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Fidinam Group Worldwide Newsletter - March 2021

The Fidinam Group Worldwide Newsletter is online today! Learn more about tax, business, real estate and digital issues from our experts in Asia Pacific.

In this issue:

Fidinam (Hong Kong) Limited 10th Anniversary!FIHK_10thAnniversary

Singapore budget 2021 “Emerging Stronger Together”

Deputy Prime Minister Heng Swee Keat delivered the 2021 Budget on Tuesday 16 February 2021. The Singapore Budget is prepared for each financial year, which begins on 1 April and ends on 31 March the following year. Every Budget builds on the foundations laid by earlier Budgets, charting a long term strategic financial plan for Singapore, and the budget 2021 makes no exception. The “Emerging Stronger Together” budget unveiled measures to strengthen the backbone of Singapore’s ecosystem and provide ammunition to overcome the difficult situation propelled by the COVID-19 pandemic.

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Introducing Fidinam CFO services in Asia Pacific

Fidinam supports the growth of Small and Medium-sized Enterprises in
Asia Pacific by assisting its clients in managing their economic and financial position with a new service line: “CFO Services”.
Thanks to a team of professionals based in Hong Kong and Singapore with a solid finance background, our Group can offer a range of tailor-made solutions supporting the strategy of our clients in the Region.

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Australian commercial property market

2020 Year in Review: Australia managed multiple economic setbacks through 2020 including a serve drought, the worst bushfires on record, mass flooding and the global COVID-19 pandemic. Australia’s strong fiscal management and prompt implementation of various stimulus packages by the Federal Government including Job Keeper and Job Seeker meant Australia was able to quickly exit from its first technical recession in nearly 30 years.

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Crypto as an asset class for corporate treasury

The recent crypto frenzy driven by soaring prices seems to have reached its apex in the recent days, following Elon Musk’s twitter announcement about its Tesla USD1.5B investment in digital assets (namely Bitcoins – BTC). Although Mr. Musk’s move could be considered a gamble by many, an increasing number of companies have some level of exposure to crypto, either through investments, partnerships, or side ventures.

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Revenue recognition of "virtual items" - Best practice of Hong Kong mobile game companies

If you have ever been commuting through the busy streets of Hong  Kong, you probably have already noticed that every bus or MTR available seat can easily become a comfortable station for hundreds of passionate online game players. Even though commuting time is relatively short in Hong Kong, players may spend several hundreds or even thousands of HK dollars on games each month. High smartphone penetration rate in the City has indeed made mobile game playing very popular among the
young generations.

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Economic substance requirements in U.A.E.

ESR has been initially adopted in UAE toward Cabinet Resolution No. 31 of 2019 and Ministerial Decision No. 215 for the year 2019.
On August 2020 the UAE Cabinet of Ministers has issued Cabinet Resolution No. 57 of 2020, hereinafter referred to as the “ESR Regulations” and Ministerial Decision 100 of 2020, hereinafter referred to as the “ESR Directive”, which replaced and repealed the previous
legislation (hereinafter the combined disposition of ESR Regulations and ESR Directive shall be referred to as the “ESR Legislation”).

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