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

UTAP Funding

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

14.00 CPE Hours (Others)
Classroom

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] 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

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