Tax 101 Series: Group Relief (On Demand)

Description

Group relief (GR) enables companies to deduct unutilised capital allowances/ trade losses/ donations of one company from another company's assessable income in the same group.

This session deals with the definition of a "group of companies", including the treatment of tax losses and explains the priority of transferors, claimants and loss items in situations where there are multiple transferors or claimants. "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.

IRAS has recently published a ruling related to related parties within the meaning of sections 34D and 13(16) it is timely to explore this topic. Our Tax 101 series is aimed at tax and non-tax trained junior executives or anyone who has an interest in understanding the Singapore Tax system. This session is a mix of practical experience and academic knowledge.

Programme Outline

• Singapore tax system
• Members of the same group vs related companies
• Transferring loss items under group relief
• Transferring/ claiming loss items to/ from more than one company
• Exploratory case study – Advance Ruling case (IRAS)
• Q&A

What you will learn

By the end of this session, attendees should be able to obtain a systematic understanding of knowledge of (to evaluate the effects thereon) the definition of a “group of companies” under section 37 in the wide interdisciplinary concept, including its implications on the transferring loss items under group relief. 

Target Audience

An intermediate level program intended for tax accountants, business accountants, auditors.

Expert Speaker

Kevin Matthaios Lee

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.