Fundamentals of Corporate Tax - 78th Run

With an emphasis on tax planning, the Fundamentals of Corporate Tax workshop is crafted to help participants review the fundamentals of Singapore corporate tax concepts and mechanisms and learn to apply them successfully in their everyday business. Practical examples, illustrations and case studies will be used to enable participants to relate and apply to real-life tax situations.

By the end of this workshop, participants will :

1. Be aware of the major changes and topical points that have arisen over recent months;
2. Understand the key features of the Singapore tax system; and
3. Be able to take an active stance in planning taxation so that it becomes a reasonable expense to the company, rather than an unreasonable burden.

Key Topics

Overview of Singapore Taxation System

1. Taxability of income

• Revenue vs capital gain
• Singapore sourced vs foreign sourced income

2. Deductibility of expenses

• General deduction provisions under the Singapore Income Tax Act 1947 (e.g. medical expenses and motor car expenses)
• Specific deduction provisions under the Singapore Income Tax Act 1947 (e.g. interest expenses and Renovation & Refurbishment expenditure)

3. Claiming Allowances

• Capital allowances
• Writing down allowances for Intellectual Property Rights
• Mergers & Acquisitions allowances
• Land Intensification allowances

4. Unabsorbed tax losses and capital allowances

5. Group relief regime

6. Foreign tax credit

Selected tax incentives in Singapore

7. Statutory incentives under Singapore Income Tax Act 1947

8. Discretionary incentives

• Under Singapore Income Tax Act 1947
• Under Economic Expansion Incentives (Relief from Income Tax) Act 1967

Tax Filing for Year of Assessment 2023

9. Criteria for filing Form C-S

10. Corporate tax rate and rebate

11. Related party transaction form

12. Tax planning tips to reduce corporate tax

Tax computation formats

13. For a trading company

14. For a holding company

Case studies/Examples