Tax 101 Series – Assessable Income, Section 10 (On Demand)

Description

This webinar was recorded on 9 April 2021

Deep dive – “Rediscovering” income through the lens of ITA Section 10

What constitutes income? Are you able to distinguish between income, gain and profit? Do you have a good grasp of how to read and interpret the legislation in addition to being familiar with when is income taxable? Understanding fundamental legal (tax) knowledge will allow you to manage your tax risk with confidence. It is also crucial for you to have a helicopter view of the various legislation, particularly the Income Tax Act (ITA).

This session deals with the tax (legal) definition and income elements (royalties, service fees earned, etc.), chargeable income and assessable income.
As you will discover, taxation is a highly controversial and politically driven area of study, making it even more exciting. Also, IRAS has recently published a ruling related to section 10(25), This session is a mix of practical experience and academic knowledge.

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
• Definition of income and factors determining taxability of income
• Section 10 vs income chargeable to tax
• When is income taxable?
• Exploratory case study - JPR Ltd v Comptroller of Income Tax (2012)
• Q&A

What you will learn

By the end of the session, attendees will be able to apply tax law to analyse the implications on various definition and elements of income (royalties, service fees earned, etc.), chargeable income and assessable income as well as the characteristics that determine when income is deemed earned and taxable in Singapore.

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.