Partners registered with the Accounting and Corporate Regulatory Authority (ACRA) are self-employed; hence they must report the income earned from their business operations as business income, not salary. However, while a partnership (not partner) does not pay tax, it still must file an annual income tax return (called the Form P) to show all income earned and business expenses deducted by the partnership during the year. This session deals with the income tax substantive and procedural requirements for partnerships. A detailed discussion of individual partners is beyond the scope of this publication.
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.
By the end of this session, attendees should be able to obtain a systematic understanding of knowledge of (to evaluate the effects thereon) the tax treatment of partnership in the wide interdisciplinary concept, on determining how to manage a situation like “partnership with non-resident partners”.
An intermediate level program intended for tax accountants, business accountants, auditors.
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.
The webinar is recorded on 11 June 2021.