Summary and Commentary Analysis on Singapores Personal Tax Laws
Please do analysis of the extracts only and 1 page article summary based on Analysis on Singapores Personal Tax Laws
Source: http://www2.deloitte.com/content/dam/Deloitte/sg/Documents/tax/sg-tax-budget-commentary-2015.PDFSource: http://www2.deloitte.com/content/dam/Deloitte/sg/Documents/tax/sg-tax-budget-commentary-2015.PDF
Please use articles from;Personal Tax:-Personal tax rebate -Changes in personal tax rates -Changes related to CPF Increasing the CPF salary ceiling -Tax exemption for non-resident mediators (NRMs) -Allowing individual taxpayers to claim a specified amount of expenses against his rental income derived from residential properties in Singapore.
Extracts:Personal tax rebate There was no personal income tax rebate granted to resident individual taxpayers for YA 2014. Proposed The Minister has proposed to grant a one-off personal income tax rebate of 50%, capped at $1,000, for resident individual taxpayers for YA 2015. Effective date: YA 2015Changes in personal tax rates Currently, the top marginal personal income tax rate in respect of resident individual taxpayers is 20% for income exceeding $320,000.Proposed The Minister has proposed the following changes to the personal income tax rates: (a) a more progressive personal income tax rate structure for resident individual taxpayers effective from YA 2017, with the increase in the marginal tax rates for income exceeding $160,000. (b) an increase in the top marginal personal income tax rate from 20% to 22% for income exceeding $320,000 effective from YA 2017. The personal tax rate tables for YA 2015 and YA 2017 are enclosed in Appendix D and E respectively. Effective date: YA 2017Changes related to CPF Increasing the CPF salary ceiling Currently, CPF contribution is subject to a monthly salary ceiling of $5,000 and an annual total wage ceiling of $85,000.Proposed The Minister has proposed to raise the CPF monthly salary ceiling to $6,000. With this proposed increase, the CPF annual total wage ceiling will be raised to $102,000. The existing limits on tax deduction for employers’ statutory CPF contributions and tax relief for employees’ CPF contributions will be raised accordingly. Effective date: 1 January 2016Tax exemption for non-resident mediators (NRMs) Currently, NRMs are subject to a withholding tax of 15% of their gross income, or at 20% of the net income if the NRMs elect to be taxed on their net income, in respect of mediation work carried out in Singapore. Proposed To promote the commercial mediation sector in Singapore, the Minister has proposed to exempt from tax the income derived by NRMs for mediation work carried out in Singapore from 1 April 2015 to 31 March 2020 The Ministry of Law will release further details by March 2015.Effective date: 1 April 2015 to 31 March 2020Allowing individual taxpayers to claim a specified amount of expenses against his rental income derived from residential properties in Singapore Currently, an individual who derives passive rental income from a residential property in Singapore can, subject to income tax rules, claim against such income a deduction of the actual deductible expenses incurred in producing that income. To substantiate the claim for deduction of expenses, he is required to keep the relevant records for a period of at least 5 years from the YA to which the claims relate.Proposed The Minister has proposed that an individual who derives passive rental income from the letting of a residential property in Singapore (referred to as “qualifying rental income”) can, in lieu of claiming the actual amount of deductible expenses incurred (excluding interest expenses) against his qualifying rental income, claim a specified amount of expenses as a proxy for the deductible expenses (determined based on 15% of the gross rental income derived from that residential property). The individual can continue to deduct against his qualifying rental income, any deductible interest expense. This tax change does not apply to any rental income derived: (a) by an individual through a partnership in Singapore; and (b) from a trust property. The IRAS will release further details by May 2015. Effective date: YA 2016
(a) a summary of the article (1pg) http://www2.deloitte.com/content/dam/Deloitte/sg/Documents/tax/sg-tax-budget-commentary-2015.PDF
(d) commentary on whether the applicable law is appropriate, if not, how it can be improved and why the article raises significant issues. The commentary should demonstrate an understanding of the article and the broader issues raised by the article, its relevance to the tax profession and any recommendations that you would make. The emphasis in this section should be upon critical analysis of the above extracts only (2pgs)
Note: You should approach your chosen journal articles in the first instance as a comprehension exercise. You will need to read the article a number of times before commencing to write. The written commentary should not be a rewrite of the article but should be your thoughts, reflection and critical analysis.
Title; Summary and commentary analysis on Singapore’s Personal Tax Laws
length; 3 pages (825 words)
Writing an assignment requires time and expertise since one is required to connect 6 chapters to make it flow for easy understanding by the reader. At Custom writing solutions we will offer you the opportunity to buy essay online or request a custom essay written from scratch tailored to meet your desired expectations. Order from us today 24/7 and get qualified help.