COURSE PROGRAMME Course Title : Executive Tax Programme Level I (Income Tax Individual) Intake Number : 2 / 2013 Level : Basic Duration : 4.5 days (26 CPE Hours) Course fee: $1016.50 (no subsidy) $864.03 (after ISCA subsidy) $711.55 (after IRAS subsidy)* $559.08 (after ISCA & IRAS subsidy)* (fee listed include GST, course materials, light refreshment and written examination fee for first sitting) *$304.95 will be refunded upon passing of exam. Please refer to Annex 1 for details on the IRAS and ISCA subsidy. Recommended for : Participants who have little or no knowledge in income tax Lecturers: Teo Lai Kwee, IRAS Grenda Pua, Ernst & Young Solutions LLP Elaine Leong, IRAS 1
Overview 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 individual Module Outline 1. 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 2. 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 individual 3. Scope of Charge Income Chargeable to Tax What is "Income"? When is "Income derived"? Where is income derived from? 4. General Deduction Formula Section 15(1) Prohibitions Section 14(1) 5. 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 2
6. Taxation of Other Income - Section 10(1)(d) to Section 10(1)(g) and Related Exemptions and Deductions Dividend, Interest, Discounts, Pension, Charge, Annuity Deduction of Expenses against Dividends 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 7. 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) 8. Personal Reliefs and Tax Rebate Conditions for claiming various types of personal reliefs and tax rebates. 9. Computation of income tax liability of an individual Case studies Note: Participants are required to bring along their calculators for this session 3
Class Schedule Date / Day Topic Lecturer 4 & 5 Sept 2013 9.00am-4.30pm B1, Courage Room Arrangement and administration of the Income Tax Act & definition of terms Scope of charge and general deduction formula Teo Lai Kwee Tax Specialist Accredited, Individual Income Tax 11 & 12 Sept 2013 9.00am-4.30pm B1,Courage Room Taxation of employment income and related exemptions/ deductions Taxation of other income Sections 10(1)(d) to Section 10(1)(g) and related exemptions and deductions Deductions under Section 37 Personal Reliefs Computation of income tax liability of an individual Inland Revenue Authority of Singapore Grenda Pua Associate Director, Human Capital Singapore Tax Ernst & Young Solutions LLP 7 Nov 2013 (9am 11am) 5 th storey Auditorium Overview of Singapore Tax Regime (non-examinable topic) Elaine Leong Principal Valuer, Property Tax Division Inland Revenue Authority of Singapore Venue Details 55 Newton Road, Revenue House, S(307987) 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. Date: 9 Oct 2013 Time: 9.00am to 11.00am Venue: Discovery Room, Basement 1, Revenue House, 55 Newton Road, S(307987) *Note: The same course fee applies for participants who opt out of the examination. For participants who wish to apply to re-sit for the examination, an administrative fee of $53.50 is chargeable. 4
ANNEX 1 Tax Capability Development Fund In January 2009, IRAS and ISCA jointly set up a $1.3 million Tax Capability Development Fund for selected structured tax training programmes. The programmes covered are: a) Executive Tax Programme Level I & II - Income Tax Individual - Income Tax Business & Corporate - Goods & Services Tax b) Executive Tax Programme Level III - Advanced Tax Programme - Advanced GST Programme Executive Tax Programme Level I & II Currently, IRAS offers a 50% course fee subsidy to tax practitioners from SME tax agent firms* and in-house tax professionals**. ISCA gives a 15% subsidy on course fees if the course participant is an ISCA member. ISCA members who qualify for the IRAS subsidy will receive a total of 65% subsidy. To motivate and encourage course participants to do well for the course, IRAS subsidy rate for courses commencing from 1 January 2013 will be revised as follows: Two-tier subsidy structure Subsidy rate If course participants pass the examination 60% If course participants do not pass the examination 30% Upon confirmation of the course, participants eligible for the subsidies will pay 70% of the course fees upfront. A refund of 30% of the course fees will be made to the participants upon passing of course examination subsequently. In addition, IRAS will also be making available course fees subsidy to freelance tax agents*** for courses commencing from 1 January 2013. With the revision, ISCA members who qualify for the IRAS subsidy will receive a total of 75% subsidy if they pass the course examination and 45% if they do not pass the course examination. Executive Tax Programme Level III (not subject to two-tier subsidy) IRAS will extend a 50% subsidy on course fees to: i) Accredited Tax Practitioners (ATPs) # admitted by the Singapore Institute of Accredited Tax Professionals ( SIATP ) ii) Accredited Tax Practitioners (Provisional) [ATPs (Provisional)] # admitted by the SIATP. Effective for courses commencing on or after 1 January 2013, IRAS will also extend the 50% subsidy to the following groups of Accredited Tax Advisors (ATAs): 5
i) Accredited Tax Advisors (Income Tax) [ATAs (Income Tax)] # admitted by the SIATP on course fees for Advanced GST Programme ii) Accredited Tax Advisors (GST) [ATAs (GST)] # admitted by the SIATP on course fees for Advanced Tax Programme iii) Accredited Tax Advisors (ATAs) admitted by the SITAP under transitional rules^ on course fees for Advanced Tax Programme or Advanced GST Programme. All ISCA members will enjoy 15% subsidy from ISCA. ISCA members who qualify for the IRAS subsidy will receive a total of 65% subsidy. Other Eligibility Criteria and Terms & Conditions for Both IRAS and ISCA Subsidies a) The course applicant will need to fulfil at least 75% attendance rate and sit for exam. b) The course applicant will only claim subsidy once for each course. c) For Level I & II courses, course applicants need to be a Tax Agent from an SME Tax Agent firm*, In-house Tax Professional** or Freelance Tax Agent*** at the point of registration. d) For Level III courses, course applicants need to be Accredited Tax Practitioners (ATPs), ATPs (Provisional) or Accredited Tax Advisors (ATAs) # at the point of registration * Definition of SME tax agent firm: A sole-proprietorship, partnership, or company that provides tax representation, advisory or filing services for a fee and employs less than 50 staff in the tax department; ** Definition of in-house tax professional: A sole-proprietor, a partner or an employee who performs tax work and prepares or aids in preparing the Tax Return relating to the business that he/she owns or represents. *** Definition of freelance tax agent: A freelance tax agent refers to an independent person who provides tax representation, tax advisory or tax filing services for a fee for the past 2 years. # For definitions of ATP, ATP (Provisional) and ATA, please refer to SIATP s website at www.siatp.org.sg. ^ Following the official launch of the SIATP on 7 May 2010, the admission of existing tax professionals as an ATA was considered by the SIATP Board under the transitional rules for a period of six months up till 6 Nov 2010. How to apply for IRAS subsidy Please complete the registration form and declaration form available in our website (http://www.taxacademy.sg/registration.htm > Download registration form) and mail/fax to us. ISCA Members ISCA members are eligible for 15% subsidy. Contact details : 6532 5312 and Fax : 65323095 6