Singapore Corporate Tax Changes & Application of COVID-19 Financial Support 2020

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Description

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The Singapore Government has taken swift actions to roll out a multitude of corporate tax changes and various financial support (e.g. grants, reliefs) to enable Singapore businesses to sustain during the COVID-19 pandemic.

 While help is available to ensure that businesses can survive without resorting to drastic measures such as retrenchment or closing down, the key questions that most businesses will have now are:

1. How to make use of the tax changes and various financial support available such that they can reap the full benefits; and

2. How to go about applying the tax changes or application for the various financial support if they are not automatically given to the businesses.

This timely workshop will be useful for Tax and / or Finance professionals primarily in middle management and above who are exploring various options available to help the businesses stay afloat during this global pandemic but are at a loss as to how they can go about doing that from a practical perspective.

Programme Outline

Corporate Tax changes announced in 2020 that may be due to COVID-19

• Corporate Income Tax (“CIT”) rebate
• Extension / deferment of payments for CIT
• Enhancement to carry-back relief, accelerated capital allowances claims and tax deduction on certain expenses

Various financial support (e.g. grants, reliefs) announced in 2020 that may be due to COVID-19

• Jobs support scheme
• Wage credit scheme
• Property tax rebate
• Central Provident Funds contribution rate increase deferment
• Other rebates / waivers
• Enterprise Financing Scheme – SME Working Capital Loan and Trade Loan
• Temporary Bridging Loan Programme
• Financing support for promising startups – Special Situation Fund for Startups
• Capability development and digital transformation
• Jobs Growth Incentive
• SkillsFuture Enterprise Credit
• SkillsFuture Mid-Career Support Package

 Assessment of which corporate tax changes / financial support are applicable and the challenges

• How does the corporate tax changes / financial support benefit your business?
• What are the challenges that may prevent your business from reaping the full benefits of such corporate tax changes / financial support?

How to go about with the application if the corporate tax changes / financial support is not automatic and how do I deal with any support received in the tax return

• Which of these tax changes / financial support require an application to be made?
• How do I go about making the application and with whom?
• Which of the support is taxable?

Other Possible Changes in the Corporate Tax Space

• What else can we expect moving forward?

What you will learn

• Be fully cognizant of the corporate tax changes and various financial support available that may be applicable to your businesses;

• How to reap the maximum benefits arising from such corporate tax changes and financial support; and

• How businesses can go about applying the tax changes and / or making an application for the various financial support (e.g. grants, reliefs) that are not given automatically to businesses

Target Audience

• Business owners;

• In-house tax professionals;

• Finance professionals; and

• Middle management and above

Expert Speaker

Hsu Chong Hoe
Director & Head, Tax Advisory

With extensive experience in corporate income tax compliance and tax advisory, Chong Hoe assists Singapore companies and foreign multinationals in areas such as inbound and outbound investments, group rationalisation and divestments, profit repatriation, transfer pricing, cross-border transactions as well as tax due diligence for merger and acquisition transactions. His clients come from diverse sectors ranging from logistics, environmental solutions and consumer products to offshore equipment, industrial and aerospace products.

He also helps clients to liaise with the Inland Revenue Authority of Singapore on tax queries and advance rulings as well as with other government bodies on tax incentive applications.

Prior to joining RSM, he worked in Big 4 public accounting firms in Singapore as well as MNCs in the electronic component and semiconductor industry.