This workshop is specially designed to give participants a practical understanding of the Singapore Income Tax Act and its application to corporate entities. Participants will learn how a tax computation is prepared and the various administrative procedures involved when complying with the Income Tax Act as well as some basic tax planning considerations.
Practical examples and illustrations will be used to enable participants to relate and apply to real-life tax situations.
A Highlight of Key Areas:
Overview of the Singapore Tax System
- Tax Administration
- Administration and assessment procedures
- Offences, penalties and appeals procedures
- Objections and appeals
Taxation Concepts
- Tax Residency
- The charging section
- Badges of trade
- Income vs capital and source of income
Deductibility and Prohibition of Expenses
- Conditions for deduction
- Further Deductions
- Prohibited and restricted deductions
Capital Allowances
- Definition of plant and machinery
- Sections 19 and 19A
- Balancing adjustments
- Section 14Q deductions
Trade Losses and Unutilised Capital Allowances
- Carry forward and carry back
- Group relief
Withholding Tax
Double Taxation Relief
Related party transactions/Transfer Pricing
Basic Tax Planning Considerations