The corporate tax filing season is fast approaching. It would be timely to have a refresher on the key income tax concepts and updates to ensure that the corporate income tax return is accurate, complete and error-free.
The workshop aims to achieve the following objectives: -
- simplify key income tax concepts;
- avoid making commonplace errors/pitfalls;
- maximize tax savings; and
- provide updates to relevant topics
A Highlight of Key Areas:
Overview
- Introduction of Singapore Corporate Tax System
- Territorial basis
- Residence
- One-tier corporate tax system
Income
- What is taxable
- Income vs capital gain
- Income sourced and deemed source in Singapore (withholding tax overview)
- Foreign sourced income/ remittance & concept of permanent establishment
- Key changes and Updates
- Essential tax planning points and considerations
Deductions
- What is deductible
- Revenue vs capital expenditure
- Key changes and Updates
- How to maximise super tax deductions
Capital costs
- Capital allowances
- Renovation & refurbishment expenses
- Writing-down allowance
- Land Intensification Allowance (LIA)
- Key changes and Updates
- How to maximise capital allowance claims
Reliefs
- Unabsorbed tax losses, capital allowances, donations
- Group relief system
- Losses carry back
- Key changes and Updates
Tax computations – basis, presentation and other considerations