Corporate Taxation : A Practical Overview

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Description

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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

What you will learn

By the end of this workshop, participants will:

• Have a good understanding or refresher on the basic tax laws in Singapore
• Get a salient update on corporate tax issues
• 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

Programme Outline

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

Target Audience

Personnel involved in tax compliance of companies as well as those who want to have a practical understanding of taxation for companies.

Expert Speaker

Mr Lim Lian Soon
FCA Singapore, FCPA (Aust), FCCA (UK), MSID, ATA

Lian Soon is currently a Senior Consultant in Corporate Taxation. Prior to this, he was a CEO of a public listed company. He was in Public Practice for over 15 years, and had also worked in internal audit, regional accounting and tax compliance.

Lian Soon has been actively conducting Continuing Professional Education workshops and corporate training on internal audit and fraud, taxation, financial accounting and financial management for more than 30 years. Participants will benefit most from the sharing of his vast practical experience.

Lian Soon had served in various committees in ISCA, ACCA, ITE, etc. He was a Chief Examiner for a professional body and is currently on the Academic Board of an academic institution. He has also been appointed workshop facilitator and technical reviewer for the Singapore CA Qualification (formerly known as Singapore QP).