEAN market will strengthen SMEs competitiveness”. The article discussed about the goal of the ASEAN Economic Community (AEC) to create a single market within the bloc. This will benefit the small and medium enterprises (SMEs) through improved supply-chain networks, allowing companies to do business in neighbouring ASEAN countries more easily, as well as enable SMEs to leverage on the attractiveness of a united ASEAN market to the global economy. Teng Theng Dar, Chairman of bartefli Holdings and Advisor at RHT Strategic Advisory commented, “SMEs look for a system where they are able to go… and they don’t have to worry too much about creating trouble, the single market approach [will mean that] when you cross borders, rules are the same. SMEs here have to combine resources
August 4, 2016

RHTLaw Taylor Wessing ASEAN Summit 2016 featured in Channel NewsAsia

RHTLaw Taylor Wessing ASEAN Summit 2016 featured in Channel NewsAsia article titled "Important to strengthen SMEs as ASEAN Economic Community takes shape: Ong Keng Yong" The article was first published in Channel NewsAsia on 4 August 2016. Important to strengthen SMEs as ASEAN Economic Community takes shape: Ong Keng Yong Source: Channel NewsAsia Date: 4 Aug 2016 Author: Calvin Hui SINGAPORE: As the ASEAN Economic Community continues to take shape, it is important to strengthen SMEs, Singapore's Ambassador-at-Large Ong Keng Yong said on Thursday (Aug 4). Currently, Small and medium-sized enterprises (SMEs) comprise almost all of private enterprises across the ASEAN region, but only account for around 10 to 30 per cent of total exports. Speaking as a keynote speaker at the ASEAN Summit 2016, organised by RHTLaw Taylor Wessing, Mr Ong acknowledged that progress in ASEAN economic integration has been "quite impressive". However, he added that there are various challenges facing SMEs. These include a relatively lower level of labour productivity when compared to the United States, access to finance, a reluctance to internationalise and look beyond national borders, as well as cumbersome business requirements for SMEs. Mr Ong, who is also a former ASEAN Secretary-general, highlighted several recommendations to meet these challenges, including elevating the ASEAN SME Advisory Board to the level of ASEAN SME Ministers Meeting. This will mean more attention is paid to SMEs, which is separate from the ASEAN Trade Ministers grouping. He also suggested providing more support services to enhance the competitiveness of SMEs, as well as ensuring a systematic and flexible approach towards financing and capital. Speaking to the media on the sidelines of the event, Mr Teng Theng Dar, who is the chairman of Barterfli Holdings, said the AEC represents a market of 630 million people for Singapore. He added that the private sector should take a more proactive approach towards realising the vision of the AEC.
August 3, 2016

RHTLaw Taylor Wessing congratulates RHT Holdings CEO Jayaprakash Jagateesan on being ranked “30 people to watch in the business of law in Asia in 2016” in an Asia Law Portal article

RHT Holdings CEO Jayaprakash Jagateesan was ranked as “30 people to watch in the business of law in Asia in 2016” in an Asia Law Portal article. The article mentioned that “Jagateesan, as CEO, is responsible for helping the firm navigate through the increasingly more competitive Singapore and greater Asia legal market with this listed, blended services offer.” The 2016 instalment of 30 people to watch in the business law of Asia was built upon last year’s list and determined by readers who identified key people in the region they felt were and will be integral to growth and change. The article also discussed how 2016 will see the Asia-Pacific legal market grow in size as local markets and the needs of clients expand. To read the full article, please visit Asia Law Portal’s website.