Recent enhancements proposed by the Monetary Authority of Singapore (MAS) to the tax and regulatory framework of the Islamic finance sector in Singapore demonstrate that the authorities have renewed their commitment to developing Islamic finance services.
Signalling a shift towards exploring non-fiscal means to boost the industry, the authorities have included proposals to shorten the approval processes and provide greater clarity and certainty for the regulatory and tax treatment of Islamic finance products.
As procurement functions mature, it becomes increasingly difficult to achieve competitiveness by leveraging traditional price levers. Many functions today are therefore seeing the optimisation of their end-to-end supply chains as one way of doing so.
The Financial Action Task Force (FATF) released the revised Anti-Money Laundering and Countering the Financing of Terrorism (CFT) recommendations in February 2012. In response to the recommendations, Singapore has designated serious tax offences under the relevant sections of the Singapore Income Tax Act and Goods and Services Tax Act as a money laundering predicate offence
In a world where most IT environments source their requirements from a multitude of service providers, service integration is the key to unlocking the benefits of this multi-sourced environment. It reduces risk, drives cost savings and improves the quality of service provided to the end user. Whilst beneficial, it also presents significant governance challenges in ensuring the service quality and efficiency an organisation is looking to achieve. Service Integration - which is the coordination of people, processes and tools/technology across multiple service providers, helps to manage the quality and effectiveness of delivery to the end user.