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Practical Application of Singapore Withholding Tax In-depth Analysis of Withholding Tax Concepts, Applicability and Compliance

Expert Speaker Sivakumar Saravan

$850.00 (including GST)

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Overview       

Managing Singapore withholding tax compliance obligations is becoming increasingly difficult and costly with the growing volume of cross border transactions. It is therefore critical for tax payers to fully grasp the practical application of withholding tax to avoid hefty penalties and minimise their tax burden.

This program is part of the Corporate Practice Series, designed specifically for accountants, finance and regional tax leaders dealing with voluminous foreign transactions. This definitive workshop is designed to equip you with in-depth knowledge to address key challenges related to withholding tax concepts, applicability and compliance.

What You Will Learn  

At the end of this workshop, you will:
•  Be updated on critical information and tools you would need to:
  - Analyze a transaction for Singapore withholding tax obligations
 - Comply with Singapore withholding tax obligations 
 - Mitigate  hidden compliance risks that may result in unnecessary penalties

•  Find out the WHT tax rates for different types of payments

•  Manage common errors in the WHT filing process

Programme Outline     

  • Overview of Withholding Tax
  • Withholding Tax Rules
    • Concept of withholding tax
    • Taxation of non-residents
    • Importance of understanding withholding tax rules

  • The Concept of Permanent Establishment
    • Definition of PE under domestic law
    • PE and implications to withholding tax
    • Clarifications from IRAS
    • Some practical issues and how to overcome them

  • Tax Residency
    • Relationship between tax residency and withholding tax
    • Definition of tax resident
    • Waiver of withholding for certain non-residents


Payments Subject to Withholding tax

  • Interest
    • What is interest?
    • Types of interest payments subject to withholding tax
    • Withholding tax rates
    • Incentives and exemptions

  • Royalty
    • What is royalty?
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Incentives and Exemptions

  • Rental
    • Rental defined
    • Royalty vs rental
    • Issues with mixed contracts
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Incentives and Exemptions

  • Services
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Concessions and Exemptions
    • Applicability of withholding tax to certain payments:
      •  Commission
      •  Installation
      •  Cloud computing and other IT services
      •  Training
  • Royalty vs services vs rental

  • Management fee
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Concessions and Exemptions
    • Flow chart for analysing withholding on management fee

            Review questions

               

  • Directors’ fee
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Exemptions

  • Professional fee
    • Definition of professional
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Exemptions

  • Entertainers, athletes, artistes
    • Types of payments subject to withholding tax
    • Withholding tax rates
    • Exemptions

  • Other payments
    • SRS withdrawals
    • Unit trust & REIT distributions
    • Property transactions
    • Junket promoter


            Review questions

Withholding Tax Compliance and Filing Process Flow

  • When to withhold and pay IRAS?
    •  Rules
    • Timelines and deadlines for filing
  • Withholding tax forms
    • What forms to fill up?
  • Withholding tax filing process
    • What are the steps?
    • Common filing errors
  • Certificate of residence
  • Penalties
  • Voluntary disclosure

Expert Speaker

Sivakumar Saravan, Executive Director, Tax and Corporate Advisory, Crowe Horwath Singapore has about 20 years of experience in tax compliance and tax consultancy work for individuals as well as local corporations, multinationals and financial institutions. Siva is a member of Crowe Horwath's International Tax Committee and he has conducted several seminars on international tax to Crowe Horwath tax specialists in the Asia Pacific region as well as to members of the public. He is the author of CCH’s Singapore Withholding Tax And Treaties Online, Crowe Horwath’s Quick Guide to Business Tax in Singapore and Tax Essentials for HR Professionals’.  He is the consultant editor of CCH's Singapore Master Tax Guide manual. Siva is an accredited tax advisor of the Singapore Institute of Accredited Tax Professionals. He is also a member of The Institute of Singapore Chartered Accountants of Singapore and the Singapore Institute of Arbitrators.

PLUS!

Each participant will receive a complimentary Withholding Tax Rate Table 2018 of all of Singapore’s tax treaty partners around the globe and the prevailing tax rates in each of these countries.

If you would like us to send you an invoice, please click here to register. Otherwise, please click on “Add to Cart” and make payment with your credit card.

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Prices shown are in SGD and inclusive of 7% GST but do not include handling & shipping (if applicable)
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