Whether you are the CEO of a small or large organization; or a manager or executive in a finance or non- finance role, you would benefit from this ISCA workshop as you would learn and gain insights into essential tax laws and practices in Singapore as well as common practical tax planning techniques. Where applicable, practical examples, illustrations and case studies (including recent court cases) will be used to enable participants to relate and apply to real life tax situations.
The topics covered in this ISCA workshop is pitched at a macro level and would be relevant to any professional who is concerned with the bottom line (i.e. profit after tax) of his organisation.
As this is a basic corporate tax programme, it is more suitable for non-tax professionals or very junior tax professionals.
Day 1
Topic 1: Introduction to Singapore Tax System
- Introduction & overview
- Legislative framework for taxation
- Income tax administration
- Structure of Income Tax Act
- Basic tax concepts
- territorial basis
- tax entities
- year of assessment and basis period
- tax residence
Topic 2: Concept of Income
- Distinction between income and capital
- Source of Income
- “Trading in” vs. “Trading With”
- Concept of Permanent Establishment
- Charging Provision: Section 10(1)
- Deemed Remittance Rules
- Trade, business, profession, vocation
- Tax exempt income
- Deemed source income
Topic 3: Tax Deductions
- Distinction between revenue and capital expenditure
- General deduction formula
- Allowable expenses
- Prohibited expenses
- Special, further and double deductions
- Donations
- Productivity and Innovation Credit (PIC)
Topic 4: Capital Allowances
- Concept of capital allowances
- Plant & machinery allowances
- Writing Down Allowance (WDA)
- Productivity and Innovation Credit (PIC)
- Industrial Building Allowance (IBA) / Land Intensification Allowance (LIA)
Day 2
Topic 5: Taxation of Businesses
- Chargeable income and tax liability
- Relief for unabsorbed trade losses, capital allowances & donations
- Loss transfer system of group relief
- Loss carry-back system
- Dividends & distributions of corporate profits
- One-tier corporate tax system
- Sample tax computation
Topic 6: Taxation of Non-Residents
- Deeming provisions
- Withholding tax
- Non-residents doing business in Singapore
- Permanent establishments
Topic 7: Taxation of Foreign Income
- Basis of taxation of foreign income
- Deemed remittance rules
- Tax exemption for foreign source income
- Methods of relieving double taxation
- Claims for foreign tax credits
- Double taxation relief (DTR)
- Unilateral tax relief (UTR)
- Double taxation agreements (DTAs)