Executive Tax Programme Level II (Income Tax Business & Corporate)

Course details

This module provides in-depth knowledge in income tax principles and concepts on taxability, deductibility and capital allowances relating to sole-proprietorships, partnerships and companies.

An overview of Goods and Services Tax will be covered to create a basic level of awareness in most GST concepts and principles. As more businesses are going cross-border and thus a need to deal with cross-border tax issues, an overview of tax treaties will be covered to provide a basic understanding on tax treaties.

The course will be delivered through a combination of lectures, discussions and practical cases to reinforce participants' understanding of the income tax principles and concepts. Participants are required to bring along their calculators for the sessions. 

Outline

General knowledge of income tax

• Scope of taxation
• Foreign sourced income
• General principles of deduction of expenses
• Expenses
• Donations
• Unabsorbed current year capital allowances, trade losses and donations
• Tax Administration

Capital Allowance

• Plant & Machinery
• Industrial Building Allowances

Taxation of Companies

• Attributes of company Expenses (specific to certain activities)
• Capital Allowances
• Assessable income
• Unabsorbed losses and donations
• Donations
• Group Relief
• Carry-back relief system
• Research and Development Allowance
• Mergers and Acquisitions Allowance
• Tax Reliefs (DTR, UTR and foreign tax credit pooling)
• Overview of Double Taxation Agreements
• Tax Computation
• Businesses subject to specific tax treatment
• Filing Obligations of a company
• Exemptions from income tax

Taxation of Sole-proprietorship and Partnership

• What is a sole-proprietorship / self-employed person?
• Deductibility /non deductibility of expenses incurred
• Medisave/CPA contributions
• Unabsorbed losses and donations
• Carry-back relief system 
• What is a partnership?
• Limited Liability Partnerships
• Limited Partnerships

Withholding Tax

• Deeming Provisions-Section 12
• Withholding Tax Rules-Section 45
• Appointment of agents

Tax Treaties

• Fundamentals and key concepts/principles
• Benefits – who and what
• Key areas of contention in tax treaty provisions between competent authorities
• Key obligations of Singapore as a party to a tax treaty
• Anti-avoidance
• Emerging areas of concern/interest

Goods and Services Tax

• Scope of tax, supplies, place of supply and imports
• Time of supply, value of tax, exempt supplies
• Input Tax, Imports, Import GST Suspension Schemes
• Zero rating: Exports and International Services
• Other GST schemes
• Registration and De-registration
• Records, Tax Invoices, Receipts and Comptroller’s Power
• Return, Payment and Assessment
• Objection and Appeals: Offences and Penalties

Income Tax – Others (self-reading topics):

• Clubs, trade associations, Management Corporations, Town Councils, Trust, Charities
• Inpiduals 

Written 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.