Executive Tax Programme Level I (Income Tax Individual)

Course details

This module provides basic knowledge in income tax principles and practice. The module will be delivered through a combination of lectures, discussions and practical cases to reinforce participants' understanding of the basic income tax principles and concepts.

Key Topics Covered:

• Overview of Singapore Tax Regime
• Taxability of various types of income
• Distinction between income and capital receipts
• General principles governing the deduction of an expense
• Conditions for claiming any personal reliefs, donations or expenses
• Computation of the income tax liability of an inpidual 

Module Outline

Overview of Singapore Tax Regime

• Introduction to public finance in Singapore
• Policy formulation process
• Taxation in Singapore: History & Policy
• Introduction to Various Taxes in Singapore
• Role of Ministry of Finance and Inland Revenue Authority of Singapore
• Trends in Administration
• Challenges Ahead

Arrangement and Administration of the Income Tax Act & Definition of Terms

• Construing of Taxing Act
• Arrangements of Sections of the Income Tax Act
• Administration of the Income Tax Act
• Residence of an inpidual

Scope of Charge

• Income Chargeable to Tax
• What is "Income"?
• When is "Income derived"?
• Where is income derived from?

General Deduction Formula

• Section 15(1) Prohibitions
• Section 14(1)

Taxation of Employment Income - Section 10(1)(b), and Related Exemptions and Deductions

• Tax treatment of employment remuneration, benefits-in-kind and employment related payments
• Exempt employment income
• Gains or profits from share option schemes
• Assessment of special categories of employees
• Deductions against employment income 

Taxation of Other Income - Section 10(1)(d) to Section 10(1)(g) and Related Exemptions and Deductions

• pidend, Interest, Discounts, Pension, Charge, Annuity
• Deduction of Expenses against pidends and Interest
• Tax Exemption on discount income from debt securities
• Rents, Premiums and Any Other Profits arising from Property
• Deductions from Property Income
• Royalties, Rent from Movable Properties and Fees
• Deductions - Income from movable properties

Deductions under Section 37

• Gifts to approved museums, the Government, institutions of a public character and prescribed educational or research institution in Singapore [Section 37(3)(b) to (3)(e)].
• Donations of Parcels of Land and Buildings
• Granting of Tax Deduction for Donations
• Granting of Double Tax Deduction for Donations
• Allowing the Carry Forward of Unutilised Tax Deduction for Donations to IPC – Section 37(8)

Personal Reliefs and Tax Rebate

• Conditions for claiming various types of personal reliefs and tax rebates.

Computation of income tax liability of an inpidual

• Case studies

Note: Participants are required to bring along their calculators for this session 

Examination* 

Participants will take a written examination after which they would be awarded a certificate of achievement with a grading. Participants sponsored by our corporate partners can check with the Tax Academy office if they are required to take the examination.