Taxation of individuals or provident funds If ER contributes in excess of statutory requirements, Relief: Same household: 9k/pax , diff household: Step

statutory requirements, Relief: Same household: 9k/pax , diff household: Step 3: Deemed source provisions
Step1: Determine tax residency for individuals taxable to EE per S10C 5.5k/pax S12: Remove ambiguity pertaining to source of payment – NOT a charging section
Quantitative (S2(1)): Physically Qualitative - may overwrite Quantitative: CPF contributions Handicapped: Same HH: 14k/pax, diff HH: 10k/pax S12(1): Trade Place where trade was carried out
present/exercised employment in -Has accommodation avail in SG? (overseas wages) Non-taxable (contribution deemed as FSI) Note: Only can claim this up to 2 dependents S12(4): Place where employment is exercised
SG (exclude Director of a -Is in SG or abroad for a temporary purpose? Grandparen Condition: Working mum, parent/grand P live in SG in prev Employment
company) for >= 183days in -Has set up a perma home in SG/abroad? Other CPF t caregiver yr and looking after ur SG citizen child =<12yrs as of 2017 S12(6): Interest 1st trigger: Type of PMT and scenario which Pmt was paid
calendar year preceding the YA -Freq/regularity/duration/purpose of SG visits Contributions ER to EE on professional visit pass, employment pass (for F only) and not working or earning TBPV income, No one else claim [PMT must be wrt loan/indebtedness and paid to non-res]
3-year/2-year administrative concessions or work permit, taxable. GCR on the same caregiver (can still be subject of other 2nd trigger: Evidence of a SG source
3-year ~ 2-year ~ Contributions relating to director’s fees (taxable) reliefs) [Loan borne by SG tax res, loan deductible against any SG
No need physical presence/ exercise If period of stay/work is at least Home Leave Taxable (for all SG citizens/ PR/ expatriate EE) Relief: 3k on ONE of caregiver (max GCR is 3k) income, loan is remitted into SG]
employment for 183 days in 1st and 3rd year 183days for a continuous period Passage (ER to EE) NSman Condition: Completed NS, deem completed by proper S12(6)(a): Exception: Arrangement/service wrt loan was performed
over a 3-year period; >= 183 days in 2nd year  over 2 years  STR for both relief (self) authority Exceptions outside SG or performed by a non-res (not incorporated in
STR for all 3 years years Cash pmt in lieu of Taxable Relief: Non key appointment: Active: 3k, inactive: 1.5k; SG and does not carry on business or have a PE in SG)
Step 2: Personal Tax computation (until Statutory income) home leave passage Key appointment: active: 5k, inactive 3.5k. S12(7): Royalties S12(7)(a) and (b):PMT paid as consideration for use/right
(wife and to use copyrights, scientific works, patents, designs, plans,
Employment income Air passage for biz Non-taxable parent) Condition: SG citizen, husband/son eligible for NSmen self secret processes, formulae, trademarks, licenses, property
S12(4): Source of employment income 
purposes relief or rights
Location where duty has been discharged
Relief: $750 (max for each parent is $750 if > 1 NSmen S12(7)(b): PMTs for the rendering of assistance/service in
S10(2)(a): Any benefits taxable as Air passage for EE Non-taxable. However, when the employee renews son) connection with the application or use of scientific,
employment income if it has been paid in to work in SG and his contract with the same employer and is provided Life Condition: Total compulsory EE CPF contribution, technical, industrial or common knowledge or info (know-
with respect to employment (no need paid leave when with air passage, the tax treatment is same as home insurance selfemployed medisave/voluntary CPF contribution <5k, paid how)
by ER to EE). Include all wages… leave employment ends leave passage. relief insurance premiums in prev yr on own life insurance policy, S12(7)(c): Management fees (pmts for services of an
pay… bonus… perquisites etc insurance company must have office/branch in SG administrative, financial and marketing nature.
Lodging Allowance With effect from YA 2015, fully taxable less cost of Relief: Lower of (a) Diff between 5k and ur CPF contribution S12(7)(d): PMTs for use of any movable property
Leave pay
i.e. Hotel Accom.. hotel stay paid by EE or (b) lower of up to 7% of the insured value of your S12(6),(7) income is sourced in SG & therefore taxable on non-res if payer is a SG resident
Specified: Lump sum payable at a certain date (amount thus accrues on that date)
Not Specified: Payment in lieu of unused leave OR Payment in lieu of leave Place of Residence Property provided: Taxable- annual value of own/wife’s life or the amt of insurance premiums paid or PE EXCEPT… , payment is deductible against SG-sourced income for payer, loan
surrendered at termination of employment Accrues when received provided by ER (for property Less rent paid by EE Employee Condition: SG citizens/PR, compulsory EE CPF contribution proceeds are brought into or used in SG
Specified, paid in adv (beg period of leave): Regarded as accruing evening over non-director and CPF (EE or contributions to an approved pension, voluntary S13(1)(zd) Exempts interest income from deposits of money with approved banks or
period of leave and Apportion for tax accordingly directors) F + F (for F + F: Taxable- 40% of AV (partially furnished – contribtute contributions to ur medisave account finance company with approved banks for individuals
Fees (in S10(1)(b)) non director and fittings (lights, aircon) only); 50% of AV (fully 20%, Relief: OW cap (6k/mth)  72k/year, S13(1)(t) Exempts any person (other than individuals) who does not carry on business in
Director fees: Derived from SG if paid by SG resident company (control and mgt) directors) furnished (furnitures + fittings) ER AW cap (102k – total OW subj to CPF in a YEAR) SG or have no PE
Paid by NR company w/o SG presence: Not sourced in SG (not taxable) contribute Total = OW * 20% (EE contribution) + AW * 20% (in a year) Step 4: Withholding tax (If no PE : 15%) or corporate tax rate (if got PE: 17%)
Commission: Taxable if received wrt employment Property and Property: Apportion: If 90 days, take AV * 90/365 17%) Note CPF rate: <=55: 20%, 55-60: 13%, 60-65: 7.5%, >65 5% Final Condition: PMT that are not derived by a PE of Non-res or income
Bonus furniture + fittings F+F: If fully furnished – 50% * AV * 90/365 SRS: SG citizen/SPR :15%*102k=15.3k, Foreigner: withholding not derived from any TBPV carried on by a SG non-res
Contractual: Accrues in yr which services performed (paid for 2018, tax in YA (less than a year) If partially furnished – 40% * AV * 90/365 35%*102k=35.7k Tax 10%: S12(7)(a) and (b) income
2019) Gardener ER provides gardener. Taxable at lower of Course fees Condition: Any course attended in prev yr to get approved 15%: S12(6) and S12(7)(d) income
Non-Contractual (eg paid ar ER’s discretion): Accrues on date paid to EE $35/month or actual wages academic professional qualification, relevant to current Non-final Condition: non-res with PE
Gratuities (S10(1)(b)) Car Benefit ER provides EE with car. Taxable on private use employment withholding 17%: all income under S12
Allowances portion Relief: 5.5k max (only if u pay course fees urself) tax Note:
Non-reimbursed (fixed monthly allowance): Always taxable (its like salary) Car provided by ER, Tax treatment: 3/7*[(Car cost- Residual Value)/10] + Note: If AI<22k, can defer but must claim either in first YA Contract: Tax treatment: Regross entire amount back to 100% (e.g final
Reimbursed: Not taxable if subsistence in nature (per diem rates  excess Petrol by EE ($0.45*Private mileage (km)) where AI>22k or within 2 years of course completion free of withholding tax supposedly 15%  (x/85%)*100% = regressed
taxable) and if used for business purposes Foreign Condition: TP/spouse employ (must employ, not just pay withholding amount  withholding tax withheld = regressed amount *15%
Perquisites: Reimbursements (private exp taxable, incur in course of biz – not Car & Petrol Tax treatment: 3/7*(Car cost – Residual value)/10 + Maid Levy salary) maid in 2017, TP married (include non SG tax res tax
taxable) provided by ER ($0.55*private mileage (km)) Travelling between Relief (only spouse), separated but got child that live with u and can claim Note: No SUTE, no foreign tax credits, no payment of 1 tier tax exempt dividents, SG-
Insurance EE family members = beneficiary (taxable) home & work is private use for F) child reliefs sourced interest income (exempted under S13(1)(ta))
premiums (ER to IF ER = beneficiary (not taxable) Employee Stock S10(1)(b) income. Taxable benefit: (Price of share – Relief: Twice amount of FML on one maid. Taxation of foreign-sourced income
EE) Options price paid by EE)* # of shares acquired Monthly FML is 265, so FML relief for one year = 2x12x265 = Step 1: Deemed FSI under S10(25)?
Children’s School ER pays for EE’s children, taxable Tax computation continued (to CI) 6360 S10(25): Deemed FSI if derived from outside SG and remitted into SG, satisfy debt wrt
Fees S37(3A)(a)(ii): Deductions up to 250% of Tax computation continued to end trade and business carried on in SG, income derived outside SG and used to purchase
qualifying donation amt for donations to Parenthood tax rebate: Claim PTR movable property to SG
Dental & Medical EE’s immediate fam i.e. spouse/kids only (non-
institute of public character of 5k for 1st child, 10k for 2nd child, Step 2: Identify TP and residency under S2
Benefits taxable only on reimbursement basis)
S39: Deductions of personal reliefs 20k for 3rd and subsequent child Individual: Exempted from FSI (both SG tax res and non SG tax res)  S13(7A)
Taxable on allowance basis (Max: one claim/ child, carried
Property Discounts Property developer to EE, taxable Residency: Only SG tax res (company) can opt for foreign tax credits
Income Tax Relief: $80,000 cap from YA2018 on indefinitely) ONE-OFF
Taxable amount = discount EE gets – discount given Step 3: If claiming S13(8) exemption
Earned Y Condition: Derive taxable income from S13(8): Allows full exemption on foreign sourced dividend, branch and service income
to third parties at arm’s length Condition: TP must be a SG tax res
relief (ALL employment/pension/ Trade business profession or vocation subject to S13(9): (a): Income tax paid in foreign jurisdiction (WH tax/ company operating
Gifts & Voluntary Periodic nature: ER/external to EE (taxable) who is married and child must be
TP) (TBPV) qualifying child (born to u/legally income taxed)
Payments (award One-off/personal grounds/present: ER/external to MAX Relief: <55 yrs = 1k; 55-59 = 6k; 60 and above = 8k
for passing exams, EE (non-taxable – “lack of income” nature) adopted, SG citizen) (b): Headline rate in foreign jurisdiction >= 15% AND (c): Comptroller satisfied that … is
Handicapped: <55 yrs = 4k; 55-59 = 10k; 60 and above = beneficial
non-cash awards for Except: IRAS concession: if total value (cash+non- 12k
long cash) <=$200/gift, non-taxable; if > $200, full 1st 20k 0  Full exemption on FSI if S13(8) granted (if not, proceed to next step)
Spouse Condition: Spouse live/supported by TP in previous yr, Next 10k @ 2% Max 200 Step 4: Is there a bilateral tax treaty relief available?
service/retirement) amount taxable
relief spouse annual income (taxable/ tax exempt/ fsi) not st Step 5: IF Step 3 and 4 no  look at S50A
Income tax borne by ER pays for EE’s income tax liability on behalf of EE, 1 30k 200
(legally exceeding 4k in previous yr (2nd condition not applicable to S50A (no Condition: Must be a SG tax res to claim
employer taxable Next 10k @ 3.5% Max 350
married TP) handicapped spouse) bilateral Relief: Professional, consultancy, service income and
Club Membership - Entrance fees (company is club member), non- Relief: 2k (normal), 5.5k (Handicapped spouse) 1st 40k 550
Next 40k @ 7% Max 2,800 treaty w SG) royalty income (given that it is not paid by a SG tax res or a PE in
Corporate taxable Note: If TP claim this on spouse, kids cannot claim parent/ st
1 80k 3,350 SG and not deductible any SG soured income) and dividend
Subscription fees, taxable on personal usage handicap parent relief (except for Gparent cgiver) on ur
Next 40k @ 11.5% Max 4,600 income
portion spouse
1st 120k 7,950 Treatment: To find tax paid in State X
Club Membership – Entrance fees (taxable), BUT if membership is held Child relief Condition: Legitimate child/legally adopted, child<16 yrs or
Individual i.e. in in trust for ER- entrance fees (non-taxable) (unmarried studying fulltime at Uni/education institute, does not have an Next 40k @ 15% Max 6,000
name of EE Subscription fee (taxable on personal usage child, need annual income>4k in prev yr (last 2 no need for handicap Taxation of non-residents (business)
portion) not be SG child) Step 1: Determine tax residency
Subsidy/Allowance EE’s children attending licensed childcare centre, tax citizen) Relief: 4k/child, 7.5k/handicapped child S2(1): Control and management of whose business is exercised in SG (for company)
/ Benefit for Child exempt as per S13(1)(zb) Note: Can share based on agreed apportionment subj to same Step 2: Determine PE – Defined by S2: pass 1 test  there is PE  min. taxable
care/student care Student care (not defined as childcare) – Taxable Working cap presence
Interest-free or Loan Provided by ER mother NOTE: Having a subsidiary in SG (whether SG res or not) does not equal to sure have PE!!!
Subsidised loans to (provided EE has no control over EEs or no child relief Condition: Working mum, taxable income (eg employment, Assets Assets held in that jurisdiction (Unilateral credits = Lower of tax payable in SG [find eff tax rate = tax payable/Y received
EE (non-directors) substantial shareholdings AND must be open to all EE (only for F) TBPV), maintained a SG citizen child as of prev yr and test [a place of management, branch, office, factory, warehouse, workshop, from X]
on same terms) (tax exempt) satisfy all QCR conditions farm/plantation, mine/oil/other place to extract natural resources] and tax paid in state X)
ER pays interest to lender directly/ full or partially Relief: 1st child: 15%, 2nd: 20%, 3rd & other: 25%. Activitie Activities carried out in that jurisdiction Step 3: Alternatively, elect for S50C (foreign credit pooling)
reimburse EE (Taxable) Note: QCR claims allowed first, total cap is 50k/child, WMCR s test [supervisory activities in connection with a building/worksite/any S50C Condition: Must be SG tax res to claim, tax paid in foreign jurisdiction
is limited to whatever left after QCR allowed project] (not tax exempted), headline rate >=15%, must be a SG tax payable
Waiver of principal sum (amount waved taxable) Parent/ Condition: Dependent living in SG in prev yr (at least 8mths), Agency Agency r/s maintained in that jurisdiction on the FSI
grandparent living in TP’s household (or incurred >= 2k supporting if diff test Agent to act on that person’s behalf in SG  to exercise authority to Relief: Pool credits for that YA in life of any 2 or more of credits
~ For directors Perquisite per S10(1)(b), taxable household), >=55yrs or physically/mentally disabled, no conclude contracts, maintain stock of goods for purpose of delivery on Treatment: To find tax paid in all states that satisfy S50C conditions
CPF & approved ER to EE i.e. statutory contribution by ER, tax annual income >4k in prev yr (no need this req for handicap behalf of the person, habitually secures orders for that person/ e.g FTC pooling = lower of SG tax payble and actual foreign tax paid  (for the states under
designated pension exempt dependent) enterprises controlled by him this)
*Find eff tax rate = tax payable on all income/AI  SG tax payable = Gross foreign income * Special/further deductions Relevant dates: 31st December of YA in which CA arose AND 1st Group -Transferor and claimant must be SG incorporated,
eff tax rate S14A:Protect $: Qualifying IP registration (not renewal) costs (Official – made Jan of YA (2018) in which CA are to be set-off. 31st December of relief -Same grp: >=75% of total ordinary shares in one company is
Step 4: Apply S50A for states that do not satisfy S50C requirements IP to Registries/professional fees-made to agent  patents/TMs year which loss/donation were incurred AND 1st Jan of YA reqs beneficially held directly/indirectly by the other OR
GST *NOTE: ALL SECTIONS ARE IN THE GOODS AND SERVICES TAX ACT* /designs/plant varieties) which loss/donation are to be set-off >=75% of ~ in each of the 2 companies is beneficially held
Registration (If retro met but have proof that prosp wont meet  voluntary register) PIC scheme In comp: AMT * 3 (extra 300% on top on base 100%) How: Identify common beneficial Shareholder(s) on both relevant directly/indirectly by a third company
Retro: Aggre. turnover of taxable supplies made in SG for current and immediate last 3 Qs  For 1st $400k qualifying IP costs (excess $: basic 100% dates, aggregate shareholdings  see if >= 50% on both dates -Same financial yr end + make irrevocable written election
>= 1 mil PIC+ (for deduction) Loss -Must make an election to enjoy the relief; not auto granted
Prosp: Reasonable grounds to expect aggre value of taxable supplies > 1mil within next 12 SMEs) Expenditure cap: $400k  $600k/qualifying activity/YA If qn got install movable partitions (claim S19A) carry- Note: only current unabsorbed CA & T/L can set off against taxable
mths (excess$: 100% back income of the immediate preceeding yr
Step 1: Verify (1) Taxable person, (2) Taxable supply, (3)Supply made in SG (4) S14D: R&D $: Qualifying R&D: S2 – S&T study w risk to acquire results used S19 – Initial & Annual IA: 20% on YA of acquisition (forfeited if not relief Cap: 100k (combined current yr unabsorbed CA and T/L)
Supply for the course and furtherance of any business carried out by taxable person. cost to benefit TP (staff/consumables/contracted costs (net of govt Allowances for P&M claimed) claim UCA: biz continuity and SH; UT/L: SH test only!
S8(2): As long as GST-registered (1); grants/subsidies)) (Only for S10(1)(a) Y) AA: 80% over remaining years (80%/n), due claim Relevant dates:
S8(2A)): Not out of scope (wages, sale of going concern, private transactions) & not exclude: quality control/ routine tests, research in social sci, basis CA  first day of YA which CA were granted & last day of immediate
exempt (sale and lease of residential properties, financial services) (2) and must be made routine data collection, mgt studies, market research/promotion, Asset must be in use at end of the relevant basis preceding YA which CA are to be deducted
in SG (3) routine/cosmetic modifications to products period Loss/donation first day of year which loss/donation were incurred
S8(4): GST will be charge on any importation of goods (except for exempt import) (2) S14DA (PIC) In comp: AMT * 3 (extra 300% on top on base 100%) & last day of immediate preceding YA which are to be deducted.
S19A –If qn says use Annual Allowance: 1 year 100% write off
S8(1): Taxable supply (must have consideration) in the course of business (4) only for 1st $400k of qualifying exp; Losses  first day of the year which trade losses were incurred and
max CA (com: 1yr Annual Allowance: 3 years 100%/3
Step 2: Identify if Place of supply (from outside SG  SG or SG  outside SG) PIC+ (for PIC+ (SMEs): Increase cap to 600k (same as IP) last day of preceding YA which trade losses are to be deducted
write off; other stuff: Asset no need be in use at end of the relevant basis
S13(2), (3): If goods involve removal, under (3), otherwise (2)  In SG if the goods are in SMEs) 3yrs) Photocopier & period SUTE: Newly incorporated company (only
SG! S14H: building $: Approved expenditure on building modifications to help computer (PAE) PIC: AMT*4 for the 1st 3 consecutive YAs)
S13(4): Supply of services in SG if supplier belongs in SG modifications disabled EE by owner/lessee carrying out TBPV at the premises Low value assets
Step 3: Type of Supply (to determine rate of tax) for disabled EE In comp: AMT Asset cost < 5k, subjected to election (100% wrt CA) CI: X * 17%
Zero-rated (0%) – S21(1): Exported goods, international services; Standard-rated (7%)- Max deduction: $100k (if claim here, cannot claim from other S19B – IPR Scope: patent/`copyright/TM/registered design,
others sections) allowances trade secret, know-hows
S21(3) Services connected with international transportation (land, air, sea) S14Q: $: Qualifying R&R expenditure (general electrical $: net of legal, reg fees and other costs to acquire IPR Corporate income tax rebate
(a) including arranging and insuring of such transportation Renovate installations/wiring, general lighting, water/gas systems, Claim CA on straight-line basis over 5 years = (CI * 17%) * 40%
S21(3) Services connected with offshore property (supplied by air, SG  /refurbishmen kitchen/sanitary fittings, doors/gates/shutters, fixed partitions, Subjected to a cap of 15k
(e) outside SG) t wall coverings/paint, flooring, false ceilings/cornices, S20(1): Balancing allowance or charge be made for the
S21(3)(f) Services connected with offshore goods (~) (do not affect ornamental features/mirror/drawings (not fine art), YA on basis period in which P&M (claim allowances
S21(3)(j) Services supplied to persons and businesses abroad (~) structure of canopies/awnings, windows/grilles, fitting rooms in retail under S19/19A) ceases to be used in TPB Partnership
Step 4: Time of Supply (Earlier of date of payment or date of tax invoice) and GST tax business outlets) General Limited Liability Limited
payable premises) Note: Designer/professional fees, antiques/fine art, any works Balancing allowance: when disposal Balancing charge (taxed under S10(4)): Partnership Partnership (Limited Partnership
Taxation of business wrt place of residence or provided by the person to EEs  not proceeds < tax written down value when disposal proceeds > tax written partners only) (limited and
allowed (S14Q(9)) Disposal proceeds = 15k (< 20k) down value general partners)
Disallowable expenses
S15(1): Any capital expenditure (asset In comp:  balancing allowance = 5k Disposal proceeds = 60k (>20k) Tax Each partner Each partner taxed based Each partner taxed
improvement, not wholly and exclusively to Cap: $300k for every relevant 3-year period (starting from basis  balancing charge = 40k Liability taxed based on on his or its share of based on his or its
acquire income, has a capital intent) and any period for the YA in which R7R expenditures 1st incurred and (e.g cost of asset = 60k, TWDV = 20k (because CA granted = 40k) ) his or its share income share of income
private expenses, foreign/SG income tax claimed by TP
of income
paid S14R: $: Qualifying training exp (training exp incurred directly for EEs, SI - S35(1): Total income chargeable to tax under
Common disallowable expenses S10(1)(a)-(g) net of all tax deductible expenses
Tax Rate 17% for 17% for corporate 17% for corporate
Deduction for WSQ training course by WDA, ITE course under ITE approved
Bad debts/ If Provision, add back unclaimed = Total – actual expenses related and CAs` corporate partners. Individual partners.
qualifying training centre scheme, on-the-job training by training centre
warranty to trade partners. partners are taxed at their Individual partners
training exp certified by ITE, any in-house training course, any salary paid to
Provision/allowance in general is disallowable (because no actual Individual own individual income are taxed at their
(PIC) trainers conducting course, course fees for EEs (reimbursement S10(1) Gains from employment (S10(2a))
outflow) partners are tax rate own individual
etc), rental of facilities, meals provided during such course. (b)
Disallowable if the expenses are non-trade related (loan to staff taxed at their income tax rate
Exclude: accommodation/travelling exp, paid to EE for attending S10(1) Dividends, interests, discounts
written off, advance to creditor written off, allowance for impairment own individual
In comp: AMT * 3 (exp cap at 400k) (d) One tier corporate tax system  SG sourced dividends  tax
loss of non-trade receivables) Pre-FRS 39 treatment  bad debts not income tax
S14T: Exp for $: Prescribed automation equipment (qualify for S19A(2A) or exempt at shareholder level rate
deductible. E leasing of PIC (2B))
Transport S and Q/RU plated motor vehicle expenses S10(1)(e) Pension, charge, annuity Deduction No cap on Restriction on the amount Same as LLP, with
automation Exclude: Aircon- motor vehicle, F+F, renovation & refurbishment,
Reimbursement of EE’s S-plated car expenses S10(1)(f) Rents If property in SG  sourced from SG , royalties (Maybe Restrictio contributed of a partner’s share of an exception:
equipment uninterrupted power systems, fridge etc
*Running expenses on lorry/ delivery vans  deductible income (recurring payments)/capital (lump sum payments), n Rule capital capital allowance and The general
under Exp incurred where PAE is subleased, software (unless it is
*Staff’s allowance/foreign reg. cars used ONLY outside SG fully premiums, profits from property trade loss from the LLP partners of an LP
qualifying lease installed in qualifying PAE, PAE is priced separately from
deductible) S10(1)(g) Income nature gains that can be offset against are treated in the
software)
Profession Disallowable: non-trade related/capital transactions (incurred to his other sources of same manner as
In comp: AMT * 3 Unabsorbed T/L
al and legal increase share cap). income for a YA, together the partners of a
S14U: $: Pre-commencement expenses of revenue nature -Can be carried forward indefinitely with all of his relevant general
fees *Audit fees/fees incurred to defend against customer’s lawsuit wrt Expenses Claim: Against biz Y derived during the basis period when 1st $ -No limit to amt carried forward
trade  deductible deduction allowed in all partnership for
before 1st $ of Y received Subjected to Shareholding test ONLY past years of assessment income tax
Amortisation, bad debts (non-trade debtors), COE for motor vehicles (private vehicles), from TBPV Excess  trade loss and can be carried forward (2 tests) The total offset shall not purposes. Hence,
CPF-related (voluntary contributions to CPF that exceed statutory rate), Entrance fee (clubs S14W: $: Licensing of any intellectual property rights exceed each partner’s the relevant
etc), Exchange loss (non-trade/ capital in nature), Expenses occurred before business Licensing IPR In comp: AMT * 3 Unabsorbed donations
-Can be carried forward for 5 yrs (unused contributed capital and if deduction
commence, Fixed assets written off/ acquisition cost, Fines, Goodwill payment, Impairment S14B: $:Expenses wrt approved ~ or market development of approved
amt after 5th year – no more) it exceeds the capital, the restriction rules do
loss on non-trade debts, Installation of fixed assets, interest expense on non-income Approved projects -No limit to amt carried forward excess is deemed income not apply to such
producing assets, Legal & professional fees (non-trade/ capital transactions), Motor vehicle trade Condition: SG tax res or maintained PE Subjected to Shareholding test ONLY chargeable with tax partners.
expenses (S & RU plate), Penalties, Prepaid expenses, Private hire car, provision for debts fairs/mission/ Exclude: S14 restricted exp, expense for > approved no. of EEs AI: S37(1): Remainder of SI after Contributed Capital of a partner in a partnership is the sum of:
and warranty (only unclaimed part = total – actual expenses related to trade), maintain trade taking part, for overseas trade office: exp after > approved no. of deducting losses from TBPV & gifts
retrenchment payments (non contractual) 1. The amount which the partner has contributed to the partnership (in cash or in
office overseas years kind but not including any loan by him to the partnership) as capital, and has not,
Allowable expenses In comp: AMT
Employee staff cost (Compulsory CPF contribution by ER, insurance for employees, medical Quantum of deduction = Value * 2.5 (donations not listed below are unclaimable) directly, been drawn out or received by him (whether as a distribution or a loan or
S14K: Overseas $: investment dev. Expenditure for carrying out an approved Cash (corporate For: Approved IPCs or SG govt (donations must be w/o otherwise); and
expenses, contractual retrenchment benefits, salary), finance & professional costs investment investment project overseas by SG tax res
(accountancy fees, hire purchase interest, interest on money borrowed for use in business, and individual Ds) benefits or benefits w/o commercial value 2. The amount of profits or gains of the trade, business, profession or vocation
development On comp: AMT  given in acknowledgement and no resale value) derived by the partnership from any past year of assessment to which the partner is
legal fees incurred in recovering trade debts, COE, renovation & refurbishment, rent, utility
S14KA: Further $: Salaries for EEs posted to an overseas establishment of firm Public shares on For: Approved IPCs entitled (whether as a distribution of a loan or otherwise) but which he has not
& telephone charges, R&D expenditure, trade debts written off, upkeep of business
/double SGX (individual Ds) Value: Determined by IPCs (based on fair value) received.
premises, machinery, equipment and vehicles, stationery & postage fees, cost of travelling
deduction for Step 1: Calculate contributed capital and proportion of total contribution for each
on public transport in the cost of business, advertising cost, business licensing renewal fee. Artefact (corporate For: Approved museum status (NHB) and artefact has
overseas EE parther
and individual Ds) to be deemed worthy of collection by NHB
salary Step 2: Calculate CA apportioned to each partner. Take note of deduction
Value: Assessed by NHB
Exempt income S14R restriction rules if it is not general parter
S13(8): FS dividends/branch profits/ service Donations under For: NHB and its approved recipients
PATIS (corporate Value: Cash or sculture/art work (NHB assess) Step 3: Income Tax Computation for each partner
income received by resident company Unabsorbed CA:
S13Z: Gains on disposal of equity investments -Can carry forward indefinitely and individual Ds)
Receipts of capital nature -No limit on amt to be carried forward Land and building For: Approved IPCs
-Gain on sale of fixed assets Subjected to 2 tests below (corporate and Value: Market value of property endorsed by IRAS
-FX gain on capital transactions individual Ds) (cost of valuation is excluded)
Biz Continues to carry on TPB wrt gains which allowance falls to be
PIC Scheme: biz enjoy 400% tax deduction/allowances for qualifying exp incurred in continuity made
acquisition and leasing of PIC IT & automation equipment, training of employees, test
acquisition & licensing of intellectual property rights, registration of patents, R&D activities
Shareholdin Shareholders substantially same on the 2 relevant dates
& approved design projects.
g test >= 50% of total shares held by same persons (both relevant dates)