Tax 101 Series – Decoding the Rule of Deductions Part 1: Section 14 (On Demand)

Description

The tax dilemma. "I have been told that expenses incurred on S-plated car are deductible!" Besides, if taxpayers diligently plan their tax affair, they will claim tax deductions on accrued expenses or expenses that are not yet "in the production of the income."

I wish I had known these rules earlier. "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.

This program is a mix of practical experience and academic knowledge. This session discusses the ordinary deductions deductible from statutory income to arrive at the company's assessable income. IRAS has recently published a ruling related to section 14, and it is timely to be exploring 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
• Allowed and prohibited deductions under s 14 and 15
• Section 14 conditions for an expense to qualify for deduction
• Timing of the expense — during that period and general deduction principles
• Exploratory case study - BFC v Comptroller of Income Tax
• Q&A

What you will learn

By the end of the session, attendees will confidently identify and claim business expenses incurs during the year with the correct deduction rules.

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.