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Issue 01-2012 | ||||||||
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| January - a month of new beginnings. It was a month of not one, but two new years topped with a mythical dragon. Indeed, the lunar new year started with a breath of auspicious shower from the water dragon at the stroke of midnight and the year promises to be one filled with fervor to seize the opportunities ahead. So, tap on the new energy and reach new highs in your career and together, the profession as a whole. On that note, as the first dedicated professional body for tax specialists like yourselves, the Singapore Institute of Accredited Tax Professionals (SIATP) had received and studied the myriad of suggestions and feedback from the survey emailed to all accredited tax professionals last quarter. We are working on many of these suggestions. To kickstart, for those who had suggested for a wider range and more advanced courses, check out Asia's first executive programme on international taxation and scroll down for a spectrum of courses such as ethics for tax professionals, U.S. taxation system, case studies on tax treaty interpretation or upcoming Singapore Budget Seminars amongst many others. Best of all, accredited tax professionals enjoy discounted rates on most of these seminars! If you had missed last quarter's technical discussion by Accredited Tax Advisor (Income Tax) Mr Leung Yew Kwong, on the case ATG v Comptroller of Income Tax, click here for a summary of the key points raised. In addition, read about the thought leadership article by Accredited Tax Advisor (Income Tax) Mr Chan Huang Chay on the eligible conditions for companies to leverage on Foreign Tax Credit Pooling System and the various considerations companies should think about when remitting foreign-sourced income, so as to optimise the company’s foreign tax credit claim. A Big Thanks to the many who had provided inputs to the consultation papers on Pre-Registration Claims on Goods and Services and Capital Allowances for Assets used by Persons other than the Taxpayer in a Manufacturing Outsourcing Arrangement. If you had missed the eblast, click here on the response on the former and here on the response on the latter. | ||||||||
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| With effect from Year of Assessment 2012, the newly introduced Foreign Tax Credit Pooling System (“FTC Pooling System") allows a Singapore tax resident company to consolidate the foreign tax paid for set off against the Singapore tax payable on the same foreign sourced income. Click here for an article by Accredited Tax Advisor (Income Tax) Mr Chan Huang Chay, Tax Partner, Deloitte & Touche LLP, to understand the eligible conditions for companies to leverage on this system and the various considerations companies should think about when remitting foreign-sourced income, so as to optimise the company’s foreign tax credit claim. | ||||||||
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| Tired of keeping track of the latest tax changes and development? Please click on the following for tax updates on: | ||||||||
| Corporate Tax | ||||||||
| Income Tax (Concessionary Rate of Tax for Financial Sector Incentive Companies)(Amendment) Regulations 2011 (6 December 2011) | ||||||||
| Corporate Tax E-Tax Guides | ||||||||
| e-Tax Guide for Section 10(25) of the Singapore Income Tax Act - Interpretation and Practice - Revised on 6 December 2011 e-Tax Guide for Income Tax Treatment of Trusts - Revised on 5 January 2012 | ||||||||
| Goods & Services Tax (GST) | ||||||||
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An additional $5 million budget to co-fund GST- Registered Businesses for Assisted Compliance Assurance Programme (ACAP) (9 December 2011)
Underpayment of GST by Unusual Entertainment Pte Ltd (30 December 2011) | ||||||||
| GST E-Tax Guide | ||||||||
| e-Tax Guide for the Market Participants in the National Electricity Market of Singapore - Revised on 29 November 2011 e-Tax Guide for Guide for the Aerospace Industry - Revised on 10 January 2012 e-Tax Guide for Approved Contract Manufacturer and Trader Scheme - Revised on 10 January 2012 e-Tax Guide on Approved Third Party Logistics Company Scheme - Revised on 10 January 2012 e-Tax Guide for the Biomedical Industry - Revised on 10 January 2012 e-Tax Guide for Major Exporter Scheme - Revised on 10 January 2012 e-Tax Guide for GST Guide on Imports - Revised on 10 January 2012 e-Tax Guide on Import GST Deferment Scheme - Revised on 25 January 2012 e-Tax Guide for Guide for the Marine Industry - 2011 Budget Changes - Revised on 10 January 2012 e-Tax Guide for Retailers - Revised on 18 January 2012 | ||||||||
| Property Tax | ||||||||
| One-off Property Tax Rebate for Owner-occupied HDB Homes (2 December 2011) Annual Values of HDB flats are revised upwards with effect from 1 January 2012 to reflect the rise in market values. To mitigate the increase in the property tax payable by lower and middle income households as a result of the Annual Values revision, the Government will give a one-off rebate of $55 to Owner-Occupied HDB flats. This will enable three room flat owners to see little change in property tax payable despite higher flat values. It will also reduce the increase in tax payable for four- and five-room flat owners. Click here for the new e-Tax Guide. New! | ||||||||
| Stamp Duty | ||||||||
| Law Firms will be able to pay Stamp Duty Electronically (29 December 2011) From 1 January 2012, if stamp duty amount is deposited into lawyer’s Conveyancing Account, the lawyer can give instructions to his bank to make payment to “Commissioner of Stamp Duties" electronically via Singapore Land Authority’s Electronic Payment Instructions (ePI) system. New Measures to Protect Conveyancing Money (30 December 2011) The Ministry of Law implemented new measures on 1 August 2011 to protect conveyancing money and they include requiring lawyers to hold conveyancing money in conveyancing accounts with specially appointed banks. As a further enhancement, from 1 January 2012, the ePI service will allow lawyers to electronically notify banks of the details of conveyancing money paid into conveyancing accounts, instead of using hard copy forms. Stamp Duty e-Tax Guide e-Tax Guide for Additional Buyer’s Stamp Duty on Purchase of Residential Properties - Revised on 19 January 2012 Private Lotteries Duty Checks Required of an External Auditor when Reviewing Form PL-R1 for Private Lotteries Duty (30 December 2011) Find out on the minimum checks required of an external auditor for lotteries. | ||||||||
| Listing of New Bilateral Agreements/ Revisions for the Avoidance of Double Taxation (DTAs) | ||||||||
| Spain (1 November 2011) Canada (29 November 2011) Qatar (2 December 2011) Mexico (2 December 2011) Panama (19 December 2011) Click here for more information on existing tax treaties. | ||||||||
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Map out your skills development plans with these upcoming courses! Singapore Budget 2012 Seminars: All accredited tax professionals will be required to adhere to the Continuing Professional Development framework. Please contact SIATP at 6749 8060 for any queries. | ||||||||
| Taxlogue is a compendium of recent tax developments that may be of relevance and interest to you. Please send all comments and suggestions to enquiry@siatp.org.sg. | ||||||||
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Disclaimer Taxlogue is intended for general guidance only. Professional advice should be taken before applying the content to your particular circumstances. While we endeavour to ensure that the information in Taxlogue is correct, no responsibility for loss to any person acting or refraining from action as a result of using any such information can be accepted by the Institute. | ||||||||
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About Us The Singapore Institute of Accredited Tax Professionals (SIATP) is the first dedicated accreditation body for tax professionals. Set up by the Institute of Certified Public Accountants of Singapore in partnership with the Tax Academy of Singapore, SIATP aims to heighten the recognition of the tax profession and cater to the market’s need for tax specialists with highly advanced technical knowledge, skill sets and industry-recognised credentials. For more information, please visit our website, www.siatp.org.sg. |
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