Dolce Singapura Pte Ltd (DSPL), a Singapore incorporated company, runs a very popular patisserie business in Singapore. It was incorporated on 15 December 2017 and its first set of accounts was for the period ended 31 July 2018. Its shares are held equally by Dolce Ong, a Singapore citizen and Caramel Wang, a Taiwanese based in Singapore. Both individuals are also the directors of the company and they hold their directors' meetings in Singapore. Dolce had previously ran a successful home-based baking business. Both friends agreed to incorporate the company in 2017 to take over a bakery from its previous owner who was retiring from the business. For the financial year ended 31 July 2019, the company made a net profit before tax of $620,000 on turnover of $5,000.000. The profit was arrived at after taking into consideration the following income and expenses: