Course Detail(TAX099 : Advanced Income Tax Workshop – Managing Income Tax Risks and Avoiding Pitfalls and Errors)

SkillsFuture Credit, UTAP Funding

TAX099 : Advanced Income Tax Workshop – Managing Income Tax Risks and Avoiding Pitfalls and Errors

14.00 CPE Hours (Others)
Classroom

Important:
If you wish to use your SFC to pay for partial/full ISCA course fee , please login to the SFC portal (http://www.skillsfuture.sg/credit) with your Singpasswithin 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to submit claim application via SkillsFuture Portal and obtain necessary approval before the course start datewill result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use.


SDF Funding (Corporate Registration only)
To enroll participants with SDF Funding, please click here to download the manual form.
Online registration via ISCA Portal will not be eligible for SDF Funding.


Programme Overview

According to the IRAS’ latest statistics, approximately 81% of the corporate taxpayers file their annual income tax returns on time. This means that there are still a number of companies that are late in filing their income tax returns. What does this mean to these companies? Is it only a fine or a penalty? Is it so simple?  Experience also shows that IRAS becomes more proactive in audit and investigation.  So, if you think you will never be IRAS’ audit target, think again.  Will it be too late to comply with the tax law when IRAS officers’ knock your door?  What can you do in anticipation of IRAS’ audit and investigation?
What are some of the common pitfalls of the Singapore income tax compliance process? What must you do to improve your company’s tax compliance level?  What must you do when you receive IRAS queries and what resources do you need in dealing with these queries? What are the factors you must consider before you proceed with the voluntary disclosure after you have concluded that your company has not complied with the tax law and regulation?

In this workshop, participants will have the opportunity to learn some common pitfalls of the income tax compliance process and evaluate the potential tax consequences if error or mistake is made. Participants in the past said that they had clearer ideas of what to do after attending the workshop and some took appropriate steps to rectify errors and mistakes in the past. The use of practical case studies and interactive discussions between the workshop facilitator and the participants would form a major component in this workshop to ensure that the discussion and key learning points remain practical and relevant.

Programme Outline

  • Review the various statutory deadlines and the related income tax consequences.

  • Discuss the common pitfalls of preparing and filing a company’s estimated chargeable income.

  • Examine a variety of bases in preparing a company’s tax return and computation and discuss the corresponding potential tax issues.

  • Explore the concepts of Singapore-sourced income versus Foreign-sourced income from an international tax perspective

  • Debate the concepts of Income versus Capital from an experienced tax practitioner’s perspective. 

  • Examine the common pitfalls of deductibility of expenses for tax purposes.

  • Explain how experienced tax practitioners look at the concept of “plant” for capital allowances purposes and introduce other types of writing down allowances available in Singapore.

  • Discuss transfer pricing risks associated with related party transactions taking into account the latest OECD development on BEPS.

  • Discuss the importance of obtaining Singapore tax resident status for tax planning purposes

  • Evaluate when a company should use foreign-source income exemption rule as opposed to claiming foreign tax credit or unilateral tax credit.

  • Discuss how you can manage IRAS’ tax queries, audit and investigation process.

  • Highlight the new administrative concession by IRAS on the objection process and how it might impact on your company’s tax affairs management.

  • Discuss when to apply for advanced tax ruling from IRAS and the ramifications of the voluntary disclosure regime.


Training Methodology

Group-based learning with case Studies and Examples


Closing Date for Registration

1 week before programme or until full enrolment.
 

Intended For

• Senior Tax Consultants, Managers and Senior Managers in International CA firms who are involved in tax advisory work; • Tax Associates from all levels in law firms who are involved in tax advisory work; • In-house Tax Directors and Managers, Chief Financial Officers, or Financial Controllers who are involved in making key tax decisions for their companies; • Public Practitioners from local CA firms who provide their clients with tax compliance and tax advisory services; • Independent advisors who provide their clients with tax advisory services; and • Non-tax professionals who aspire to gain a practical understanding of the common pitfalls of preparing income tax returns and income tax computations.

Competency Mapping

Others = 14.00 Hours

Schedule & Fees

Date & Time

12 Apr 2018 (9:00 AM - 5:00 PM)
13 Apr 2018 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Jack HM Wong

Date & Time

19 Oct 2017 (9:00 AM - 5:00 PM)
20 Oct 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Jack HM Wong

Date & Time

20 Apr 2017 (9:00 AM - 5:00 PM)
21 Apr 2017 (9:00 AM - 5:00 PM)

Registration is closed

Programme Facilitator(s)

Jack HM Wong

Testimonial

Funding

1] SkillsFuture Credit
Funding Period: Until 21 Jan 2020

Course Ref No.: CRS-N-0031585

All Singaporeans aged 25 and above will receive an opening credit of S$500 from the government. The credits will not expire and periodic top-ups will be provided by the government. SkillsFuture credit may be accumulated to pay for skills related course fees. For more information on the SkillsFuture Credit scheme, please visit http://www.skillsfuture.sg/credit

If you wish to use your 
SFC to pay for partial/full ISCA course fee , please login to the SFC portal(http://www.skillsfuture.sg/creditwith your Singpasswithin 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to 
submit claim application via SkillsFuture Portal and obtain necessary approval before the course start date will result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use. Please note that there will be an admin fee of $42.80 for any wrong registration or revision of invoice. 

2] SDF Funding
This course is approved for SDF funding ($2 per training hour) for Company-sponsored participants only (eligibility criteria apply). 
 
To enroll participants with SDF Funding, please click here to download the manual form.
Incomplete registration form will not be processed.  
Online registration via ISCA Portal will not be eligible for SDF Funding. Please note that there will be an admin fee of $42.80 for any wrong registration or revision of invoice. 
 
Funding Period: Until 21 Jan 2020
Funded Hours: 14 hours

Course Ref No.: CRS-N-0031585
 
Eligibility Criteria:

  • Company must be registered or incorporated in Singapore and;
  • Applicant is taking the course for the first time.
  • Applicant must be employed, and is either Singapore Citizen or Permanent Resident of Singapore and;
  • Applicant must achieve at least 75% attendance, and pass all examinations /assessments and;
  • Applicant must be fully sponsored by the Company for all costs associated with the training and;
  • Payment has to be made via corporate means (e.g. corporate cheque, corporate GIRO, corporate credit card).


3] NTUC Union Training Assistance Programme (UTAP)
UTAP (Union Training Assistance Programme) is an individual skills upgrading account for NTUC members. NTUC member gets to enjoy UTAP funding 50% of the unfunded course fee capped at $250 every year. This excludes miscellaneous fees such as GST and registration fee etc.
 
This course is approved for UTAP support for intakes conducted between 01 April 2019 – 31 March 2020.
 
As UTAP is given on calendar year basis, and calculated based on year of training taken, it cannot be accumulated.

  • Maintained paid-up NTUC membership before course, throughout course duration and at the point of claim and;
  • Course by training provider must be supported under UTAP and training must commence within the supported period and;
  • Unfunded course fee must not be fully sponsored by company or other types of funding
  • Unfunded course fee must be S$20.00 and above, and;
  • Member must achieve a minimum of 75% attendance for each application and sat for all prescribed examination(s), if any and;
  • UTAP application must be made within 6 months after course ends.


To submit for UTAP claims, please visit http://skillsupgrade.ntuc.org.sg/. Terms and conditions apply.
 
Should you have queries on the funding scheme, you can email to UTAP@e2i.com.sg or call NTUC Membership Hotline at 6213-8008

Programme Facilitator(s)


Jack HM Wong
Accredited Tax Advisor (Income Tax & GST)
FCA Singapore 
 
 
An Accredited Tax Advisor, Jack has over 24 years of international tax experience, providing MNC and high net-worth individuals with his comprehensive, relevant and timely solutions to address their urgent tax challenges.  He also has substantial experience in resolving tax disputes with the tax authorities and negotiating for tax incentives with the Singapore Government agencies on behalf his clients. Jack wins praise for his effective balance of the tax technical skills and client services.  In 2010, Jack received the honour of being named one of the top Notable Tax Practitioners in Singapore by Chambers & Partners, Asia. 
 
Apart from his tax practice, Jack has also embarked on his personal development journey and training in 2008 as he realises that it is important to have both business/ technical development and personal development for him to continue to take his business to the next level. Jack made the decision to specialise in the areas of personality profiling, sales presentation & pitch construction using proven language patterns, negotiation and communication skills. 
 
Currently, Jack is a certified / licensed trainer & facilitator with the following credentials:
 
Certified TetraMap Facilitator
Certified & Licensed Trainer with BANKCODE 
Licensed Trainer in Neuro-Linguistic Programming
Certified Trainer & Coach in Blair Singer Training Academy
Certified Trainer in Myers-Briggs Type Indicator® for STEP I & STEP II
Certified Trainer in Basic and Advanced Enneagram Spectrum of Personality Styles

Important:
If you wish to use your SFC to pay for partial/full ISCA course fee , please login to the SFC portal (http://www.skillsfuture.sg/credit) with your Singpasswithin 60 days before the course start date to submit a SFC Claim and obtain the necessary approval. For more information on SFC procedure, please click here.
 
Failure to submit claim application via SkillsFuture Portal and obtain necessary approval before the course start datewill result in topping up of the SFC indicated for use and an administrative fee of $42.80 to revise the invoice based on the amount of SFC you have indicated to use.


SDF Funding (Corporate Registration only)
To enroll participants with SDF Funding, please click here to download the manual form.
Online registration via ISCA Portal will not be eligible for SDF Funding.


Programme Overview

According to the IRAS’ latest statistics, approximately 81% of the corporate taxpayers file their annual income tax returns on time. This means that there are still a number of companies that are late in filing their income tax returns. What does this mean to these companies? Is it only a fine or a penalty? Is it so simple?  Experience also shows that IRAS becomes more proactive in audit and investigation.  So, if you think you will never be IRAS’ audit target, think again.  Will it be too late to comply with the tax law when IRAS officers’ knock your door?  What can you do in anticipation of IRAS’ audit and investigation?
What are some of the common pitfalls of the Singapore income tax compliance process? What must you do to improve your company’s tax compliance level?  What must you do when you receive IRAS queries and what resources do you need in dealing with these queries? What are the factors you must consider before you proceed with the voluntary disclosure after you have concluded that your company has not complied with the tax law and regulation?

In this workshop, participants will have the opportunity to learn some common pitfalls of the income tax compliance process and evaluate the potential tax consequences if error or mistake is made. Participants in the past said that they had clearer ideas of what to do after attending the workshop and some took appropriate steps to rectify errors and mistakes in the past. The use of practical case studies and interactive discussions between the workshop facilitator and the participants would form a major component in this workshop to ensure that the discussion and key learning points remain practical and relevant.

Programme Outline

  • Review the various statutory deadlines and the related income tax consequences.

  • Discuss the common pitfalls of preparing and filing a company’s estimated chargeable income.

  • Examine a variety of bases in preparing a company’s tax return and computation and discuss the corresponding potential tax issues.

  • Explore the concepts of Singapore-sourced income versus Foreign-sourced income from an international tax perspective

  • Debate the concepts of Income versus Capital from an experienced tax practitioner’s perspective. 

  • Examine the common pitfalls of deductibility of expenses for tax purposes.

  • Explain how experienced tax practitioners look at the concept of “plant” for capital allowances purposes and introduce other types of writing down allowances available in Singapore.

  • Discuss transfer pricing risks associated with related party transactions taking into account the latest OECD development on BEPS.

  • Discuss the importance of obtaining Singapore tax resident status for tax planning purposes

  • Evaluate when a company should use foreign-source income exemption rule as opposed to claiming foreign tax credit or unilateral tax credit.

  • Discuss how you can manage IRAS’ tax queries, audit and investigation process.

  • Highlight the new administrative concession by IRAS on the objection process and how it might impact on your company’s tax affairs management.

  • Discuss when to apply for advanced tax ruling from IRAS and the ramifications of the voluntary disclosure regime.


Training Methodology

Group-based learning with case Studies and Examples


Closing Date for Registration

1 week before programme or until full enrolment.
 

Intended For

• Senior Tax Consultants, Managers and Senior Managers in International CA firms who are involved in tax advisory work; • Tax Associates from all levels in law firms who are involved in tax advisory work; • In-house Tax Directors and Managers, Chief Financial Officers, or Financial Controllers who are involved in making key tax decisions for their companies; • Public Practitioners from local CA firms who provide their clients with tax compliance and tax advisory services; • Independent advisors who provide their clients with tax advisory services; and • Non-tax professionals who aspire to gain a practical understanding of the common pitfalls of preparing income tax returns and income tax computations.

Competency Mapping

Others = 14.00 Hours

Programme Facilitator(s)

Jack HM Wong
Accredited Tax Advisor (Income Tax & GST)
FCA Singapore 
 
 
An Accredited Tax Advisor, Jack has over 24 years of international tax experience, providing MNC and high net-worth individuals with his comprehensive, relevant and timely solutions to address their urgent tax challenges.  He also has substantial experience in resolving tax disputes with the tax authorities and negotiating for tax incentives with the Singapore Government agencies on behalf his clients. Jack wins praise for his effective balance of the tax technical skills and client services.  In 2010, Jack received the honour of being named one of the top Notable Tax Practitioners in Singapore by Chambers & Partners, Asia. 
 
Apart from his tax practice, Jack has also embarked on his personal development journey and training in 2008 as he realises that it is important to have both business/ technical development and personal development for him to continue to take his business to the next level. Jack made the decision to specialise in the areas of personality profiling, sales presentation & pitch construction using proven language patterns, negotiation and communication skills. 
 
Currently, Jack is a certified / licensed trainer & facilitator with the following credentials:
 
Certified TetraMap Facilitator
Certified & Licensed Trainer with BANKCODE 
Licensed Trainer in Neuro-Linguistic Programming
Certified Trainer & Coach in Blair Singer Training Academy
Certified Trainer in Myers-Briggs Type Indicator® for STEP I & STEP II
Certified Trainer in Basic and Advanced Enneagram Spectrum of Personality Styles

Upcoming Schedule

Registration is closed

Date & Time

12 Apr 2018 (9:00 AM - 5:00 PM)
13 Apr 2018 (9:00 AM - 5:00 PM)

Fee (inclusive of GST)

For Members: $ 620.60
For Non-Members: $ 736.16

Programme Facilitator(s)

Jack HM Wong

Venue

60 Cecil Street
ISCA House
Singapore 049709