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Withholding tax is a mechanism to collect income tax from certain groups of non-residents and is an area often overlooked by businesses. With the rise of cross border transactions, it is therefore important for businesses to understand the practical application of withholding tax to avoid penalties and minimise their tax burden.
Among the taxes collected by the Inland Revenue Authority of Singapore (IRAS), withholding tax registered the second highest percentage year-on-year increase in revenue collection by the IRAS. The total withholding tax collection for the financial year ended 31 March 2022 amounted to S$1.9 billion. This represented an increase of 18.75% over the previous year’s collection.
This workshop is designed specifically to give Accounting and Tax Professionals a practical knowledge of withholding tax. You will also learn about the concept of permanent establishment and gain a basic understanding of some articles in tax treaty. Personnel involved in tax compliance of the company and project costing will also find the workshop useful.
Overview of withholding tax system
Who are non-resident companies and individuals
Transactions that are subject to withholding tax
Exemptions and remissions
Withholding tax rate
Application of tax treaties
Withholding tax compliance and administration
Tax clauses in agreements – tax gross up and tax indemnity clause
Foreign tax credit/Pooling
Case studies on application of withholding tax provisions
By the end of the workshop, you will:
Wong Kok Siong
Kok Siong is a Tax Partner with Steven Tan Russell Bedford PAC. He has over 20 years of experience in tax compliance and tax planning, including 12 years with one of the Big Four Accounting Firms.
Kok Siong is well versed in Singapore income tax law and practice and advises clients on a broad array of projects, including mergers and acquisitions, portfolio transfers, corporate restructuring, tax due diligence, cross-border transactions and investments. Having worked with clients in multiple industries, Kok Siong has extensive experience and expertise in serving local, multinational and listed companies in Singapore as well as multinational companies based in Asia Pacific, United States and Europe.
Kok Siong is an Accredited Tax Advisor (ATA) with the Singapore Chartered Tax Professionals, and a member of the Institute of Singapore Chartered Accountants.