Question 2

XY Pte Ltd (“XY”) is a property investment company and tax resident in Singapore. It owns and manages a shopping mall in Clementi, Singapore. To bring the Christmas spirit into the neighborhood, it invited a popular pianist from the Philippines to perform in the foyer of the mall for 5 days from December 22 – 26, 2020. The pianist took the opportunity to extend his stay for 2 days to visit friends in Singapore.

Buy Custom Answer of This Assessment & Raise Your Grades

Get A Free Quote

The agreed terms and conditions for the appearance are as follows:

Engagement duration	December 22 to 26, 2020 (5 days)
Appearance fee	$1,500
Performance fee	$8,000
Accommodation allowance	$2,200
Singapore Income Tax (if any), is borne by the pianist

At the end of the engagement, XY Pte Ltd presented a crystal piano music box as a souvenir to the pianist. The music box has a market value of $150.

The pianist incurred the following for the engagement in Singapore:

Hotel accommodation paid by the pianist for his 7 days in Singapore ($320/day)	$2,240
Airfare paid by the pianist	$1,500
Suits tailored specifically for performance purposes	$800
Amount spent by a pianist for the meals during his stay	$450
Amount spent by a pianist for the taxi fares from hotel to the shopping mall for performance	$200
Amount spent by a pianist for the transport to and from airport	$80

Required:

Compute the tax liability of the pianist for the engagement using an appropriate format for tax computation and indicating “0” for items stated in the question which do not require tax adjustments or are not taxable.

Write My Assignment

Hire a Professional Essay & Assignment Writer for completing your Academic Assessments

Native Singapore Writers Team

100% Plagiarism-Free Essay
Highest Satisfaction Rate
Free Revision
On-Time Delivery

University	Singapore University of Social Science (SUSS)
Subject	ACC213: Introduction to Income Tax

ACC213: Question 2 XY Pte Ltd (“XY”) is a Property Investment Company and Tax Resident in Singapore: Introduction to Income Tax Assignment, SUSS, Singapore

Ask Your Homework Today!