Fundamentals of Corporate Tax - 79th Run

With an emphasis on tax planning, the Fundamentals of Corporate Tax workshop is crafted to help participants review the fundamentals of Singapore corporate tax concepts and mechanisms and learn to apply them successfully in their everyday business. Practical examples and illustrations will be used to enable participants to relate and apply to real-life tax situations.

By the end of this workshop, participants will :

1. Be aware of the major changes and topical points that have arisen over recent months;
2. Understand the key features of the Singapore tax system; and
3. Be able to take an active stance in planning taxation so that it becomes a reasonable expense to the company, rather than an unreasonable burden.

Key Topics

Overview of Singapore Tax System

• Introduction to Singapore income tax system

Administration Matters

• Administration and assessment procedures
• Offences, penalties and appeals procedures
• Objections and appeals

Taxation Concepts

• The charging section
• Badges of trade
• Income vs capital and source of income

Prohibition and Deductibility of Expenses

• General rules of deductibility of expenses
• Further deductions

Capital Allowances on Plant & Machinery

• Meaning of plant and machinery
• s.19 and s.19A
• Industrial building allowances

Losses and Capital Allowances

• Carry forward of unutilised losses and capital allowances
• Carry back of unutilised losses and capital allowances
• Group relief

Withholding Tax

Double Taxation Relief

Pro Forma Tax Computation

Basic Tax Planning