DETAILED SYLLABUS
1. Introduction to Singapore Tax System
· Introduction & overview
· Legislative framework for taxation
· Income tax administration
· Structure of Income Tax Act
· Basic tax concepts
- territorial basis
- tax entities
- year of assessment and basis period
- tax residence
2. Concept of Income
· Distinction between income and capital
· Source of Income
· “Trading in” vs. “Trading With”
· Permanent establishment
· Deemed remittance
· Charging Section 10(1)
· Trade, business, profession, vocation
· Employment income
· Pension, charge or annuity
· Dividends, interest or discount
· Rents, royalties, premiums, etc
· Any other gain of an income nature
· Tax exempt income
· Deemed source income
3. Tax Deductions
· Distinction between revenue and capital expenditure
· General deduction formula
· Allowable expenses
· Prohibited expenses
· Special, further and double deductions
· Donations
4. Capital Allowances
· Concept of capital allowances
· Plant & machinery allowances
· Writing Down Allowances (WDA)
· Industrial building allowances (IBA)
5. Taxation of Businesses
· Chargeable income and tax Liability
· Relief for unabsorbed trade losses, capital allowances & donations
· Loss transfer system of group relief
· Loss carry-back system
· Dividends & distributions of corporate profits
· One-tier corporate tax system
· Sample tax computation
6. Taxation of Individuals
· Basis of Assessment
· Taxation of employment income
· Area Representative and NOR schemes
· Joint and separate assessment
· Personal reliefs and allowable deductions
· CPF & SRS
7. Taxation of Non-Residents
· Deeming provisions
· Withholding tax
· Non-residents doing business in Singapore
· Permanent establishments
8. Taxation of Foreign Income
· Basis of taxation of foreign income
· Deemed remittance rules
· Foreign income tax exemption
· Methods of relieving double taxation
· Double taxation relief
· Unilateral tax relief
9. Goods and Services Tax
· Overview of GST and how it works
· Key concepts of GST
· Claiming input tax credits
· Exports and international services
· Registration & Record-keeping
· Tax Receipts and Invoices