Tax Lesson 3

In the case of Zhao Hui Fang v Commissioner of Stamp Duties, which course of action regarding statutory language did the court advocate for?

According to Section 10(1) of the Income Tax Act 1947 (“ITA”), which of the following income sources is subject to income tax?

A Singapore-based company is evaluating whether a particular gain should be classified as income or capital. According to the principles discussed, which factor would the Singapore courts most likely consider to make this determination?

ZF Pte Ltd, a company providing housing for foreign workers, constructed temporary dormitories. How were these dormitories classified for tax purposes, based on the case ZF v Comptroller of Income Tax?

In determining whether gains are taxable in Singapore, what is the primary principle used to ascertain if income is Singapore-sourced?

An employee received stock options as part of their compensation. These options were granted in the UK, but the employee could only exercise them if they worked in Singapore. Where are the gains from these stock options taxed?

Under Section 10(25) of the ITA, which of the following scenarios would classify foreign-sourced income as being 'received or deemed received' in Singapore?

NP and another purchased a property that was initially intended as a family home but was quickly sold thereafter. According to the Comptroller of Income Tax, what was the critical factor in determining whether the intention of purchasing the property was for trade or investment purposes?

ABD Pte Ltd collected entrance fees for a club membership that lasts 30 years. How should these fees be taxed according to the Comptroller of Income Tax?

In the case of Comptroller of Income Tax v BBO, what determines whether gains from shares are considered an enhancement of value or part of a profit-making scheme?

Under Section 14(1) of the ITA, what is the general formula for determining deductible expenses?

According to the ITA, what condition must be met for interest expenses to be deductible? (Select all that apply)

Under Section 15(1) of the ITA, which expenses are disallowed as deductions?

When assessing the deductibility of expenses related to borrowing, what initial determination must be made, according to the case Comptroller of Income Tax v IA?

According to JD Ltd v Comptroller of Income Tax, what is required to establish the deductibility of interest under Sections 14(1) and 14(1)(a) of the ITA?

ABD Pte Ltd incurred costs for constructing a proprietary club building. What determines if these construction costs are deductible?

According to BFC v Comptroller of Income Tax, under what conditions does Section 14(1)(a) apply regarding the deductibility of interest expenses?

What conditions must machinery or plant assets meet to qualify for capital allowances under Part 6 of the Income Tax Act (ITA)? (Select all that apply)

What distinguishes the capital allowances provided under Section 19A from those under Section 19 of the Income Tax Act?

A Singapore-based business has exceeded SGD 1 million in taxable supplies within a calendar year. According to the Goods and Services Tax (GSTA), what are their obligations?

Which of the following scenarios accurately describes when a supply qualifies as a 'taxable supply' for GST purposes?

Herbalife International Singapore Pte Ltd sold products to its Members at varying discount rates, with the Members profiting from the difference between discounted purchase and retail prices. According to the Comptroller of Goods and Services Tax, how should the taxable supply be valued for GST purposes?

Under the Overseas Vendor Registration (OVR) regime, what conditions necessitate an overseas supplier to register for GST in Singapore?

Which scenario would trigger the Reverse Charge regime for GST purposes?

In a share sale, what generally determines whether gains from the transfer of shares are subject to Singapore income tax?

Under Section 13W of the ITA, what conditions must be met for gains derived from the disposal of ordinary shares to be exempt from tax? (Select all that apply)

For a transfer of shares, what is the rate of stamp duty in Singapore, and on what basis is it calculated?

What conditions trigger the application of Additional Conveyance Duty (ACD) on the transfer of equity interests?

What constitutes an 'instrument' for stamp duty purposes under the Stamp Duties Act?

A Singaporean company, Alpha Ltd, is considering a corporate restructuring exercise. As part of this, it intends to merge with Beta Pte Ltd, another legal entity, while still preserving the tax attributes and aiming for stamp duty relief. Alpha Ltd. seeks your expert tax advisory on the course of action. Which restructuring option is most suitable?

In Singapore, liquidating distributions are automatically treated as a return of capital for tax purposes, regardless of the specific circumstances or underlying facts.

A company undergoing liquidation has unutilized tax attributes, including capital allowances and losses. An advisor suggests utilizing a specific restructuring option to preserve those tax attributes. Which option is MOST suitable, given the primary aim to preserve these tax attributes?

According to Section 32C of the Stamp Duty Act, stamp duty is triggered on a deemed conveyance on sale pursuant to a notice of ______ of any chargeable property held by each amalgamating company.

Omega Inc, a GST-registered company is planning to liquidate. What MUST the entity do regarding GST compliance?

Match the corporate action with its IMMEDIATE tax consequence in Singapore:

A 'short form amalgamation under Section 215D' exclusively refers to vertical amalgamations, such as a parent-subsidiary merger.

What is the timeframe within which a company must submit the stamp duty relief application?

Nexus Corp is undergoing a corporate restructuring and seeks to deduct borrowing costs under Section 41A of the Singapore Income Tax Act. Which condition MUST be satisfied to claim this deduction?

Under Section 41A, a relevant term is any sum payable 'in lieu of ______' or the reduction there, as may be described by regulations, upon any money borrowed.

If a Singapore payor makes an interest payment to a non-resident, withholding tax is automatically imposed at a fixed rate of 15%, without any possibility for reduction or exemption.

Due to internal restructuring, a Singaporean company, Gamma Ltd, intends to transfer all its assets and liabilities to Delta Pte Ltd at net book value. Which section of the Income Tax Act would Gamma Ltd have to elect an eviction under to facilitate this?

The amalgamation has been qualifying amalgamation, which includes, among others, a long form amalgamation under Section 215D.

Typically a striking off process could be a lot cheaper to undertake than the members voluntary [blank] up.

In order to satisfy direct interest, you basically will need to look at the ______ rather than any income in order to satisfy that direct interest.

If companies make a section 34C election, the TOGC exemption is equally available, provided that certain conditions are:

If the legal entity is no longer required because the main asset has been removed by your asset sale, one way to remove that legal entity would really be going through a compulsory winding out.

Section 32C of the Stamp Duty Act, stamp duty is triggered on a deemed [blank] on sale pursuant to a notice of amalgamation.

Before striking off can take place, the company must clear out its ______ and liabilities.

Match the following conditions of deductions for expenses to the appropriate borrowing costs regulations: