Module Overview

The weekly class will comprise a “3-hour” seminar session. You are expected to come to these sessions well prepared and be ready to respond to questions as required. This means doing the required readings or problem assignments before each session.

All lecture notes, tutorial questions, reading materials and assignments are downloadable from the course website. Lectures may not necessarily relate directly to your readings and assignments. However, all materials from lectures, readings, assignments and tutorials may be included in the examinations.

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

ASSESSMENT & EVALUATION

Group Assessment

Tutorials                                                                   10%

Group Project                                                             20%

Individual Assessment

Class Participation                                                      15%

Final Exam(Closed book) cccc                                       55% 

TOTAL                                                                      100%