Vatel Master’s Degree in International Hotel Management SDH Institute
Submitted by Mr. A .Swaroop
Submitted to Mr. Ng PUAY CHUAN
Submitted on 10th OCT 2017
In that case Maple Singapore manufactures and sells chocolate to other company. Maple Singapore is making a supply of goods.
A) Property tax
Stamp duty is payable based on the declared rental
In this case the lease period exceeds 4 years the lease duty rate is 0.4% time the average annual rate.
B) Long term supply contract: As per IRAS « You should reimburse the info charge beforehand guaranteed to the Comptroller in the event that you don't pay your provider inside a year of the due date of instalment "You may in this way pay your provider.
You can assert back the info impose reimbursed to the Comptroller on the off chance that you pay your provider inside five years from the finish of the endorsed bookkeeping period amid which the information charge was first guaranteed"
C) Income tax: Maple Singapore offers each bar at 10. They sold 100.000 bars to a nearby buyer at 10 $ each. When we figure 10 (each bar sold) by 100.000 (quantities of bar sold) and 7% (Singapore GST) which implies Maple Singapore should give back the GST gathered of 70.000.
1. The 3 limbs in the tax residency test are
a. For at least 183 days in a calendar year.
b. For at least 183 days for a continuous period over two years (applies to foreign employees who have entered Singapore from 1 January 2017 but excludes directors of a company, public entertainers or professionals)
c. Continuous for three consecutive years.
2. The 2 administrative concessions are:
a. He should pay assess in SG under level rate 15% for his work wage or the dynamic occupant rates, which ever result in a higher expense sum
b. Only be taxed on all income earned in Singapore.
3. His duty home status will be successful which implies he will be charged expense under assessment living arrangement status as the business has been enlisted since 1 July 2014 and the work may be stopped on 31 January 2016. Subsequently, it demonstrates that he remained in Singapore for over 183 days in 2 sequential years. Along these lines, he needs to pay impose under Singapore assess home
a. Territorial basis of taxation
Tax system which taxes domestic income and not foreign income.
b. Year of Assessment
The year in which pay impose is figured and charged. The evaluation is for money earned in the previous year, beginning on 1 Jan and consummation on 31 Dec. For example, for YA 2017, the appraisal is pay earned from Jan to Dec 2016.
c. Basis Period
The time period which a sole trader or partnership pays tax each year and normally it’s the same as its accounting year.
d. Statutory Income
The consolidated wage of any individual from all sources staying in the wake of taking into account the suitable conclusions and exclusions given under the Income Tax Act.