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ձࢩ࣏࣮ࣥ࢞ࣝෆᅜṓධᗇ㹼どᐹ㹼㸦㸯㸰᭶㸯㸵᪥㸧ㄝ᫂⪅㸸Ms Ng Shao Zhi㸦Corporate Development Division㸧    Ms Jasmine Koh㸦Corporate Services Division㸧    Ms Toh Sher-Lin㸦Tax Academy of Singapore㸧ղすᮧ࣭࠶ࡉࡦἲᚊ஦ົᡤ ࢩ࣏࣮ࣥ࢞ࣝ஦ົᡤ㹼どᐹ㹼㸦㸯㸰᭶㸯㸶᪥㸧ㄝ᫂⪅㸸ᒣ୰ ᨻே㸦ඹྠ௦⾲ᘚㆤኈ㸧బ⸨ ṇᏕ㸦ᘚㆤኈ㸧Ᏹ㔝ఙኴ㑻㸦ᘚㆤኈ㸧ճࢩ࣏࣮ࣥ࢞ࣝ⛯⌮ኈ఍㹼どᐹ㹼㸦㸯㸰᭶㸯㸶᪥㸧ㄝ᫂⪅㸸Joanna Wong㸦Assistant Director㸧

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Annual Value (S$)
First S$8,000
Next S$47,000
Next S$5,000
Next S$10,000
Next S$15,000
Next S$15,000
Next S$15,000
Next S$15,000
Above S$130,000

Effective 1 Jan 2014
Effective 1 Jan 2015
0%
0%
4%
4%
5%
6%
6%
6%
7%
8%
9%
10%
11%
12%
13%
14%
15%
16%
㸦ฟᡤ㸸IRAS ࡢ HP ࢹ࣮ࢱࡼࡾ㸧GHIJK!LCM*)N)CDEF  12   W "
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⾲ 1-2 ᡤ᭷⪅ࡀᒃఫࡋ࡚࠸࡞࠸ఫᏯࡢᅛᐃ㈨⏘⛯⋡(Residential Tax Rates (Non-Owner Occupied Residential Properties))
Annual Value (S$)
First S$30,000
Next S$15,000
Next S$15,000
Next S$15,000
Next S$15,000
Above S$90,000

Effective 1 Jan 2014
Effective 1 Jan 2015
10%
10%
11%
12%
13%
14%
15%
16%
17%
18%
19%
20%
㸦ฟᡤ㸸IRAS ࡢ HP ࢹ࣮ࢱࡼࡾ㸧 
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Type of Betting Activites

Method of Calculating Duty

Totalisator or pari-mutuel betting in

25% x (Amount of bets received - Winnings

connection with horse racing

paid out - GST *)Sports betting (e.g. football betting with fixed
odds)
Totalisator or pari-mutuel betting excluding

Effective 1 Jul 2014 **horse racing (e.g. TOTO)

30% x (Amount of bets received - GST *)Any other system or method of cash or credit

Up to 30 Jun 2014

betting (e.g. 4D and Singapore Sweep)

25% x (Amount of bets received - GST *)Sweepstakes

30% x (Amount contributed towards thesweepstake - GST *)*GST = 7/107 x (amount of bets received - winnings paid out)** The method of calculating duty for totalisator or pari-mutuel betting remains unchanged.
For draws conducted on or after 1 Jul 2014, the new duty rate will apply.
㸦ฟᡤ㸸IRAS ࡢ HP ࢹ࣮ࢱࡼࡾ㸧

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Lottery
A lottery is any game whereby money is allotted in any manner depending upon chance orlot. Examples are fruit machines, lucky draws and Tombola.
Private Lottery
A private lottery is a lottery in which tickets or chances are offered for sale only to membersof clubs or societies established for purposes not connected with gaming, wagering or
lotteries.

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⾲ 2-2 ㄢ⛯㢠ࡢィ⟬᪉ἲ - Private Lotteries Duty
Tombola / Scheduled Lottery

Fruit Machines

Formulafor

Non-GST/ Continuous Lucky Draw

9.5% x Turnover

30% x Sales

9.5 % x (Turnover - GST

30% x (Sales - GST

chargeable)

chargeable)

Where GST chargeable @ 7%

Where GST chargeable @ 7%

GST rate = 7/107 x (Turnover

GST rate = 7/107 x (Sales -- Total Winnings)

cash prizes)

registered clubs
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⾲ 3-1 ࢝ࢪࣀ⛯ࡢ⛯⋡ - Casino Tax Rates
Casino Tax
Rate

Gross Gaming Revenue from

Premium Players (A premium player is a person who opens a deposit
account with the casino operator with a minimum amount of S$100,000)

5%

Other Players

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172,604ಶேᡤᚓ⛯2,184,698

ᾘ㈝⛯93,060ᅛᐃ㈨⏘⛯㸭㈉⊩⛯㸦Contribution Tax㸧༳⣬⛯
ᐆ⡵⛯1,341,390
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2015 ᖺ㻌ᖺḟண⟬䝉䝭䝘䞊㻌2015 ᖺ㻌IFATA 䜰䝆䜰ኴᖹὒᆅᇦ⛒⛯఍㆟㻌
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

GST Assisted
Compliance Assurance
Programme(GST ACAP)
www.iras.gov.sg

Twitter.com/IRAS_SG

Facebook.com/irassg

Assisted Compliance Assurance
Programme (ACAP)
Designed for large corporates that place
importance on GST risk management as
part of good corporate governance

 

ACAP
Secure correct GST reporting on an ongoing basis

Resolve tax
issues realtime

Encourage
proactive
managementof tax risks

Prevent and detect
errors early and on
a timely basis

Sustainable GST
complianceinfrastructure

Establishedrobust internal
controls

Establishedstructure andvisible function

Overview of ACAP
GST Control Framework
Entity level• Place emphasis on tax
risk management as partof corporate governance• Maintain controls in
following areas:
Control
Environment

Control
Activities

SystemControls

ChangeManagement

Information &Communication

Monitoring &review

Transactionlevel• Controls present
to ensure correctclassification &capturing of GST
data

 

GST
Reportinglevel• Controls
present toensurecomplete &accurate GST
returns
reportingOverview of ACAP
Arrangements to conduct ACAP

Independent holistic
review of theeffectiveness of GST
controls byInternal
Audit
team

CPA
firm

Joint IA
& CPA
team

ACAP Package• Self-explanatory package with step-by-step guidance on
the scope and methodology of the review.
Milestones of ACAP in ACAP Review Guidance
1. Getting
ready forACAP

2. Commencement of ACAP
Review3.
Consolidate
and Submit
findings

4. IRAS
review andaccord ACAP
status• IRAS will accord ACAP status (Premium or Merit) with
benefits to corporates having good controls in managing
GST risks.
ACAP Benefits
ACAP Incentives(up to 5 years (ACAP Premium) / 3 years (ACAP Merit)

Step-down GST
audit contact

More
expeditious
GST refunds

Faster resolutionof issues andrulings 

Auto-renewalof GST
schemes

Co-funding
Full waiverof penalties

14/12/2015

ACAP Results & Findings
ndingsdinggs100%

Compliance
Landscape

ACAP helps to identify GST risks
and improve existing controls!

~ 300 accorded with
“ACAP” status>300 ACAP applications>50 ACAP applicants without cofunding

92%• ACAP improves
management's
confidence level of its tax
infrastructure!
• Staff are more aware of
their GST responsibilities!

Proactive

Reactive

SurveyFindings

Compliance
Behaviour

 

4

Overview of Tax
Administration in Singapore
Ng Shao Zhi
Principal Corporate Planning Officer
Corporate Development Division
17th Dec 2015

www.iras.gov.sg

Twitter.com/IRAS_SG

Facebook.com/irassg

1

Outline• Overview of Singapore’s Tax Policy• Overview of the Inland Revenue
Authority of Singapore (IRAS)

2

 

Singapore
Size: 718 sq km
Population: 5.5 million
Per Capita GDP: S$71,000
Source: Singapore Department of Statistics
3

Singapore’s Fiscal Policy
Promote and support sustained economic
growthMaintain a balanced budget

Focus government expenditure on delivering
essential public goods and services

4

 

Singapore’s Tax Policy
Maintain a competitive tax structure

Build a broad revenue base

Have a balanced mix of direct and indirect
taxes

5

Singapore’s Tax Policy
Ensure sufficient funding for government
expenditure

Promote economic objectives

Promote social goals

6

 

Distribution of FY2014/15
Government Operating Revenue
Other Receipts
0.5%

Fees & Charges
10.5%

Tax Revenue
89.0%
Source: Economic Survey of Singapore 2015
7

Components of FY2014/15
Tax Revenue
Stamp Duty, 5%

Corporate &Personal
Income Tax,
Withholding
Tax, 43%

Other Taxes,
11%

Betting Taxes,
5%
Taxes on Motor
Vehicles, 3%
Goods &
Services Tax,
19%
Customs &Excise Duties,
5%

Assets Taxes,
8%

Contributions
by Statutory
Board, 1%

Source: Economic Survey of Singapore 2015
8

 

Distribution of FY2014/15
Government Operating Expenditure
Economic
Development,
5.2%

Government
Administration,
3.7%

Security &External
Relations,
38.2%

SocialDevelopment,
53.0%

Source: Economic Survey of Singapore 2015
9

Overview of IRAS

10

 

IRAS
Statutory Board since
1 September 1992
Governed by “Inland Revenue Authority ofSingapore (IRAS) Act”
Under the purview of
Ministry of Finance (MOF)

11

MissionAgent of the Government
Administer the tax laws
Assessment. Collection. Enforcement.
Advise the Government on taxation matters
Represent Singapore internationally on
taxation matters

12

 

Other Functions
Advise the Government on matters relating toproperty valuation
Grant licences to appraisers under the
Appraisers Act
Any other functions as assigned by Minister
E.g. administration of Jobs Credit Scheme, Wage Credit Scheme

13

Tax Acts Administered by IRAS
Income Tax Act

Goods and Services
Tax Act

Property Tax Act

Stamp Duties Act

Betting andSweepstake Duties
Act

Private Lotteries Act

Casino Control Act(Part IX)

Economic Expansion
Incentives (Relief
from Income Tax) Act

Estate Duty Act (onlyfor deaths before 15
Feb 2008)

14

 

IRAS’ FY2014/15 Taxpayer Base
Number of Taxpayers Served by IRAS: 4.1 million
Tax Type

Number of Taxpayers

Corporate Income Tax
Individual Income Tax
Goods & Services Tax
Property Tax / Contribution Tax
Stamp Duty
Betting Taxes
Total

172,604
2,184,698
93,0601,341,390
354,28194
4,146,127

15

IRAS’ FY2014/15 Tax Collections
Total Taxes Collected by IRAS: S$43.4 billion
Property Tax(S$4.3bn)
Stamp Duty
10%
(S$2.8bn)

Goods & Services Tax(S$10.2bn)
24%

6%
6%

Income Tax(S$23.5bn)

Betting Taxes#(S$2.6bn)

54%# – Include Betting Duty, Casino Tax and Private Lotteries Duty
16

 

IRAS’ FY2014/15 Tax Collections
IRAS’ Collections as a % of Government Operating Revenue
60

100%
90%

50

75.4%

75.3%

72.9%

41.4

41.6

80%

71.3%

70%

43.4

60%

38.4
30

34.7

50%
40%

20

(% of GOR)

(S$' Billion)

40

74.1%

30%
20%

10

10%
0

0%
FY2010/11

FY2011/12

FY2012/13

IRAS' Collections

FY2013/14

FY2014/15

IRAS' Collections as % of GOR
17

Cost per Dollar of Tax Collected
Less than one cent to collect every dollar of tax revenue
1.0
0.9
0.8

0.87

0.7

0.86
0.78

0.79

FY2011/12

FY2012/13

0.82

Cents

0.6
0.5
0.4
0.3
0.2
0.1
0.0
FY2010/11

FY2013/14

FY2014/15

18

 

Governance Structure
IRAS Board
IRAS Board sets strategic directions

 Chairman: Permanent Secretary (Finance) 8 other members from public and private sector including

the Commissioner
Board is supported by 2 committees

 Audit Committee
 Staff Committee A

19

Governance Structure
IRAS Senior Management Team
Commissioner of Inland Revenue / Chief Executive Officer

 Responsible for the proper administration andmanagement of IRAS
 Holds statutory appointments of various tax statutes
administered by IRAS
CIR / CEO is supported by the Senior Management Team Responsible for the day-to-day running of the respective

groups and divisions20 

Governance StructureInternal audit function
Regular audits by Auditor-General’s Office
Annual reports submitted to Minister andpresented to Parliament

21

Organisation Structure
Staff

COMPLIANCE
STRATEGY & RISKDIVISIONINVESTIGATION &FORENSICS
DIVISIONCORPORATEDEVELOPMENTDIVISIONCORPORATE SERVICESDIVISIONTAXPAYER SERVICESDIVISIONTAX POLICY &INTERNATIONAL TAXDIVISION

PROPERTY TAXDIVISIONACCOUNTING &PROCESSING DIVISIONENFORCEMENTDIVISIONINDIVIDUAL INCOMETAX DIVISIONCORPORATE TAXDIVISIONGOODS & SERVICESTAX DIVISIONLAWDIVISION

INFOCOMM
DIVISIONINDIVIDUAL GROUP

BUSINESS GROUP

INTERNATIONAL,INVESTIGATION &INDIRECT TAXESGROUPInternational Tax
Affairs & Relations
BranchCOMMISSIONER OF INLAND REVENUE (CIR)

CORPORATE & SERVICES
GROUPInternal Audit
BranchIRAS BOARD
22 

Organisation Structure
Area of Focus 1: Customer
Tax Management Divisions (TMD)
Focus on the types of customers & tax types
End-to-end accountability for each group of taxpayers

Service Assessment
 Compliance23

Organisation Structure
Area of Focus 2: Capabilities
Corporate & Centralised Services
Internal suppliers to Tax Management Divisions
Focus on efficiency & effectiveness of functions

Processing
 Infocomm
 Debt Management24 

Thank You
The information presented in the slides aims to provide a better general understanding of taxpayers’ tax obligations and is not intended to comprehensively
address all possible tax issues that may arise. This information is correct as at DMMYYYY. While every effort has been made to ensure that this information isconsistent with existing law and practice, should there be any changes, IRAS reserves the right to vary our position accordingly.

25 IRAS Accredited Tax
Specialists Scheme
Jasmine Koh
Senior Human Resource Officer
Corporate Services Division
Date of Presentation: 17-December-2015

www.iras.gov.sg

Twitter.com/IRAS_SG

Facebook.com/irassg

1

AgendaAccredited Tax Specialist (ATS) Scheme
Master Tax Specialist (MTS) Programme© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

2

Accredited Tax Specialist Scheme
Overview
Introduced in 2003
Current number of ATSs: 177
The scheme provides a structure forRaising technical competency of our specialists.
Recognising tax officers who have attained a high level oftechnical competence.
Encouraging tax specialists to continually upgrade, share
their technical knowledge, and contribute to thetechnical development of other tax officers in IRAS.

© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

3

Accredited Tax Specialist Scheme
Overview

The Specialist Development (SD) Committee,
comprising senior management
representatives, oversees all development
issues of ATSs
Chaired by Deputy Commissioner (BusinessGroup)© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

4

Accredited Tax Specialist Scheme
Accreditation Process
Interested officers who fulfil the following
criteria may apply for accreditation:
 Of a minimum salary grade Passed required tax training
 Gained sufficient working
g experiencepin relevant tax

type (approx 4 years)

Accreditation Panel iss the approvingaauthority for all applications© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

5

Accredited Tax Specialist Scheme
Roles and Responsibilitiespas ATSContinuously work
on existing and newissuesATS
Actively
involved inworking ontechnical issues

Coach andGuide

© 2015 Inland
land Revenue Authorit
Authority
thorithorriitty ooff S
SiSingapore.
inga
ingapore.
All Rights R
Reserved.

 

7

Accredited Tax Specialist Scheme
Designation
Giving greater recognition to the role as
tax specialists:
Tax
Specialist

Senior Tax
Specialist

Principal
Tax
Specialist

Tax
Directors© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

8

Accredited Tax Specialist Scheme
Maintaining of Accreditation Status
ATS are expected to maintain their technicalcompetence through participating in themaintenance activities such as sharing ontechnical issues, writing technical papers,
teaching tax courses, etc.
An ATS would lose his ATS status if he fails to
obtain the required maintenance points for 3
consecutive years© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

9

Master Tax Specialist Programme(from 2010)
ImpetusFrom ATS to MTS (Master Tax Specialist)

Increasingly complex and globalised businessenvironment that we have to operate in
Need to develop deeper specialised
knowledge in order to anchor our position asa thought leader in tax areas© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

10

Master Tax Specialist Programme
Overview
A framework to Enable ATSs to deepen their knowledge andcompetence in specific areas of taxation and/or
industries
 Broaden their understanding of related non-tax
issues on a specific subject matter such as regulatory
rules, corporate structures

Introduced in 2010
No. of MTSs: 4
No. of MTS Trainees: 3© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

11

Master Tax Specialist Programme
Overview
Areas of specialisation identified based on thefollowing considerations:

Depth of the significance of the economic or tax area
Complexity of application of law in the area
An area that is sufficiently dynamic or developing

To date, our MTSs are experts in:International Tax;
Finance Industry;
UK Tax System, Corporate and Financial Restructuring;and US Tax System, Laws and Regulations Governing
Business Entities in US© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

12

Master Tax Specialist Programme
Overview
Research

Experiential
Training

Creating &Leading

Structured
Training

Teaching &Sharing

On-The Job© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

13

Master Tax Specialist Programme
Training Milestones
Year 2 - 3•Customised programs•Relevant structured training
including short courses andmasters program•3 to 6 months•On-the-job in area ofspecialisation

Research•Up to 3 months of sabbaticalleave to complete research paper•Research mentor (expert fromindustry or academia) to provide
advice/guidance on researchpaper•6 months to a year; or series ofshort attachments with relevant
government bodies or industries

Year 2 – 3
Experiential Learning

Year 1-2 Training

Up to 3 years to complete training and development© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

14

Master Tax Specialist Programme
Certification as MTS
Evaluation on the research work done and technicalcompetence in the area of specialisation by mentor,
accreditation panel and independent evaluation panel
comprising academicians and industry experts
Work performance on the job during the period of training© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

15

Master Tax Specialist Programme
Roles and responsibilities as MTS
Pathfinder in area ofspecialisation
Actively network andengage stakeholders
in area ofspecialisation

Day-to-day work on
complex cases

Advisor, teacher andmentor for fellow
ATSs and IRAS
colleagues

Annual recertification
as Master Tax
Specialist(MTS)

Lead research andstudies, submit anannual in-depth
research paper onarea of specialisation© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

16

Master Tax Specialist Programme
Maintaining of Certification Status
MTS would need to submit:
 An annual workplan
 A tax-related research paper pertaining to the areaof specialisation every 3 years
Specialist Development Committee will evaluate basedon: Work Performance MTS workplan and contributions madeUp to 3 months sabbatical leave may be set aside tosupport the MTS in fulfilling the workplan requirements© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

17

Master Tax Specialist Programme
Rewards and Recognition
Component

MTS Trainee(payments during periodof training)

MTS(payments after
certification)

Monthly allowance

√

√

Bonus

-

MTS bonus

ATS allowance

Nil

Annual allowance© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

18

Thank YouThe information presented in the slides aims to provide a better general understanding of taxpayers’ tax obligations and is not intended to comprehensively
address all possible tax issues that may arise. This information is correct as at DMMYYYY. While every effort has been made to ensure that this information isconsistent with existing law and practice, should there be any changes, IRAS reserves the right to vary our position accordingly.
© 2015 Inland Revenue Authority of Singapore. All Rights Reserved.

 

19

Overview ofTax Academy of Singapore
Overview
and ofAcademyof Singapore
SMU-TATax
Centrefor Excellencein Taxation
andSMU-TA Centre for Excellence in Taxation
55 Newton Road #B1–01 Revenue House Singapore 307987 www.taxacademy.sg

55 Newton Road #B1–01 Revenue House Singapore 307987 www.taxacademy.sg

AgendaTax Academy of Singapore:
1.

Premier Centre for Tax Education and Regional Tax Knowledge Hub

2.

A Platform for Tax Exchange

3.

Enabler for Thought Leadership in Taxation Matters SMU-TA Centre for Excellence in Taxation2

 

About Tax Academy
About
Mission Tax Academy• Raise professional competency of tax community• Develop our standing as a leading centre for taxation and regional tax
Missionknowledge hub• Raise professional competency of tax community• Develop ourstanding as a leading centre for taxation and regional tax
Corporate
Goals
TA is set up to cater to theknowledge hub
needs of
• A premier centre for tax education
and regional tax knowledge hub
Corporate Goals
TA is set up to cater to the• A platform for tax exchange
Accounting
needs of
• A premier centre for tax education
IRAS
Industry• An enabler for thought leadership
Firms
and regional tax knowledge hub
in taxation matters• A platform for tax exchange• Self-financing
Accounting
IRAS
Industry• An enabler for thought leadership
Firms
in taxation matters• Self-financing
33

Formation of Tax Academy
Before TA’s inception
in 2006
Existing training
resources fragmented• Training of IRAS and
Big 4 ranindependently, serving
own needs• In-house tax
professionals and tax
professionals withsmall firms had lessaccess to goodtraining

Need to meet the wider tax community‘s
training needs• Provide structured and robust training
platform, particularly for wider community
Need to grow and deepen tax expertise tobetter support Singapore’s business hub role
• Tax being an essential professional supportand service for multinational enterprises
with cross-border investments4 

1.

1.

Premier Centre for Tax Education and Regional Tax Knowledge Hub••

Delivers high standards of tax education for tax professionals
Enhances professional capacity for cross-border tax advisory services••

Delivers high standards of tax education for tax professionals
Enhances professional capacity for cross-border tax advisory services

Premier Centre for Tax Education and Regional Tax Knowledge Hub5

5Training Programmes
Structured Courses• Provides essential building blocks in tax education for professionals• Programmes facilitated by IRAS tax specialists and recognised experts fromindustry (e.g. senior personnel from Big 4)
Level

Target Audience

Domestic Tax

International Tax (new)Level I – Basic

No or little knowledge
in subject

Income Tax (Individual)

Tax Treaties & Transfer
Pricing

Basic knowledge insubject and 1-2 yearsof relevant working
experience

Income Tax (Business &Corporate)

More than 3 years of
relevant tax experience

Advanced Tax Programme

Level II –Intermediate

Level III –Advanced

Goods & Services Tax

Goods & Services Tax

Advanced Goods & Services
Tax
Advanced Property Tax

Tax Treaties, Transfer
Pricing & Selected
Countries’ Tax Systems
Leiden-NTU-TA Advanced
Management Programme6 

Structured Tax Courses
Structured
Tax Academy hasTax
trainedCourses
a total of 4,100 tax professionals through its suite of•structured tax training programmes over the last 8 FYs•••

TaxFY14,
Academyhas trainedtaxa totalof 4,100trained
tax professionals
through
its suiteofIn
TA’s structured
programmes
576 participantsover
14 runs.
structured
tax
training
programmes
over
the
last
8
FYs
Non-IRAS participation was 64% (14% from Big 4, 20% from other accounting
firms, 30% from industry)In FY14, TA’s structured tax programmes trained 576 participants over 14 runs.
Non-IRAS participation was 64% (14% from Big 4, 20% from other accounting
firms, 30% from industry)

7

7Partners••

Singapore Institute of Accredited Tax Professionals– TA’s structured tax programs are milestone programs for accreditation
in income tax and GST
Collaboration with professional and tertiary institutions– CPA Australia• TA is the sole partner of CPA Australia for the design and deliveryof the Singapore Taxation module– UniSim Master of Taxation program• TA’s Advanced Tax Program constitutues 40% credits– Leiden-NTU-TA Advanced Management Program8 

2. A Platform for Tax Exchange• Provides opportunities for the exchange of tax knowledge and views
between government, industry and academia

2. A Platform for Tax Exchange• Provides opportunities for the exchange of tax knowledge and views
between government, industry and academia

99Training Programmes
Seminars and Conferences• Deal with regional tax issues and global tax developments, to help tax
professionals stay current• Key events• Annual Budget Seminar 2015
• IFA-TA Asia Pacific Regional Tax Conference 2015
• Inaugural SMU-TA CET Conference on “A New Equilibrium in Tax
Competition and Global Tax Co-operation?”• Talks by distinguished global experts10 

Training Programmes
Training Programmes

Singapore Tax Experience Programme• 3 to 5-day programme for regional tax administrations• Strategic management in Tax Administration, Organisational Excellence,
Singapore Tax Experience Programme
Taxpayer Services and Education, Compliance Management: Audits and• Enforcement,
3 to 5-day programme
for regionalDeployment
tax administrations
Fraud Investigation,of Information Technology• inStrategic
management
in TaxEffective
Administration
etcAdministration, Organisational Excellence,
Taxpayer
ServicesandEducation,
ComplianceManagement:
Audits and• Hosted training for Bangladesh, Bhutan,
Brunei,
China, Fiji, India,
Enforcement,
Fraud &
Investigation,
Maldives,
Sri Lanka,
Vietnam Deployment of Information Technology
in Effective Administration etc• Hosted training for Bangladesh, Bhutan, Brunei, China, Fiji, India,
Maldives, Sri Lanka, & Vietnam

1111

Training Programmes
IRAS-OECD Collaboration•

Technical training in international tax (e.g. tax treaties, transfer pricing) for tax
officials in the region•

4 to 5-day programme designed by IRAS and OECD, teaching personnel fromOECD•

Past Participants: Australia, Brunei, Cambodia, Chinese Taipei ,Hong Kong,
India, Indonesia, Japan, Korea, Malaysia, New Zealand, Pakistan, Philippines,
Thailand, Vietnam12 Tax Academy Conferences &Seminars: Participants’ Profile
Tax Academy Conferences &For the last 8 FYs, about 15,400 tax professionals attended TA’s seminars and
Seminars:Participants’ Profile
conferences
Participants Profile

FY13/14 FY13/14
FY14/15 FY14/15

FY11/12 FY11/12
FY12/13 FY12/13

FY09/10 FY09/10
FY10/11 FY10/11

FY07/08 FY07/08
FY08/09 FY08/09

For the last 8 FYs, about 15,400 tax professionals attended TA’s seminars andconferences 100%IRAS
90%Participants Profile80%
Non-IRAS
70%
60%
Industry
100%
IRAS
50%
90%
Big 4
40%
80%
Non-IRAS
30%
70%
Other A/C
20%
60%
Industry
firms
10%
50%
0%
Big 4
40%
30%
Other A/C
20%
firms
10%
0%
In FY14, 2,200 tax professionals attended TA’s seminars and conferences. NonIRAS participation was 86% (7% from Big 4, 9% from other accounting firms,
70% from industry)In FY14, 2,200 tax professionals attended TA’s seminars and conferences. NonIRAS participation was 86% (7% from Big 4, 9% from other accounting firms,
70% from industry)13

13

3. Enabler for Thought Leadership in Taxation Matters• Produces highly robust research in international and regional tax issues forpolicy-development and engagement with the international tax community14 

Enabler for Thought Leadership in
Taxation Matters
Enabler for Thought Leadership in
BackgroundTaxation Matters•

The global tax landscape has seen rapid developments in recent years. It is
important that evolving international tax rules and standards be relevant to
Background
Asian economies and tax systems.
• The global tax landscape has seen rapid developments in recent years. It is
important that evolving international tax rules and standards be relevant to• The Tax Academy has set up the SMU-TA Centre for Excellence in Taxation
Asian economies and tax systems.
(SMU-TA CET) to undertake tax research with a focus on international
taxation and fill an obvious gap in the research landscape.
• The Tax Academy has set up the SMU-TA Centre for Excellence in Taxation(SMU-TA CET) to undertake tax research with a focus on international
taxation and fill an obvious gap in the research landscape.

15

15

SMU—TA Centre for Excellence inTaxation
About SMU—TA CET• Mission: Produce highly robust research in international and regional tax
issues for policy-development and engagement of the international tax
community• Set up jointly between SMU and TA with the supportof IRAS in Aug 2014
• Centre director appointed from SMU• Partner academia, industry leaders and government
officials to undertake multi-disciplinary research
focusing on international taxation from legal,
economic and public policy perspectives• Provides a platform for exchange and research work16 

Technical Advisory Board
Technical Advisory Board

Technical Advisory Board is set up to provide guidance on research agenda andresearch output to the Centre.
Technical AdvisoryBoard
is set Director,
up to provide
guidance
onCentre,
research
agendafor
and
Chairman:Prof Jeffrey
Owens,
GlobalTax Policy
Instituteresearch
outputtotheCentre.
Austrian and International Tax Law, Vienna University of Economics and Business
Chairman: Prof Jeffrey Owens, Director, Global Tax Policy Centre, Institute forMembers:
AustrianInternational
TaxDirector,
Law, Vienna
University
Economics
andBusiness
1.
Prof andDavid
Rosenbloom,
International
TaxofProgram,
NYU
Schoolof
Law
Members:
2. Prof Wei Cui, Associate Professor, Peter A. Allard School of Law, UBC
1. Prof David Rosenbloom, Director, International Tax Program, NYU School of
3. Mr Tay Hong Beng, Partner, Head of Tax, KPMG Singapore
Law
4. Mr Andy Baik, International Director, Asia Pacific Tax Centre – US Tax Desk,
2. Prof Wei Cui, Associate Professor, Peter A. Allard School of Law, UBC
Ernst & Young Solutions LLP
3. Mr Tay Hong Beng, Partner, Head of Tax, KPMG Singapore
5. Ms Doreen Tan, Chief Tax Policy Officer, MOF
4. Mr Andy Baik, International Director, Asia Pacific Tax Centre – US Tax Desk,
6. Mrs Eng-Tay Geok Lee, DC- Business, IRAS
Ernst & Young Solutions LLP
17
5. Ms Doreen Tan, Chief Tax Policy Officer, MOF
6. Mrs Eng-Tay Geok Lee, DC- Business, IRAS
17

Research Areas of Interest
The SMU-TA CET will undertake policy-relevant, practice-oriented researchand provide thought leadership with focus on Asian economies and tax
systems.
Areas of interest:• International Tax Policy• Tax Treaties• Transfer Pricing• Dispute Resolution• Tax Transparency• Indirect Tax
Researchers include academia, practitioners and post-graduate students.
18

 

Projects
Examples of Projects by the SMU-TA CET• Analysing trends in tax treaty policy post BEPS (by Prof Graeme Cooper,
University of Sydney)• Taxing and Pricing the Intangibles (by Mr Alan Ross, Retired Partner, PWC)
• VAT and digital economy (by Francesco Cannas, Doctoral Program student,
Vienna University of Economics and Business)
Inaugural SMU-TA CET Conference 2015
• Researchers presented on their papers• Approximately 150 tax officials, practitioners and academics attended the
event

19

 

    

Presentation on:

body for tax specialists 

To be the institute for tax
professionals in Singapore
through the pursuit of excellencein standards, professional
conduct and tax practice.
To promote, in the public
interest, the standards of tax
practice, the technicalcompetency and capabilityof tax professionals.
The first dedicated accreditation body for tax
professionals with the aim of promoting tax practicestandards, heightening the recognition of the tax
specialists with highly advanced technical knowledge,
skill sets and industry-recognised credentials.

    SIATP Framework
Voice of the Profession. Promoting Tax Excellence.

Achieving Tax Excellence
Serving the Profession(in Big 4, smaller practices, in-house, IRAS and other entitieseg law firms, academia, etc)  

2015

December 2015
Manager
KPMG Services Pte. Ltd.

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

0

2
1.

3

2.

13

3.

28

4.

33

38
44

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

1.

 

[

]

vs

[

]

(Permanent Establishment

SITA 2(1) :“resident in Singapore”(Permanent Establishment : PE)(b) in relation to a company or body of persons, means a company
or body of persons the control and management of whosebusiness is exercised in Singapore

PE
PE

PE
PE
PE
PE

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

4

Permanent Establishment : PE
SITA 2(1) :“permanent establishment”

PEmeans a fixed place where a business is wholly or
partly carried on including —PEPE

Certain tax treaties have“service PE” clauses:
E.g., in Article 5(3)(b) of the
tax treaty between Singapore
and China“the furnishing of services,
including consultancy
services, by an enterprisethrough employees or otherpersonnel engaged by theenterprise for such purpose,but only if activities of thatnature continue (for the sameor a connected project) withina Contracting State for aperiod or periods aggregating
more than 183 days within
any twelve-month period.”-(a)a place of management;(b)a branch;(c)an office;(d)a factory;(e)a warehouse;(f)a workshop;(g)a farm or plantation;(h)a mine, oil well, quarry or other place of
extraction of natural resources;(i)a building or work site or a construction,
installation or assembly project,
and without prejudice to the generality of theforegoing, a person shall be deemed to have apermanent establishment in Singapore if that
person —(i)carries on supervisory activities in connection witha building or work site or a construction, installation
or assembly project; or-© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

(ii)has another person acting on that person’s behalfin Singapore who —(A)has and habitually exercises an authority toconclude contracts;(B)maintains a stock of goods or merchandise forthe purpose of delivery on behalf of that person; or(C)habitually secures orders wholly or almost whollyfor that person or for such other enterprises as arecontrolled by that person;
5

(
(

)

28

)

4 1

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

6

SITA 10(1) :Income tax shall, subject to the provisions of this Act, be payableat the rate or rates specified hereinafter for each year of assessment
upon the income of any person accruing in or derived from Singapore
or received in Singapore from outside Singapore in respect of(a) gains or profits from any trade, business, profession or
vocation, for whatever period of time such trade, business,
profession or vocation may have been carried on or
exercised;(b) gains or profits from any employment;(c) [Deleted by Act 29/65](d) dividends, interest or discounts;(e) any pension, charge or annuity;(f) rents, royalties, premiums and any other profits arising fromproperty; and(g) any gains or profits of an income nature not falling within
any of the preceding paragraphs.

SITA 10(1)(a)(b)(c) (d)(e)(f)

SITA10(1)(g)© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

7

100
1/3
5% 1/3

15

×50

5%
25

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

×20
95

8

Allowance© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

9

SITA

2012 6 1

2017 5 3120%24© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

10

SITA 10(25) :It is hereby declared for the avoidance of doubt that the amounts
described in the following paragraphs shall be income received in
Singapore from outside Singapore whether or not the sourcefrom which the income is derived has ceased:a)

any amount from any income derived from outside
Singapore which is remitted to, transmitted or brought
into, Singapore;b)

any amount from any income derived from outside
Singapore which is applied in or towards satisfactionof any debt incurred in respect of a trade or businesscarried on in Singapore; andc)any amount from any income derived from outside
Singapore which is applied to purchase any movable
property which is brought into Singapore.

(a)
(b)

(c)

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

11

SITA 13(8) :Where the conditions specified in subsection (9) are satisfied, there
shall be exempt from tax —(a) any dividend derived from any territory outside Singapore;(b) any profit derived from any trade or business carried on by abranch in any territory outside Singapore of a company resident in
Singapore; and(c) any income derived from any professional, consultancy andother services rendered in any territory outside Singapore only if theComptroller is satisfied that the income is derived, for the purposes ofthis Act, from outside Singapore
Conditions (SITA 13(9)):
The conditions referred to in subsection (8) are —(a)the income is subject to tax of a similar character to income tax (bywhatever name called) under the law of the territory from which theincome is received;(b)at the time the income is received in Singapore by the person
resident in Singapore, the highest rate of tax of a similar character toincome tax (by whatever name called) levied under the law of theterritory from which the income is received on any gains or profits fromany trade or business carried on by any company in that territory at thattime is not less than 15%; and(c) the Comptroller is satisfied that the tax exemption would be beneficial
to the person resident in Singapore.

15%© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

.

 

12

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

14

[1/4]
Capital Allowance CA

Capital Allowance
Writing-Down AllowanceLand Intensification
Allowance
Capital Allowance
50
CA© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

Same Activity Test
Shareholder Test
2
S$100,00015

[2/4]

P.8
2015

2015
2018
250

12

Institutions of Public Character1 12015 12 31
300% 2016 1 1

31

P.9

P.9

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

16

[3/4]

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

17

[4/4]
Partial exemption
S$1

75%

S$29

50%

S$10,000 x 75% + S$290,000 x 50% = S$152,500
2015
2016

2017
30

S$20,000© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

18

[1/2]

SITA 14(1) :wholly and exclusively

For the purpose of ascertaining the income of any person for any
period from any source chargeable with tax under this Act(referred to in this Part as the income), there shall be deducted alloutgoings and expenses wholly and exclusively incurred
during that period by that person in the production of theincome, including —“wholly””exclusively”

any source

SITA10(1)(a)incurred
SITA10(1)(a)outgoings© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

19

[2/2]SITA 14(1) :For the purpose of ascertaining the income of any person for any
period from any source chargeable with tax under this Act(referred to in this Part as the income), there shall be deducted alloutgoings and expenses wholly and exclusively incurred
during that period by that person in the production of theincome, including —that period

in the production of the income© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

20

Examples ofdeductible and non-deductible [IRAS HP]
Deductible expenses
Accounting fee
Administrative expenses
Advertisement
Auditors' remuneration
Bad debts (trade debtors)
Bank charges
Book-keeping services
Commission
CPF, skills development levy,
foreign workers' levy
CPF-related
Statutory contributions to CPF
Contributions to employees’
Medisave Account (maximum
deduction of $1,500 for each
employee per year)*
Topping-up of Employees' CPF
Minimum Sums
Voluntary cash contributions to
self-employed persons'Medisave AccountDirectors' fees
Directors' remuneration

Non-deductible expenses
Amortisation

Bad debts (non-trade debtors)

Certificate of entitlement (COE)
for motor vehicles**CPF-related
Voluntary contributions to CPF(refers to CPF contributions
exceeding the statutory rate)

Depreciation (you may claim
capital allowances)
Donations

Deductible expenses

Non-deductible expenses

Employee Equity-BasedRemuneration (EEBR) Scheme Entrance fee (country club or
Employment Assistanceother clubs)
Payment (EAP)
Exchange loss (non-trade orEntertainment
capital in nature)
Exchange loss (trade andExpenses incurred prior torevenue in nature)commencement of business
Exhibition expenses
Fixed assets written off
Fixed assets acquisition cost(you may claim capitalallowances)
Fines
Goodwill payment
Employee's income tax borne byemployer (in accordance with
employment contract)
Impairment loss on non-trade
Insurance premium (group termdebts
life insurance where employees
Singapore income tax and any
are the intended beneficiaries,
tax on income in country outside
keyman insurance, workman
Singapore
injury compensation)
Installation of fixed assets
Insurance for underwriting bad
Insurance (certain life insurance)
trade debts
Interest expenses (interest
Interest expenses
adjustment)Interest incurred on loans to refinance earlier loans or
borrowings
Legal and professional fees
Legal and professional fees (non(trade and revenue
trade or capital transactionstransactions)© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

21

Examples ofdeductible and non-deductible [IRAS HP]
Deductible expenses

Non-deductible expenses

Medical expenses (restricted to
1%/ 2% of total remuneration if
company is under Portable
Medical expenses (amount
Medical Benefits Scheme
exceeding 1%/ 2% of total(PMBS) or Transferable Medical
remuneration if company is under
Insurance Scheme (TMIS)
PMBS or TMIS)
Motor vehicle expenses (suchMotor vehicle expenses (S-plated
as upkeep, maintenance,
and RU-plated cars)
running and financing costs ofgoods / commercial vehicles,
e.g. van, lorry and bus)
Office upkeep
Penalties
Periodicals & newspapers
Prepaid expenses (not relating to
Postagethe relevant basis period)
Printing & stationery
Private and domestic expenses
Property tax
Private hire car
Provision for bad and doubtful
Provision for bad and doubtful
debts (specific)(note impairment
debts (general)(note impairment
loss on trade debts)
loss on trade debts)
Provision for obsolete stocks
Provision for obsolete stocks(specific)(general)

Deductible expenses

Non-deductible expenses

Reinstatement costs (expenses
incurred to reinstatepremises to its original condition
prior to vacating
Renovation or refurbishment
it at the end of the tenancy
works (you may claim Section
agreement)
14Q deduction for qualifying
Rental of business premises
expenditure incurred from 16 Feb
Registration of patents,
2008)
trademarks, designs and plantvarieties
Repairs and maintenanceResearch and development
Retrenchment payments
Retrenchment payments
Contractual retrenchment
Ex-gratia retrenchment payments
payments
and outplacement support costs,
where there is a complete
Ex-gratia retrenchment
cessation of business.
payments and outplacement
support costs, where there is nocomplete cessation of business
Secretarial fees
Staff remunerations (salary,bonus and allowances)
Staff training
Staff welfare/benefits
Stock obsolescence
Supplementary Retirement
Scheme (SRS)© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

22

Examples ofdeductible and non-deductible [IRAS HP]
Deductible expenses

Non-deductible expenses

Tax fees (service fees paid totax agent)
Telephone bills
Transport (S-plated and RUTransport (public transport and plated cars)
goods / commercial vehicles)
Travelling
Wages
Water & electricity© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

23

machinery and plant
Capital Allowancemachinery and plant
Sixth Schedulemachinery and plant

SITA 19(1) :Where a person carrying on a trade, profession or businessincurs capital expenditure on the provision of machinery or plant
for the purposes of that trade, profession or business, there shall bemade to him, on due claim for the year of assessment in the basis
period for which the expenditure is incurred an allowance, to be
known as an “ initial allowance”, equal to one-fifth of that
expenditure or such other allowance as may be prescribed either
generally or for any person or class of persons in respect of any
machinery or plant or class of machinery or plant.

SITA“in its ordinary sense, it includes
whatever apparatus is used by a businessman forcarrying on his business – not his stock-in-trade, which
he buys or makes for sale; but all goods and chattels,
fixed or movable, live or dead, which he keeps forpermanent employment in his business”

SITA 19(2) :Where at the end of the basis period for any year of assessment, aperson has in use machinery or plant for the purpose of his trade,
profession or business, there shall be made to him, on due claim, inrespect of that year of assessment an allowance for depreciation by
wear and tear of those assets (to be known as an annual
allowance) which shall be calculated in accordance with the following
provisions:

initial allowance (IA)20
annual allowance (AA)
Initial allowance
Sixth Schedule3
1
S$5,000
S$30,0001© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

24

SIXTH SCHEDULE
Sections 19(2) and 106(3)NUMBER OF YEARS OF
WORKING LIFE OF ASSET

Item
1.Aircraft
2.Bank vaults
3.Building and construction equipment (including assets such as
rollers, mixers, piling and drilling plants, loaders, dumpers, excavators,
bull-dozers and support structure)
4.Cable cars and equipment
5.Cables and related assets
6.Containers used for the carriage of goods by any mode oftransportation
7.Electric, gas, water and steam, utility plant (including tanks andgenerators)
8.Electrical equipment (including assets such as electrical andindustrial apparatus, domestic and commercial appliances, airconditioning and ventilating equipment)
9.Electronic equipment (including assets such as electronic detection,
guidance, control, radiation, computation, test and navigationequipment)
10.Equipment used in personal and professional services (including
assets used in the provision of personal and professional services
which are not elsewhere classified)
11.Farming equipment
12.Fire safety device
13.Floating and dry docks
14.Gas cylinders
15.Manufacturing and industrial processing plant and machinery
16.Materials and passenger handling equipment (including assets
such as lifts, escalators, weighing machines, conveyor belts, forklifts,
lifting gears, trolleys and cranes)

Number ofyears ofworking lifeof asset
5
16
6
12
16
10
16
8

8

10
8
10
16
16
6

Item
17.Motion picture films
18.Musical instruments and other related assets
19.Office equipment:(a)furniture and fixtures (including furniture and fixtures
which are not a structural component of a building)(b)data handling equipment (including typewriters,
calculators, adding and accounting machines, copiers andduplicating equipment)(c)telecommunication equipment
20.Plant for recreation and amusement purposes (including assets
used in the provision of entertainment services on payment of a fee oradmission charge, as in the operation of bowling alleys, billiard andpool establishments, theatres, cinemas, concert halls, amusement
parks and miniature golf courses)
21.Railway wagons, lines and related equipment
22.Transport equipment:(a)Buses(b)business service passenger vehicles(c)Taxis(d)trucks, lorries, trailers and vans(e)motor cycles and bicycles
23.Vessels, barges, tugs and similar water transportation equipment
24.Wholesale and retail trade service assets (including assets used insuch activities as the operation of restaurants and cafes)

Number ofyears ofworking lifeof asset
5
10
10
8
10

10

16
6
6
5
6
8
16
8.

6

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

25

Balancing charge / Balancing
allowance

15,000 or 5,000
10,000
500

500

1,000

1,000

•

9,000
X
8,000

15,000

5,000

[PL]

o
[

•

6,000

4,000

(=15,000 9,000)(=5,000 9,000)

6,000

4,000

2,000

-

]

=Balancing chargeoBalancing Charge•-=Balancing allowance

[

]

3,000
(=5,000 8,000)

Balancing Allowance
2,000

3,000

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

Normal Trading Company Basis

26

Cost Plus Mark-Up Basis
Normal Trading Company Basis

Cost Plus

Mark-Up Basis
Normal Trading Company Basis
Cost Plus Mark-Up Basis(
5%)
Capital Allowance

PIC

Cost Plus Mark-Up Basis

Normal Trading Company Basis© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

27

2016

2016

2017
(1

30%
S$20,000

200
(DTD)

)

) DTD

2015

(2015

7 1
2020 3 31
S$100,000
S$1,000,000
IE Singapore

1 1

12 31
(
Institution of Public Character(IPC)
)
250%
300%
2016 1 1
2018 12 31250%© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

)

29

2016
M&A

M&A
2020

2015 4 1
3 31

•
•
•

M&A

25%
(
S$4 )
(
(
S$10 )

(5

S$20
)

)

200%

•
•

20%
20%

•

50%
50%

PIC

2016

PIC –

2013

2015
3

PIC
2016

PIC
3

3
© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

5%

S$100

25%

30

S$20

S$100
S$100

S$100

×5% = S$5

S$20

S$50
S$50

×25% = S$5

S$50

×5% = S$2.5

S$20

×25% = S$5•••© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

31

6

400%
2016

2018
$1,200,000

6(6

S$28,800,000
x $4,800,000):$100,000$60,000(60%)
2016

2018
$100,000$60,000
2016

PIC

3

(

3

)
2016

2018
$1,800,000

400%$60,000

IT
$1

200

PIC
© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

.

 

32

1 1

12 31

11

YA201620152015 12

1 1

YA2018YA2017312016 12

31

2017

12

31

X

12

2016 11 30

20152016 3

4 1

31
X

3

2017

11 30

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

3
(

34

ECI

)

S$1

ECI

1

33

11 30
Form C + Tax Computation

3

Notice ofAssessment

2.58

3.38

35.64
1
5

2015

3

33.06

32.26

2016

2017

3

3
1

17

Partial Exemption

Partial exemption
10,00075
010,000 300,000
50© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

35

5%
60

1%

12%

100% 400%
200%

3

5

IRAS

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

S$562

4

1

36

S$140.50

82© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

37

[1/2]

2014 2 21

SITA 12(6) :There shall be deemed to be derived from Singapore —(a) any interest, commission, fee or any other payment inconnection with any loan or indebtedness or with any
arrangement, management, guarantee, or service relating to any
loan or indebtedness which is —(i) borne, directly or indirectly, by a person resident in Singapore
or a permanent establishment in Singapore except in respectof any business carried on outside Singapore through apermanent establishment outside Singapore or any
immovable property situated outside Singapore; or(ii) deductible against any income accruing in or derived fromSingapore; or(b) any income derived from loans where the funds provided by suchloans are brought into or used in Singapore.

PE

SITA12(6A)© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

39

[2/2]

2014 2 21

SITA 12(7) :There shall be deemed to be derived from Singapore —(a) royalty or other payments in one lump sum or otherwise for theuse of or the right to use any movable property;(b) any payment for the use of or the right to use scientific,
technical, industrial or commercial knowledge orinformation or for the rendering of assistance or service inconnection with the application or use of such knowledge orinformation;(c) any payment for the management or assistance in the
management of any trade, business or profession; or(d) rent or other payments under any agreement or arrangement for
the use of any movable property,
which are borne, directly or indirectly, by a person resident in
Singapore or a permanent establishment in Singapore (except in
respect of any business carried on outside Singapore through apermanent establishment outside Singapore) or which are deductible
against any income accruing in or derived from Singapore.

PE

SITA12(7A)© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

15

40

10

(*1)

(*4)

10%(*1)10

10%(*1)10

15%(*1)

10

(*5)

/

17

(*2) (*3)17%(*2) (*3)

N/A

(*4)

-

*1
20
*2

17%

20

*3
*4
*5

Certificate of Residence (COR)
2013 2
article28

IRAS

Copyright right

Copyrighted
Copyright right© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

41

15

IR 37/A/B/C/D

IRAS
Certificate of Residence© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

42

5%

30

1

1%
15%

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

43

IP

RHQ

IGS

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

45

50%

5
CUP
RP
CP
PS
TNMM

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

2
2015

1

6

2015

1

46

6

IRAS
Transfer Pricing Guidelines (Second Edition)
4

MAP
APA

Section34D
IRAS

Section33
IRAS© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

47

IRAS

2015

11 30

/

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

48

1.

2.

3.

4.

5%

APA

5.

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

49

(

)
SGD/
15
15
15
15
1

IRAS
ALP

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

50

Thank youManager
KPMG Services Pte. Ltd.
+65 6213 3846
msawada2@kpmg.com.sg© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G), a Singapore incorporated company and a member firm of the KPMG network of
independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.

 

51

© 2015 KPMG Services Pte. Ltd. (Registration No: 200003956G),
a Singapore incorporated company and a member firm of the
KPMG network of independent member firms affiliated with
KPMG International Cooperative (“KPMG International”), a Swiss
entity. All rights reserved.
The information contained herein is of a general nature and is notintended to address the circumstances of any particular individual
or entity. Although we endeavour to provide accurate and timely
information, there can be no guarantee that such information isaccurate as of the date it is received or that it will continue to beaccurate in the future. No one should act on such information
without appropriate professional advice after a thoroughexamination of the particular situation.

 

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

 

!



"#$ 
%
&''%()&*+, %&''- 