All Foreign Incomes Received in Singapore are not Taxable: Taxation Assignment, SUSS, Singapore

Assignment Overview:

“All foreign incomes received in Singapore are not taxable”. Validate the above statement. Prepare an academic report (not exceeding 1,500 words) on tax implications of foreign income received in Singapore.

1. Provide an extensive discussion of S13(9) of Singapore Income Tax Act;

2. Explain the terms foreign-sourced income and exemptions available in Singapore;

3. Your explanation should include foreign-sourced branch profits and foreign-sourced dividends and other incomes if any.

4. Is there any administrative concession for such foreign-sourced income Brighton investment is a Singapore resident company which had the following incomes for the year.

All the above foreign-sourced income was remitted into Singapore in December 2019.

Singapore has tax treaties with China, Malaysia, and India but no treaty with Hong Kong. The withholding tax rates in foreign countries are:

• Malaysia – 8%
• Hong Kong – 5.5%
• China – 10%
• India – 10%

Determine the final tax liability for Brighton Pte Ltd for the year of assessment 2020 after allowing the partial exemptions.

5. The above report should turn it in with the Harvard referencing method.

6. An Executive Summary [ONE PAGE ONLY] is preferable. [It is not included on word count]