Client Alert March 2015
|
|
- Randall Blake
- 5 years ago
- Views:
Transcription
1 Tax Singapore Client Alert March 2015 For more information, please contact: Eugene Lim Allen Tan Dawn Quek Peter Tan Baker & McKenzie.Wong & Leow 8 Marina Boulevard #05-01 Marina Bay Financial Centre Tower 1, Singapore Singapore's 2015 Budget: Corporate Tax Implications The 2015 Budget was delivered by the Finance Minister on 23 February This Budget is a continuation of Singapore's long-term strategy of restructuring Singapore's economy by encouraging innovation and raising productivity and building a fair and equitable society by strengthening social safety nets. In addition, this Budget also seeks to encourage the internationalisation of Singapore companies. In line with this theme, the 2015 Budget features initiatives such as the introduction of a new International Growth Scheme, an enhanced tax deduction for internationalisation and a revised mergers and acquisitions ("M&A") scheme. It also contains a number of important changes to existing tax concessions, especially with regard to preserving Singapore's competitiveness in the financial and maritime sectors. We highlight the key changes below. 1. Introduction of the International Growth Scheme Following the 2015 Budget, the Government will introduce a new International Growth Scheme ("IGS") to support larger and high potential Singapore companies expanding overseas while continuing to anchor key functions in Singapore. The IGS will grant qualifying Singapore companies a 10% concessionary tax rate for a period of up to five years on their incremental income from qualifying activities. Such companies will be required to engage in internationalisation activities and provide opportunities for Singaporean employees to gain greater international exposure. The IGS will be administered by International Enterprise Singapore ("IE Singapore") and the approval window will be from 1 April 2015 to 31 March IE Singapore will release further details by May Comments: Pending the release of further details by IE Singapore, it remains to be seen whether foreign multinational companies ("MNCs") headquartered in Singapore will fall within the scope of the rules of the IGS and qualify for the tax concessions therein. 2. Enhancement of the Double Tax Deduction for Internationalisation Scheme The current Double Tax Deduction ("DTD") for Internationalisation Scheme, also administered by IE Singapore, provides businesses with a 200% tax deduction on qualifying expenditure incurred on qualifying market expansion and investment development activities, subject to conditions.
2 Following the 2015 Budget, the DTD for Internationalisation Scheme will be enhanced to include qualifying manpower expenses incurred from 1 July 2015 to 31 March 2020 for Singaporean employees posted to new overseas entities. However, the amount of qualifying manpower expenses will be subject to a cap of S$1 million and other conditions. Businesses will have to apply to IE Singapore to enjoy the DTD on qualifying manpower expenses. IE Singapore will release further details by May Extension of the Enhanced-Tier Fund Tax Incentive Scheme to Fund Special Purpose Vehicles Currently, the Enhanced-Tier Fund ("ETF") incentive scheme grants a tax exemption to approved fund vehicles on specified income derived from designated investments. The funds must be managed in Singapore by a Singapore fund manager. In addition, each fund vehicle must meet certain economic conditions in order to obtain the approval of the Monetary Authority of Singapore ("MAS") for the scheme. As a concession, the ETF incentive scheme is currently available to all master and feeder funds in a master-feeder fund structure through a one-time application for MAS approval, provided that the master and feeder funds meet the economic conditions on a collective basis and the feeder funds do not trade. However, special purpose vehicles ("SPVs") do not fall within the scope of this current concession and will need to meet the conditions independently under a separate application in order to enjoy the tax exemption. Following the 2015 Budget, the ETF tax incentive will be extended to accommodate master-feeder fund structures with master funds using SPVs to hold onto investments, subject to conditions. It appears that such master and feeder funds and SPVs will be able to apply for the ETF incentive scheme through a one-time application and meet the conditions on a collective basis. This change will take effect for applications made from 1 April MAS will release further details by May Comments: It remains to be seen whether MAS will need to approve an additional SPV each time one is added to a master-feeder fund structure that is already approved for the ETF incentive scheme. This is currently the case for additional feeder funds, but it should be noted that feeder funds are used for fund-raising, while SPVs are used to execute trades. It is also unclear if this extension will only apply to SPVs held by a master fund within a master-feeder fund structure and not to structures without any feeder funds. If so, the definition of SPVs should be clarified in the legislation. 4. Extension of the M&A Scheme The M&A Scheme was introduced in 2010 to encourage companies to grow through M&A. It was scheduled to lapse after 31 March Following the 2015 Budget, the M&A Scheme will be extended to 31 March 2020 and revised to enable SMEs making smaller acquisitions to also enjoy the benefits under the scheme. Companies that make qualifying acquisitions under the M&A Scheme can enjoy an M&A allowance in respect of the value of the acquisition to be written 2 Client Alert March 2015
3 down over a period of five years and an additional allowance in respect of transaction costs (e.g., professional fees on due diligence, legal fees, and valuation fees) incurred on the acquisition to be written down over a period of one year. Companies may also obtain stamp duty relief on the transfer of shares in unlisted companies. In this regard, the M&A allowance rate will be increased to 25% (from the current 5%) of the value of the qualifying acquisition. However, the value of qualifying acquisitions per Year of Assessment ("YA") will be reduced to a cap of S$20 million (from the current S$100 million). The allowance on transactions costs will remain at 200% and be subject to the same expenditure cap of S$100,000 per YA. Stamp duty relief will also be reduced, following the cap of S$20 million (from the current S$100 million) on the value of qualifying acquisitions per financial year ("FY"). This translates to a reduced cap of S$40,000 (from the current S$200,000) on stamp duty relief per FY. The shareholding eligibility rules will also be relaxed. Currently, the acquisition must result in the acquirer holding (a) more than 50% ordinary shareholding in the target if the acquirer's original shareholding in the target was 50% or less (the "50% Shareholding Threshold"); or (b) at least 75% ordinary shareholding in the target if the acquirer's original shareholding in the target was more than 50% but less than 75% (the "75% Shareholding Threshold"). Following the 2015 Budget, the 50% Shareholding Threshold will remain but the 75% Shareholding Threshold will be removed. Taking its place will be a lower shareholding threshold for acquisitions resulting in the acquirer holding at least 20% ordinary shareholding in the target where the acquirer's original shareholding in the target was less than 20% (the "20% Shareholding Threshold"). IRAS has announced that acquirers qualifying under the 20% Shareholding Threshold must also have: at least 1 director represented on the Board of Directors of the target company; and acquired a shareholding of at least 20% in the target and the target must also be considered an associate of the acquirer under Singapore FRS 28 or Singapore FRS for Small Companies. It should be noted that prior to the 2015 Budget, acquirers could elect for its ordinary share acquisitions in a target made during a 12-month period to be consolidated to qualify for the M&A Scheme, even if the acquisitions straddled across FYs. Following the 2015 Budget, this 12-month look-back period will be removed to simplify the M&A Scheme. IRAS will release more details by May 2015, including details of relevant transitional arrangements. Comments: With the reduced cap on the value of qualifying acquisitions and the relaxed shareholding eligibility rules, the changes to the M&A Scheme will benefit companies making smaller acquisitions. For larger acquisitions, the maximum M&A allowance remains unchanged at S$5 million (which can be written down over 5 years) but stamp duty relief for any given FY has been reduced. It is also hoped that acquirers with non-singapore ultimate holding companies can continue to approach the Economic Development Board ("EDB") for its approval for the M&A Scheme. However, it is likely that EDB's approval (if granted) will continue to have conditions attached. 3 Client Alert March 2015
4 5. Refinement of Venture Capital Tax Incentives Section 13H of the Income Tax Act ("ITA") provides a tax exemption on certain income for approved venture capital funds. Venture capital fund management companies managing Section 13H funds may also be granted a tax exemption under the Pioneer Service incentive on their respective management fees and performance bonus earned. Following the 2015 Budget, a 5% concessionary tax rate will be accorded to approved venture capital fund management companies managing Section 13H funds on their specified income. The approval window will be from 1 April 2015 to 31 March Correspondingly, the Pioneer Service incentive for venture capital fund management companies will be withdrawn from 1 April 2015, as venture capital is no longer considered a pioneering activity in Singapore. Nonetheless, pioneer certificates already issued to venture capital fund management companies will not be affected by the change. 6. Enhancement and Extension of the Maritime Sector Incentive Currently, there are a variety of schemes and awards available to various shipping-related enterprises under the Maritime Sector Incentive ("MSI") regime. For example: Under the MSI-Shipping Enterprise (Singapore Registry of Ships) ( MSI- SRS ) scheme, shipping enterprises can enjoy an automatic tax exemption on qualifying income derived mainly from operating Singaporeflagged ships. Under the MSI-Approved International Shipping Enterprise ( MSI-AIS ) award, approved international shipping enterprises can enjoy tax exemption on qualifying income derived from operating foreign-flagged ships, subject to certain conditions being met. Under the MSI-Shipping-related Support Services ( MSI-SSS ) award, approved companies can enjoy a concessionary tax rate of 10% on qualifying income derived from carrying out approved shipping-related support services. Under the MSI-Maritime Leasing ( MSI-ML ) award, approved enterprises can enjoy tax exemption or concessionary tax rates (as the case may be) on qualifying income derived from the leasing of ships, qualifying sea containers and intermodal equipment. Approved managers of such enterprises can also enjoy a concessionary tax rate of 10% on qualifying income derived from such management. Qualifying enterprises under the MSI-SRS scheme, MSI-AIS or MSI-ML awards can enjoy automatic withholding tax exemption on qualifying payments to made non-singapore tax residents in respect of qualifying foreign loans taken to finance the purchase or construction of qualifying assets (e.g., ships, containers), subject to conditions. This exemption is granted in respect of qualifying loans entered into on or before 31 May The following key changes have been announced in the 2015 Budget: a) The automatic withholding tax exemption will now apply to qualifying payments made in respect of: 4 Client Alert March 2015
5 i. finance leases, hire-purchase arrangements and loans used to finance equity injection into wholly-owned SPVs; or ii. intercompany loans to wholly-owned SPVs; for the SPVs purchase or construction of qualifying assets. The automatic withholding tax exemption will be extended to apply to qualifying loans taken on or before 31 May b) The definition of qualifying ship management activities for the purpose of the MSI-SRS scheme and the MSI-AIS and MSI-SSS awards will be updated to keep pace with industry changes. c) The scope of qualifying income under the MSI-SRS scheme and the MSI-AIS award will now include mobilisation fees, demobilisation fees, holding fees and incidental container rental income that are derived in the course of qualifying shipping operations. d) The scope of qualifying income under the MSI-ML award will now include income derived from finance leases treated as sales. e) Qualifying profits remitted from approved foreign branches by MSI- AIS entities will now enjoy exemption. f) Existing MSI-SSS award recipients can renew their award tenure for another 5 years, subject to qualifying conditions and higher economic commitments. g) The approval window to grant MSI-AIS awards to qualifying entry players, MSI-SSS, and MSI-ML awards will be extended from 31 May 2016 to 31 May The above enhancements to the MSI regime will take effect for existing and new award recipients from 24 February The Maritime Port Authority will release further details by May Comments: These enhancements to the MSI regime are welcome as they help to provide clarification and relevance to the existing MSI regime in light of changing industry practices. For example, the liberalisation of the automatic withholding tax exemption to apply to a wider range of financing instruments (e.g., finance leases, and intercompany loans) will cater to a wider range of financing arrangements used for the acquisition or construction of ships. Previously, such arrangements did not fall within the scope of the withholding tax exemption. 7. Goods and Services Tax Changes A. Simplification of Pre-Registration Goods and Services Tax Claim Rules In general, Goods and Services Tax ("GST") registered businesses may claim input GST incurred on purchases of goods and services prior to GST registration to the extent that the goods or services purchased are used or to be used for taxable supplies made after GST registration, subject to the satisfaction of certain conditions. Where goods have been partially consumed or supplied, or services have been used to make supplies before and after GST registration, businesses are required to apportion the pre-registration GST incurred. Only the portion of GST that is attributable to taxable supplies made after GST registration is 5 Client Alert March 2015
6 claimable. Businesses also need to apply different apportionment formulae depending on the nature of the goods and services in respect of which preregistration GST was incurred. Following the 2015 Budget, businesses that are GST-registered from 1 July 2015 will no longer need to apportion pre-registration GST on the following goods and services acquired within 6 months before the date of GSTregistration: Goods held by the business at the point of GST registration; and Property rental, utilities and services, which are not directly attributable to any supply made by the business before GST registration. However, the use of the above goods and services after GST registration must be for the making of taxable supplies and not exempt supplies. The Inland Revenue Authority of Singapore ("IRAS") will release further details by June Comments: This change is welcome as it will reduce compliance costs for newly GST-registered businesses. However, we would note that goods and services acquired more than 6 months before the date of GST registration will still be subject to the current rules for pre-registration GST claims. B. Extension of GST Remission for Listed REITs and Listed Registered Business Trusts in the Infrastructure Business, Ship Leasing and Aircraft Leasing Sectors SGX-listed REITs, as well as Singapore-listed Registered Business Trusts ("RBTs") in the infrastructure business, ship leasing and aircraft leasing sectors ("Qualifying RBTs"), are currently granted GST remission allowing them to claim GST incurred on business expenses, regardless of whether they hold assets directly or indirectly through SPVs or sub-trusts. The concession was scheduled to end on 31 March However, SGX-listed REITs and Qualifying RBTs are not allowed to claim GST on costs incurred to set up SPVs which do not hold qualifying assets of the SGX-listed REITs and Qualifying RBTs, directly or indirectly. The SGXlisted REITs and qualifying RBTs are also not allowed to claim GST on the business expenses of such SPVs. Following the 2015 Budget, the existing GST remission will be extended to 31 March In addition, SGX-listed REITs and Qualifying RBTs will be allowed to claim GST on business expenses incurred to set up SPVs used solely to raise funds for the SGX-listed REITs or Qualifying RBTs and which do not hold qualifying assets of the SGX-listed REITs and Qualifying RBTs, directly or indirectly. The SGX-listed REITs and Qualifying RBTs will also be allowed to claim GST on the business expenses of such SPVs. IRAS will release further details by March Extension of Other Existing Tax Concessions A. Extension of the Corporate Income Tax Rebate to YAs 2016 and 2017 Under the 2013 Budget, the Government granted a corporate income tax rebate of 30% capped at S$30,000 per YA for YAs 2013 to Under the 2015 Budget, the Government has recognised that companies will continue to 6 Client Alert March 2015
7 face cost pressures and has extended the 30% corporate income tax rebate to YAs 2016 and 2017, but with a reduced cap of S$20,000 per YA. B. Extension of Tax Deduction for Collective Impairment Provisions Made under MAS Notices Currently, banks may claim tax deductions for collective impairment provisions made under MAS Notice 612, subject to caps as stipulated under Section 14I of the ITA. Additionally, finance companies and merchant banks may claim tax deduction for collective impairment provisions made under MAS Notice 811 and MAS Notice 1005 respectively. These tax concessions were scheduled to lapse after YA 2016 or YA 2017, depending on the financial year end of the bank or finance company. The tax concessions will be extended till YA 2019 or YA 2020, depending on the financial year end of the bank or finance company. C. Extension of Tax Concessions for Listed Real Estate Investment Trusts An SGX-listed Real Estate Investment Trust ("REIT") or its wholly-owned Singapore tax resident subsidiary company enjoys tax exemption on qualifying foreign-sourced income fulfilling certain conditions. In addition, nontax resident investors (other than an individual) enjoy a concessionary tax rate of 10% on the gross amount of any distribution by the trustee of the listed REIT. Both tax concessions were scheduled to lapse after 31 March Following the 2015 Budget, the income tax concessions will be extended to 31 March However, it should be noted that the stamp duty concession will be allowed to lapse after 31 March 2015, such that there will no longer be stamp duty remission in respect of documents executed on the following transfers: transfer of Singapore immovable property to a REIT; and transfer of 100% of the issued share capital of a Singapore-incorporated company that holds immovable properties situated outside Singapore, to the REIT. MAS will release further details by May D. Extension of the Investment Allowance - Energy Efficiency Schemes The Investment Allowance - Energy Efficiency ("IA-EE") scheme awards investment allowances to companies carrying out projects for improving energy efficiency, where the capital expenditure incurred results in more efficient energy utilisation. The IA-EE scheme is jointly administered by EDB and the National Environment Agency. The IA-EE for Green Data Centres scheme awards investment allowances to green data centre projects where the capital expenditure incurred results in more efficient energy utilisation. The IA-EE for Green Data Centres scheme is administered by the Infocomm Development Authority of Singapore. Both schemes were scheduled to lapse after 31 March Client Alert March 2015
8 From 1 March 2015, the two schemes will be combined into a single IA-EE scheme and the scheme will be solely administered by EDB. EDB will release more details by March E. Extension of the Tax Incentive Scheme for Insurance Businesses Currently, approved general, life and composite insurers and reinsurers may enjoy a 10% concessionary tax rate on qualifying income derived from qualifying insurance and reinsurance business conducted from Singapore for a ten-year award tenure. The scheme is scheduled to lapse after 31 March Following the 2015 Budget, the scheme will be extended to 31 March 2020 and renamed as the Insurance Business Development Incentive. In addition, a renewal framework will be introduced with effect from 1 April 2015 to encourage existing recipients of the incentive to continue expanding their operations in Singapore. MAS will release further details by May Introduction of Review Dates for Tax Incentives and Schemes Under the 2015 Budget, the Government will be introducing review dates with respect to certain incentives and schemes. This is inline with the Government's practice of periodically reviewing incentives and schemes to ensure they remain relevant and effective in achieving policy objectives, as well as to avoid portraying Singapore negatively as a tax haven. A. Approved Foreign Loan Incentive The Approved Foreign Loan ("AFL") incentive provides an exemption from or a concessionary tax rate for withholding tax on interest payments made to a non-resident lender for a loan to purchase productive equipment. Currently, a loan must be at least S$200,000 to qualify as an AFL. However, the Minister for Trade and Industry may also approve an application for a foreign loan of less than S$200,000 to be an AFL. Following the 2015 Budget, from 24 February 2015, the minimum loan quantum will be increased to S$20 million. The Minister for Trade and Industry may approve an AFL application on a foreign loan of less than S$20 million. A review date of 31 December 2023 will be legislated for this incentive. Comments: The increase of the minimum loan quantum from S$200,000 to S$20 million is a steep increase, which suggests that the AFL incentive is now more targeted towards advanced manufacturing companies higher up in the value chain. B. Approved Royalties Incentive The Approved Royalties Incentive ("ARI") was first introduced to encourage companies to access cutting-edge technology and know-how for substantive activities in Singapore. 8 Client Alert March 2015
9 Under the ARI, a withholding tax exemption or a concessionary withholding tax rate may be granted to companies approved by the EDB on approved royalties, technical assistance fees or contributions to research and development costs paid to a non-singapore tax resident. A review date of 31 December 2023 will be legislated for this incentive. C. Section 19D Writing Down Allowance Section 19D of the ITA provides a writing down allowance in respect of capital expenditure incurred for the acquisition of an indefeasible right to use any international telecommunications submarine cable system for the purpose of the business. A review date of 31 December 2020 will be legislated for this writing down allowance. 10. Termination of Tax Concessions A. Withdrawal of Tax Concession on Royalties and other Payments from Approved Intellectual Property or Innovation The tax concession under Section 10(16) of the ITA, which is granted to qualifying individuals or companies on royalties and other payments received as consideration for the assignment of or the rights in approved intellectual property or innovation, will be withdrawn from YA B. Withdrawal of Concessionary Tax Rate on Income Derived from Offshore Leasing of Machinery and Plant The 10% concessionary tax rate provided under Section 43I for income derived by a leasing company in respect of offshore leasing of machinery and plant will be withdrawn from 1 January However, this should be mitigated by the introduction of targeted tax incentives for leasing of aircraft, aircraft engines, ships and sea containers. C. Withdrawal of Approved Headquarters Incentive Section 43E provides for tax exemption or a 10% concessionary tax rate on income derived from qualifying headquarter services or certain qualifying activities. This incentive will be withdrawn from 1 October Nonetheless, headquarter companies may still qualify for tax concessions under the Development and Expansion Incentive as prescribed by the Economic Expansion Incentives (Relief from Income Tax) Act, subject to conditions. D. Lapse of Productivity and Innovation Credit Bonus The Productivity and Innovation Credit ("PIC") Bonus provides a dollar-fordollar matching cash bonus, up to S$15,000 across YA 2013 to YA 2015, to businesses with a minimum of S$5,000 in qualifying expenditure under the PIC in a YA. Following the 2015 Budget, the PIC Bonus will not be extended and will lapse after YA Client Alert March 2015
10 11. Other Announcements A. Extension and Enhancement of Tax Deduction for Donations The 250% tax deduction for qualifying donations made to Institutions of a Public Character and other qualifying recipients will be extended to 31 December In addition, the tax deduction will be increased to 300% for qualifying donations made in calendar year B. Revised Petrol Duty Rates and Extension and Refinement of the Carbon Emissions-Based Vehicle Scheme Petrol duty will be increased from S$0.44 per litre to S$0.64 per litre for premium grade petrol unleaded (RON 97 and above), and from S$0.41 per litre to S$0.56 per litre for intermediate grade petrol unleaded (RON 90 and above but under RON 97). The Carbon Emissions-Based Vehicle Scheme ("CEVS") was introduced in 2013 to encourage the ownership of car models with low carbon emissions. It was scheduled to lapse after 30 Jun Under the 2015 Budget, the scheme will be extended to 30 June In addition, there will be two refinements to the scheme: (a) the surcharge and rebate bands will be updated to reflect improvements in vehicle engine technology; and (b) the highest rebate and surcharge quantum will be increased from S$20,000 to S$30, Baker & McKenzie. All rights reserved. Baker & McKenzie International is a Swiss Verein with member law firms around the world. In accordance with the common terminology used in professional service organizations, reference to a partner means a person who is a partner, or equivalent, in such a law firm. Similarly, reference to an office means an office of any such law firm. This may qualify as Attorney Advertising requiring notice in some jurisdictions. Prior results do not guarantee a similar outcome. 10 Client Alert March 2015
Singapore Budget 2015 SINGAPORE HONGKONG 20 YEARS IN PRACTICE IYER PRACTICE
Singapore Budget 2015 SINGAPORE HONGKONG 20 YEARS IN PRACTICE Foreword FOREWORD Budget 2015 was set against a background of a balanced position for FY2014 compared to a projected deficit of S$1.2 billion.
More informationSingapore Budget Highlights 2015
Singapore Budget Highlights 2015 Accountants & Business Advisors Foreword FOREWORD The Minister for Finance presented the Budget 2015 on 23 February 2015. Though much anticipated by Singaporeans as the
More informationSingapore Budget 2015 Synopsis
Singapore Budget 2015 Synopsis At a glance Introduction Future-proofing Singapore 3 Business tax Corporate income tax rate and rebate 7 The International Growth Scheme 9 Extending and enhancing the M&A
More informationBudget Seminar March 2015
Budget Seminar 2015 10 March 2015 Budget 2015 overview Chung-Sim Siew Moon Partner and Head of Tax Page 2 Page 3 Budget 2015 is about Futureproofing Singapore Deepening our skills and capabilities Making
More informationClient Alert March 2017
Tax, Trade & Wealth Management Singapore Client Alert March 2017 For more information, please contact: Eugene Lim eugene.lim@bakermckenzie.com +65 6434 2633 Allen Tan allen.tan@bakermckenzie.com +65 6434
More information2015 Budget Seminar. Florence Loh Partner, Corporate Tax
www.pwc.com/sg 2015 Budget Seminar Solving tomorrow s problems today Florence Loh Partner, Corporate Tax Agenda 1. Extended help on rising business costs Transition Support Package 2. Innovation and internationalisation
More informationAt a glance. Budget 2015 News Alert Building our future, strengthening social security
Budget 2015 News Alert Building our future, strengthening social security At a glance Helping businesses cope with rising costs Supporting the internationalisation of businesses Supporting enterprise growth
More informationTo implement the recommendations of the Committee on the Future Economy a $2.4 billion budget has been set aside over the next four years.
FOR CLIENTS INFORMATION ONLY 20 February 2017 Dear Sirs THE 2017 SINGAPORE BUDGET COMMENTARY The Minister for Finance presented a budget with a focus to drive long term economic growth and development
More informationSINGAPORE BUDGET 2018 THEME TOGETHER, A BET TER FUTURE
SINGAPORE BUDGET 2018 THEME TOGETHER, A BET TER FUTURE 1 CONTENTS A Vibrant and innovative economy Corporate Income Tax Rebate Start up Tax Exemption Partial Tax Exemption Research and Development (R &
More informationTax update - Singapore Budget 2012
Tax update - Singapore Budget 2012 March 2012 The tax practice at ATMD Bird & Bird LLP provides you the highlights of significant tax changes for businesses in the 2012 Budget delivered by Deputy Prime
More informationSINGAPORE BUDGET 2012 SYNOPSIS
SINGAPORE BUDGET 2012 SYNOPSIS Singapore Malaysia Hong Kong China Australia INDEX Effective Page Introduction 1 Business Tax One-off SME Cash Grant YA2012 2 Enhancing the Productivity and Innovation Credit
More informationBudget Commentary 2015 Solving tomorrow s problems today
www.pwc.com/sg/budget-2015 Budget Commentary 2015 Solving tomorrow s problems today Contents Solving tomorrow s problems today 4 Encouraging innovation and 6 internationalisation Enhancing competitiveness
More informationSingapore Budget 2016
Singapore Budget 2016 Partnering for the Future Singapore Budget 2016 1 Budget 2016 and your business Ready your business today with insights on this Budget. kpmg.com.sg/budget Join the conversation Singapore
More informationBusiness tax incentives and cash grants
March 2018 Issue: 1/2018 Business Incentives Advisory Tax Alert Business tax incentives and cash grants Key changes for Budget 2018 The Singapore government has proposed to increase the tax deduction for
More informationCountry Tax Guide.
Country Tax Guide www.bakertillyinternational.com Facts and figures as presented are correct as at 15 August 2014. Corporate Income Taxes Singapore has a territorial tax system. Resident companies, defined
More informationWith the overall budget surplus of $9.6 billion arising from 2017, the government has declared $100 to $300 hongbao to all Singaporeans.
FOR CLIENTS INFORMATION ONLY 19 February 2018 Dear Sirs THE 2018 SINGAPORE BUDGET COMMENTARY The Minister for Finance presented a focused budget with a strategic and integrated plan to position Singapore
More informationIncome Tax (Amendment) Bill 2017
20 September 2017 Tax update Income Tax (Amendment) Bill 2017 Executive summary The Income Tax (Amendment) Bill 2017 (Bill) was introduced in Parliament on 11 September 2017. The Bill seeks to give legislative
More informationSingapore TAX. kpmg.com.sg
Cover_layout_FINAL:Layout 1 19/2/2011 7:57 AM Page 1 TAX Singapore Budget 2011 B u d g e t 2 011 "Budget 2011" is issued in summary form exclusively for the information of clients and staff of KPMG Advisory
More informationA BUDGET FOR THE FUTURE. Budget at a glance
A BUDGET FOR THE FUTURE Budget at a glance Sector Specific Financial and insurance sectors Tax framework for Singapore Variable Capital Companies ( S-VACCs ) to be introduced to complement the S-VACC regulatory
More informationSingapore Budget Building Our Future, Strengthening Social Security
Singapore Budget 2015 Building Our Future, Strengthening Social Security Overview On 23 February 2015, the Minister for Finance presented the Jubilee Budget to mark Singapore s 50th year of independence,
More informationSingapore Budget 2017 Synopsis
Singapore Budget 2017 Synopsis MCI (P) 013/01/2017 Printed by Hock Cheong Printing Pte Ltd At a glance Introduction The Singapore way 3 Business tax Corporate income tax rate and rebate 7 Enhancing the
More informationWORLD WIDE TAX NEWS. The main developments in the Organisation for Economic Co-operation and Development s INTERNATIONAL
JUNE 2015 ISSUE 38 WWW.BDOINTERNATIONAL.COM WORLD WIDE TAX NEWS CHINA New rules on indirect transfers of assets by non-resident enterprises READ MORE 4 INDIA Amendments introduced by Finance Act 2015 GST
More informationProfessional Level Options Module, Paper P6 (SGP)
Answers Professional Level Options Module, Paper P6 (SGP) Advanced Taxation (Singapore) December 2017 Answers Note: ACCA does not require candidates to quote section numbers or other statutory or case
More informationSingapore Budget. Commentary 2013
Singapore Budget Commentary 2013 SINGAPORE BUDGET 2013 Commentary by MGI Menon & Associates Executive Summary Finance and Deputy Prime Minister Mr Tharman Shanmugaratnam presented the 2013 Budget on 25
More informationSINGAPORE BUDGET Moving Forward Together
SINGAPORE BUDGET 2017 Moving Forward Together CONTENTS 1 Corporate Tax 2 Personal Tax Page 2 CORPORATE TAX Corporate income tax rebate Current treatment Companies enjoy a CIT rebate of 50% for YA 2016
More informationClient Alert August 2016
Financial Services Regulatory Singapore Client Alert August 2016 For further information please contact Stephanie Magnus Principal +65 6434 2672 Stephanie.magnus@bakermckenzie.com Selwyn Lim Senior Associate
More informationBUDGET 2010 A SPECIAL REPORT ON THE SINGAPORE BUDGET FEBRUARY 2010
BUDGET 2010 A SPECIAL REPORT ON THE SINGAPORE BUDGET 2010 23 FEBRUARY 2010 FOREWORD Budget 2010 centered around three words: productivity, innovation and skills. This was in a way predictable given that
More informationinternational tax alert
international tax alert Issue 4 March 2010 Asia Pacific Region Chairman s Note Welcome to the 1 st edition for 2010 of PKF International Tax Alert, a publication designed to summarise key tax changes around
More informationBudget Table of Contents. February 2011 Singapore Budget Report
Budget 2011 Foreword Table of Contents Business Tax... 4 General Tax Changes... 4 Enhancement and Extensions to Existing Tax Incentives... 5 New Tax Incentives... 11 Individual Tax... 12 Goods and Services
More informationSINGAPORE BUDGET 2018 Together, A Better Future
SINGAPORE BUDGET 2018 Together, A Better Future Your Trusted Partner for Excellence CONTENTS FOREWORD... 2 BUSINESS TAX... 4 PERSONAL INCOME TAX... 12 GOOD AND SERVICES TAX... 13 STAMP DUTY... 15 FOREIGN
More information1. SINGAPORE BUDGET 2012 INTRODUCTION
MOORE STEPHENS LLP CERTIFIED PUBLIC ACCOUNTANTS SINGAPORE February 2012 Singapore Budget 2012 Inside 1. SINGAPORE BUDGET 2012 INTRODUCTION The Finance Minister, Mr Tharman Shanmugaratnam, presented Budget
More informationSingapore Budget 2018 Synopsis
Singapore Budget 2018 Synopsis At a glance Introduction A budget for the future 3 Business tax Start-up Tax Exemption (SUTE) scheme 7 Partial Tax Exemption (PTE) for companies Corporate income tax rebate
More informationExecutive Summary. The key proposed measures include:
Executive Summary The Minister for Finance has announced a $20.5 billion Resilience Package for FY 2009 as Singapore faces its worst-ever recession. The Package aims to save jobs in the recession, and
More informationMoore Stephens Singapore Budget 2015 Seminar
Moore Stephens Singapore Budget 2015 Seminar Monday 2 March 2015 MND Auditorium Moore Stephens Singapore (MS) and Complete Corporate Services Pte Ltd (CCS) jointly organised the Moore Stephens Singapore
More informationSingapore Budget 2012
February 2012 Sustaining Singapore as an aviation, financial and shipping hub incentives extended and fine-tuned Productivity and Innovation Credit Scheme enhanced to help SMEs Special Employment Credit
More informationCorporate Income Tax. Withholding Tax. Basis of Taxation. Exemptions. Corporate Tax Rebate (Temporary) Residence. Dividends 0 15*
SINGAPORE TAX FACTS Corporate Income Tax Basis of Taxation Singapore taxes businesses on a preceding year basis on Singapore-sourced income and on foreign-sourced income remitted into Singapore. Whether
More informationSingapore Budget 2016
Singapore Budget 2016 Shanker Iyer 30 March 2016 SINGAPORE HONGKONG 20 YEARS IN PRACTICE AGENDA Budget Position Tax Changes for Businesses Changes to Tax incentives Tax Changes for Individuals Other changes
More informationApplying for government incentives in Singapore See what we see. Tax
Applying for government incentives in Singapore See what we see Tax See opportunities Deloitte tax professionals keep clients abreast of developments that affect their businesses and help them interpret
More informationSingapore Budget 2018 Commentary Redefine. Reinvent. Reimagine.
Singapore Budget 2018 Commentary Redefine. Reinvent. Reimagine. Singapore Budget 2018 Commentary Common abbreviations B Billion CPF Central Provident Fund CIT Comptroller of Income Tax DTA Double Tax Agreement
More informationBUDGET 2009 A SPECIAL REPORT ON THE SINGAPORE BUDGET JANUARY 2009
BUDGET 2009 A SPECIAL REPORT ON THE SINGAPORE BUDGET 2009 23 JANUARY 2009 FOREWORD Budget 2009 was probably the most keenly anticipated budget announcement in recent times. Singaporeans, just like citizens
More informationDoing Business in Singapore
Singapore Doing Business in Singapore 2015 www.bakermckenzie.com Table of Contents Table of Contents... 1 1. Introduction... 1 2. Legal Background... 1 3. Types of Presence... 1 4. Sole Proprietorship
More informationSingapore Budget 2014: Commentary
Singapore Budget 2014: Commentary CONTENTS OVERVIEW CORPORATE TAX Extension and Enhancement of the PIC Scheme... 4 Extending the Research and Development ("R&D") Tax Measures... 7 Acquisition and Protection
More informationSingapore Budget 2018
Singapore Budget 2018 Shanker Iyer 27 February 2018 SINGAPORE HONGKONG 25 YEARS IN PRACTICE AGENDA Fiscal Sustainability Income Tax Goods & Services Tax Incentives Other Updates Questions SINGAPORE HONGKONG
More informationSingapore Budget 2017 Commentary Today. Tomorrow. Together. A budget for the future of Singapore
Singapore Budget 2017 Commentary Today. Tomorrow. Together. A budget for the future of Singapore Common abbreviations CFE : Committee on the Future Economy CPF : Central Provident Fund EDB : Economic Development
More informationSingapore Budget Highlights of Proposed Tax Changes
Singapore Budget 2018 Highlights of Tax Changes Singapore Budget 2018: Tax Highlights 1 Contents Income Tax Changes for Businesses... 3 1. Enhancing and extending the Corporate Income Tax ( CIT ) rebate...
More informationSingapore Budget 2016 a review of business tax proposals
31 March 2016 Global Tax Alert Singapore Budget 2016 a review of business tax proposals EY Global Tax Alert Library Access both online and pdf versions of all EY Global Tax Alerts. Copy into your web browser:
More informationSINGAPORE BUDGET COMMENTARY Moving Forward Together
SINGAPORE BUDGET COMMENTARY 2017 Moving Forward Together CONTENTS 3 Foreword 4 Corporate Tax 15 Personal Tax 16 Goods and Services Tax 19 Miscellaneous 24 Appendices 27 About BDO FOREWORD Singapore is
More informationDoing Business in Singapore
Doing Business in Singapore This document describes some of the key commercial and taxation factors that are relevant on setting up a business in Singapore. Prepared by DFK JKMedora & Co LLP 2 Doing Business
More informationSingapore Budget Highlights
Singapore Budget Highlights 2017 Accountants & Business Advisors Foreword FOREWORD The Finance Minister, Mr. Heng Swee Keat, presented his second Budget on 20 February 2017 against a backdrop on the recommendations
More informationFOREWORD. Singapore Budget Highlights 2018
Foreword FOREWORD This year s Budget delivered by the Finance Minister, Mr. Heng Swee Keat, on 19 February 2018 outlined steps Singapore must take in order to prepare for three major shifts in the coming
More informationSINGAPORE. Budget 2009 TAX
SINGAPORE Budget 2009 TAX tax planning and advice can give businesses a significant competitive advantage. Contents Workforce Resilience 01 Jobs Credit 02 Skills Programme for Upgrading and Resilience
More informationMalaysia. Country M&A Team Country Leader ~ Frances Po Khoo Chuan Keat Lim Yiek Lee
Malaysia Country M&A Team Country Leader ~ Frances Po Khoo Chuan Keat Lim Yiek Lee Mergers & Acquisitions Asian Taxation Guide 2008 Malaysia March 2008 PricewaterhouseCoopers 135 Name Designation Office
More informationInternational Tax Singapore Highlights 2018
International Tax Singapore Highlights 2018 Investment basics: Currency Singapore Dollar (SGD) Foreign exchange control There are no significant restrictions on foreign exchange transactions and capital
More informationBudget Commentary Singapore An analysis of the main tax proposals presented in Budget 2011
www.pwc.com/sg/budget-2011 Budget Commentary Singapore An analysis of the main tax proposals presented in Budget 2011 18 February 2011 Double, bubble, still more trouble? It was never expected that this
More informationSingapore Budget 2018 Seminar Redefine. Reinvent. Reimagine. 6 March 2018
Singapore Budget 2018 Seminar Redefine. Reinvent. Reimagine. 6 March 2018 Content Summary of key Singapore tax developments in 2017 Budget 2018 changes and updates Tax implications arising from changes
More informationSingapore Budget 2012 focuses on the future
International Tax World Tax Advisor 24 February 2012 In this issue: Singapore Budget 2012 focuses on the future... 1 France issues guidance on new rules affecting French-connected trusts... 5 Argentina:
More informationSingapore Budget 2013
Productivity & Innovation Credit enhanced with new PIC Bonus, IP in-licensing & liberalisation of scope of PIC Automation Equipment New Wage Credit Scheme, Corporate Income Tax Rebate and Road Tax Rebate
More informationStriking the right balance. Budget Commentary Singapore
Striking the right balance Budget Commentary Singapore www.pwc.com/sg/budget-2013 2 Budget Commentary 2013 Striking the right balance but you can t please all of the people all of the time This year s
More informationProfessional Level Options Module, Paper P6 (SGP) 1 Ram Tech Pte Ltd
Answers Professional Level Options Module, Paper P6 (SGP) Advanced Taxation (Singapore) December 2009 Answers 1 Ram Tech Pte Ltd To: Mr Paul Chan Chief executive officer Ram Tech Pte Ltd From: Tax Consultant
More informationFundamentals Level Skills Module, Paper F6 (SGP)
Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) June 2015 Answers and Marking Scheme Section A 1 D Five years from the year of assessment to which the records relate. 2 A
More informationSINGAPORE FUND MANAGERS - REGULATORY AND TAX FRAMEWORK
SINGAPORE FUND MANAGERS - REGULATORY AND TAX FRAMEWORK 1. Regulatory Framework For Fund Managers Companies wishing to conduct fund management activities in are required by the Securities and Futures Act
More informationSINGAPORE BUDGET 2013 SYNOPSIS. Singapore Malaysia Hong Kong China Australia
SINGAPORE BUDGET 2013 SYNOPSIS Singapore Malaysia Hong Kong China Australia INDEX Effective Page Introduction 1-5 Business Tax Corporate income tax rebate YA2013 - YA2015 6 Rationalising the start-up tax
More informationStrategic Transformation The Way Forward
Strategic Transformation The Way Forward Singapore Budget 2018 2 Budget Commentary 2018 At a glance: Singapore Budget 2018 Overview Estimated FY 2018 overall budget deficit of $0.6 billion (0.1% of GDP)
More informationFSDC Paper No. 18. A Paper on the Tax Issues on Open-ended. Fund Companies and Profits Tax Exemption. for Offshore Private Equity Funds
FSDC Paper No. 18 A Paper on the Tax Issues on Open-ended Fund Companies and Profits Tax Exemption for Offshore Private Equity Funds December 2015 Table of Contents A) Executive Summary...1 B) Tax Issues
More informationSingapore tax and FATCA updates
Singapore tax and FATCA updates 21 March 2013 Page 1 Singapore tax and FATCA updates what do they mean to you? Budget 2013 updates Tax updates on the fund management industry FATCA what next? Page 2 Budget
More informationMALAYSIA. Country M&A Team Country Leader ~ Frances Po Peter Wee Chang Huey Yueh. 149 PricewaterhouseCoopers
149 PricewaterhouseCoopers MALAYSIA Country M&A Team Country Leader ~ Frances Po Peter Wee Chang Huey Yueh 150 PricewaterhouseCoopers Name Designation Office Tel Email Frances Po Partner +603 2693 1077
More informationSUNTEC REAL ESTATE INVESTMENT TRUST SUNTEC REIT MTN PTE. LTD.
SUPPLEMENT DATED 27 JANUARY 2014 TO THE OFFERING CIRCULAR DATED 15 AUGUST 2013 SUNTEC REAL ESTATE INVESTMENT TRUST (Constituted in the Republic of Singapore pursuant to a trust deed dated 1 November 2003
More informationSINGAPORE TAXATION GUIDE FOR YA 2012
SINGAPORE TAXATION GUIDE FOR YA 2012 Corporate Tax: 0-17% max Tax System: Single-tier corporate income tax system Taxation on dividends: NONE Capital gains tax: NONE Estate duty: NONE Foreign-sourced income:
More informationSingapore-Thailand revised income tax treaty and protocol enter into force
14 March 2016 Global Tax Alert Singapore-Thailand revised income tax treaty and protocol enter into force EY Global Tax Alert Library Access both online and pdf versions Executive summary On 15 February
More informationRAISING PRODUCTIVITY: SKILLS, INNOVATION AND ECONOMIC RESTRUCTURING
RAISING PRODUCTIVITY: SKILLS, INNOVATION AND ECONOMIC RESTRUCTURING The Government will commit $1.1 billion a year over the next five years in the form of tax benefits, grants and training subsidies to
More informationFTC CORPORATE & TAX ADVISORY PTE LTD 22 FEBRUARY Copyright 2012 FTC Corporate & Tax Advisory Services
FTC CORPORATE & TAX ADVISORY PTE LTD 22 FEBRUARY 2012 1 TAX TEAM MEMBERS : FRANKIE TAN, CPA SINGAPORE, LLM (QUEENSLAND), ACCREDITED TAX ADVISOR (INCOME TAX & GST) NAH EE LING, CPA SINGAPORE, ACCA, ACCREDITED
More informationKPMG Budget Wishlist 2018:
KPMG Budget Wishlist 2018: Accelerating growth in the future economy The digital economy provides new economic opportunities for Singapore businesses to capitalise upon. By adopting a global mindset and
More informationDBS Group Holdings Ltd & its Subsidiary Companies
Consolidated Profit and Loss Account Year ended December 31 In $ millions Note 2004 2003 Interest income 4,011 3,640 Less: Interest expense 1,445 1,265 Net interest income 5 2,566 2,375 Fee and commission
More informationIRAS e-tax Guide. Country-by-Country Reporting
IRAS e-tax Guide Country-by-Country Reporting Published by Inland Revenue Authority of Singapore Published on 10 October 2016 Disclaimers: IRAS shall not be responsible or held accountable in any way for
More informationFUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK
FUND MANAGERS & FINANCIAL ADVISERS - SINGAPORE REGULATORY AND TAX FRAMEWORK 1. Regulatory Framework For Fund Managers Companies wishing to conduct fund management activities in Singapore are required by
More informationMGI Worldwide Insights: Singapore Budget 2017
MGI Worldwide Insights: Budget 2017 How will Singapore cope against a backdrop of political and economic uncertainty, rapid technological change and a rise in anti-globalisation sentiment around the world?
More informationTomorrow s World Conference December 2013
www.pwc.com Tomorrow s World Asia Pacific Real Estate Conference 2013 6 December 2013 www.pwc.com Singapore Structuring Investments into Singapore Real Estate Teo Wee Hwee Partner, International Tax, Funds
More informationSINGAPORE TAX FACTS 2018
SINGAPORE AUDIT. TAX. ADVISORY. SINGAPORE TAX FACTS 2018. INDIVIDUAL INCOME TAX CORPORATE INCOME TAX WITHHOLDING TAXES GOODS AND SERVICES TAX STAMP DUTY 2 INDIVIDUAL INCOME TAX BASIS OF TAXATION Singapore
More informationProfessional Level Options Module, Paper P6 (SGP)
Answers Professional Level Options Module, Paper P6 (SGP) Advanced Taxation (Singapore) June 2016 Answers Note: ACCA does not require candidates to quote section numbers or other statutory or case references
More informationPaper P6 (SGP) Advanced Taxation (Singapore) Friday 7 June Professional Level Options Module. The Association of Chartered Certified Accountants
Professional Level Options Module Advanced Taxation (Singapore) Friday 7 June 2013 Time allowed Reading and planning: Writing: 15 minutes 3 hours This paper is divided into two sections: Section A BOTH
More information7 November Issue No. 14
Hong Kong Tax Alert 7 November 2017 2017 Issue No. 14 The IRD clarifies how it will interpret and administer the concessionary tax regime for qualifying aircraft leasing activities On 27 October 2017,
More informationProfessional Level Options Module, Paper P6 (SGP)
Answers Professional Level Options Module, Paper P6 (SGP) Advanced Taxation (Singapore) December 2016 Answers Note: ACCA does not require candidates to quote section numbers or other statutory or case
More informationSUPPLEMENTARY RETIREMENT SCHEME (SRS)
SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population, which were highlighted in the Report of
More informationTaxation (International Taxation, Life Insurance, and Remedial Matters) Bill
Taxation (International Taxation, Life Insurance, and Remedial Matters) Bill Commentary on the Bill Hon Peter Dunne Minister of Revenue First published in July 2008 by the Policy Advice Division of Inland
More informationProfessional Level Options Module, Paper P6 (SGP)
Answers Professional Level Options Module, Paper P6 (SGP) Advanced Taxation (Singapore) June 2014 Answers Note: ACCA does not require candidates to quote section numbers or other statutory or case references
More information2014 Budget Highlights
October 2013 (Special Edition No. 2) Hyperlinks Advent Consulting Group Inland Revenue Board 2014 Budget Highlights Further to our Tax Flash October 2013 (Special Edition) and with the issuance of Finance
More informationNEW ZEALAND. Country M&A Team Country Leader ~ Peter Boyce Arun David Declan Mordaunt Todd Stevens David Rhodes Eleanor Ward Mark Russell Peter J Vial
171 PricewaterhouseCoopers NEW ZEALAND Country M&A Team Country Leader ~ Peter Boyce Arun David Declan Mordaunt Todd Stevens David Rhodes Eleanor Ward Mark Russell Peter J Vial 172 PricewaterhouseCoopers
More informationSOUTH AFRICA GLOBAL GUIDE TO M&A TAX: 2017 EDITION
SOUTH AFRICA 1 SOUTH AFRICA INTERNATIONAL DEVELOPMENTS 1. WHAT ARE RECENT TAX DEVELOPMENTS IN YOUR COUNTRY WHICH ARE RELEVANT FOR M&A DEALS AND PRIVATE EQUITY? In the 2016 Budget Review, tax avoidance
More informationHeadquarter Jurisdictions Around the World: A Comparison
Headquarter Jurisdictions Around the World: A Comparison 2017 Austria Belgium Cyprus Dubai Hong Kong Ireland Luxembourg The Netherlands Portugal Singapore Spain Switzerland United Kingdom Headquarter jurisdictions
More informationAbout the Tax Academy of Singapore
About the Tax Academy of Singapore The mission of the Academy is to raise the professional competency of the tax community and develop Singapore into a regional tax knowledge hub. A non-profit institution,
More informationMedia Release. Reactions to the Singapore Budget 2018 Statement FOR IMMEDIATE RELEASE. Singapore, 19 February Overview
Media Release FOR IMMEDIATE RELEASE Singapore, 19 February 2018 Reactions to the Singapore Budget 2018 Statement Overview Ong Pang Thye, Managing Partner at KPMG in Singapore Minister Heng Swee Keat has
More informationAll Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who
SUPPLEMENTARY RETIREMENT SCHEME (SRS) The SRS is part of the Singapore government s multi-pronged strategy to address the financial needs of a greying population, which were highlighted in the Report of
More informationDOING BUSINESS IN SINGAPORE
DOING BUSINESS IN SINGAPORE SINGAPORE OVERVIEW ECONOMIC STATISTICS AREA, POPULATION POPULATION 5.6 million SGD 410.3 bln SGD 870.2 bln SGD 1,255 bln GDP TRADE FDI 2016 2016 2015 AREA 719.1 km2 (Source:
More informationWhat this Ruling is about
Australian Taxation Office Goods and Services Tax Ruling FOI status: may be released Page 1 of 52 Goods and Services Tax Ruling Goods and services tax: supplies connected with Australia Contents Para What
More informationTABLE OF CONTENTS Item No. Description Page No. - Introduction 3. 1(a) Statements of Total Return & Distribution Statements 4-9
CAPITALAND MALL TRUST 2018 SECOND QUARTER UNAUDITED FINANCIAL STATEMENT AND DISTRIBUTION TABLE OF CONTENTS Item No. Description Page No. - Summary of CMT Results 2 - Introduction 3 1(a) Statements of Total
More informationAUTUMN BUDGET 2017: FUTURE TAX CHANGES
AUTUMN BUDGET 2017: FUTURE TAX CHANGES The following briefing contains a summary of all tax policy measures which were announced yesterday at Autumn Budget 2017 for inclusion in a later Bill. Autumn Budget
More informationClient Alert August 2017
Tax, Trade and Wealth Management Kuala Lumpur Client Alert August 2017 For further information, please contact: Adeline Wong Partner +603 2298 7880 Adeline.Wong@WongPartners.com Krystal Ng Senior Associate
More informationSingapore Budget 2019 Extension and Enhancement to Fund Tax Incentive Schemes
Singapore Budget 2019 Extension and Enhancement to Fund Tax Incentive Schemes March 2019 SINGAPORE HONGKONG 25 YEARS IN PRACTICE Schemes have been extended and enhanced In the Singapore 2019 Budget delivered
More informationFundamentals Level Skills Module, Paper F6 (SGP)
Answers Fundamentals Level Skills Module, Paper F6 (SGP) Taxation (Singapore) 1 (a) Hanafi Pte Ltd June 2011 Answers and Marking Scheme Tax liability for the year of assessment 2011 Basis period: 1 July
More informationMH CHEONG & ASSOCIATES CERTIFIED PUBLIC ACCOUNTANTS
Vol. 1 ISSUE 4 December 98 COST CUTTING PACKAGE On 24 November 1998, Duty Prime Minister ( DPM ), BG Lee Hsien Loong unveiled the cost cutting package measures worth S$10.5 billion. The package focuses
More information