Tax 101 Series – Decoding the Rule of Deductions Part 2: Special deductions (On Demand)

Description

Special deductions, further and double deductions

Can taxpayers classify costs for protecting intellectual property or expenses incurred on R&D as assets or expenses? I was told that to qualify for further and special deductions, these expenses must be revenue in nature?

Aside from ordinary deductions, the Income Tax Act also grants further, double and special deductions as additional tax incentives to certain industries and activities.

This session is a mix of practical experience and academic knowledge. It discusses these additional types of deduction and the conditions under which a corporate taxpayer can claim these additional deductions.

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
• Summary of further deductions under the Income Tax Act
• Section 14Q special deduction for renovation or refurbishment
• Business and Institutions of a Public Character Partnership Scheme (BIPS)
• Exploratory case study
• Q&A

What you will learn

By the end of the session, attendees will identify and claim relevant business expenses incurs during the year with the correct special deductions, further and double deductions rules confidently.

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.