Singapore Taxation

Given the complex nature of Singapore Tax Law, many of your clients have heard of various tax technical terms but do not understand what they mean. They have the following questions: 1. What does the Singapore Australia Double Tax agreement mean by a tax sparing arrangement? 2. What is the purpose of filing an estimate of chargeable income calculation and who is required to lodge it? 3. What does wholly and exclusively mean in s14(1) of the Income Tax Act. What if an expense is used 80% for income and 220% for private purposes. Does it satisfy $14(1) ? Required: You are required to: Explain in your own words (NOT copy from a text book or other materials): 1. The meaning of the above terms and 2. The purpose of the terms. The explanations must be in your own words. If you copy out the meaning you will NOT be awarded any marks. If you wish you can provide an example to assist your explanation. (4+3+3=10marks) Given the complex nature of Singapore Tax Law, many of your clients have heard of various tax technical terms but do not understand what they mean. They have the following questions: 1. What does the Singapore Australia Double Tax agreement mean by a tax sparing arrangement? 2. What is the purpose of filing an estimate of chargeable income calculation and who is required to lodge it? 3. What does wholly and exclusively mean in s14(1) of the Income Tax Act. What if an expense is used 80% for income and 220% for private purposes. Does it satisfy $14(1) ? Required: You are required to: Explain in your own words (NOT copy from a text book or other materials): 1. The meaning of the above terms and 2. The purpose of the terms. The explanations must be in your own words. If you copy out the meaning you will NOT be awarded any marks. If you wish you can provide an example to assist your explanation. (4+3+3=10marks)