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Description
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The Corporate Tax filing deadline is fast approaching. The changes introduced by Inland Revenue Authority of Singapore (IRAS) in light of the COVID-19 pandemic could complicate tax filing matters for some companies and business owners.
Measures were being introduced to cushion the impact of taxes in business cash flows this year. These support options are outlined and enacted in accordance with other solidarity measures announced in this year’s Singapore Budget 2020 announcements.
This timely workshop is pitched at a macro level and aims to refresh the relevant topics and provide updates for tax professionals and directors who are responsible for the tax functions of their organisations.
Programme Outline
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
- double tax deductions
- Key changes and Updates
- maximising deductions
Capital costs
- capital allowances
- renovation & refurbishment expenses
- writing-down allowance
- Industrial Building Allowance (IBA)/Land Intensification Allowance (LIA)
- Key changes and Updates
- maximising 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
Expert Speaker
Ng Wei Pheng
Wei Pheng has more than 25 years of tax experience, including many years in Big Four accounting firms, advising on corporate restructuring and tax planning involving transactions with cross national boundaries.
Wei Pheng has assisted investors on tax due diligence reviews and tax structuring for local and overseas acquisitions, and has provided tax advice to, and assisted in, IPO projects. She has also been involved in several requests for tax rulings and represented clients in dispute resolutions before the tax authorities.
Wei Pheng is an Accredited Tax Advisor (ATA) with the Singapore Institute of Accredited Tax Professionals.