Tax 101 Series - Decoding the Rule of Deductions Part 1: Section 14

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16 April 2021, Friday

01.00 - 02.30PM

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Programme Synopsis

The tax dilemma. "I have been told that expenses incurred on S-plated car are deductible!" Besides, if taxpayers diligently plan their tax affair, they will claim tax deductions on accrued expenses or expenses that are not yet "in the production of the income."

I wish I had known these rules earlier. "Tax planning is all about long-term thinking." Understanding your fundamental tax rights (entitlements) will allow you to manage your tax risk (and saving tax legally) with confidence.

This program is a mix of practical experience and academic knowledge. This session discusses the ordinary deductions deductible from statutory income to arrive at the company's assessable income. IRAS has recently published a ruling related to section 14, and it is timely to be exploring this topic.

Programme Outline

1. Singapore tax system
2. Allowed and prohibited deductions under s 14 and 15
3. Section 14 conditions for an expense to qualify for deduction
4. Timing of the expense — during that period and general deduction principles
5. Exploratory case study - BFC v Comptroller of Income Tax
6. Q&A

About the Presenter(s)/ Trainer(s)

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Mr Kevin Matthaios Lee
Advisory Consultant
JPL Wong Tax Services Pte Ltd
Accredited Tax Practitioner (Income Tax)

Kevin, a business finance professional, is also a Subject-Matter Expert (SME) in the tax practise of a mid-tier professional services firm, while simultaneously holding a position as a trainer/facilitator where he shares his insights on the global issue in FRS, political science and economics and international business law. He has been a speaker at various seminars, and network (exclusive) events, inter alia, Wolters Kluwer (CCH), ISCA, CIMA and ACCA. 


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