Singapore’s Rising FinTech Sector and India’s Presumptive Taxation Scheme – Asia Investment Brief
Our weekly round up of other news affecting foreign investors throughout Asia:
The FinTech Sector is one of the fastest growing industries in Singapore – with a high concentration of financial institutions across banking, insurance, and asset management sectors, the city-state offers an exceptional platform for FinTech solutions. Located in the heart of Asia, Singapore offers FinTech startups possibilities for exponential growth in the ASEAN region.
To ease the burden on such taxpayers and encourage compliance, India’s income tax department has introduced the presumptive tax scheme. The scheme allows SMEs and professionals in India to pay tax on an estimated amount of income based on the gross receipts of their business. Consequently, they do not need to maintain books of accounts, simplifying the overall tax filing process.
Chris Devonshire-Ellis, the Chairman of Dezan Shira & Associates and publisher of Silk Road Briefing, has been interviewed by Belt & Road Ventures on the subject of how foreign governments and businesses can best position themselves to be involved with and profit from China’s Belt and Road Initiative.
As of May 2, 2018 a new Decree has come into force requiring companies to meet a variety of conditions regarding registration, activity restrictions, and semi-annual reporting. As of May 2, companies have nine months to meet all the conditions under this Decree.