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The Law & Practice of Singapore Income Tax

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Format : eBook
No of Pages : 2948
Edition :Second Edition
Country :Singapore
Published Date :2013
Compatible with : Desktop iOS Android

Book Description

The first edition of The Law and Practice of Singapore Income Tax was widely celebrated as the most authoritative text on Income Tax in Singapore. In the second edition of this text, the editors and authors have endeavoured to bring the quality and contents of the book up another notch - it is now contributed by 55 tax professionals and features 48 chapters over 2 volumes (an increase by 24 chapters). As with the first edition, the book draws on the expertise of the best tax minds in the tax community to share their knowledge, expertise and experience in their own areas of specialisation. This publication remains technical, yet practical. Written in simple, clear language whilst providing equal depth to subject matters, this book provides current and relevant case law commentary which is highly critical towards understanding and interpreting the law as it stands today. Structured with the tax practitioner in mind, this book features current and pressing issues faced by tax practitioners and is designed to assist tax professionals with addressing the myriad of challenges they have to deal with to keep up with the rapid rate of globalisation.




A masterpiece contributed by 55 tax experts to share their knowledge, expertise and experience in their areas of specialisation.



Featuring 48 chapters spanning over 2000 pages in 2 volumes, this book covers all the main issues tax practitioners face today. Some of the new chapters are: Analysing Tax Decisions, Negligence in Tax, Ethics in Taxation, Some Issues in Tax Planning, Facts & Evidence, The limits of the Comptroller's discretion under the Income Tax Act, Sovereign Immunity and extra-territorial enforcement of tax, etc.


Providing an in-depth discussion on the subject matters, it includes current and relevant case law commentary which is highly critical towards understanding and interpreting the laws.


Structured with the tax practitioner in mind, this book features current and pressing issues faced by tax practitioners and is designed to assist readers with addressing the myriad of challenges they have to deal with.


Includes industry specific tax topics, including banking, insurance, sea transportation, clubs and trade associations, etc.


Foreword to the first edition of the book
"As the tax authority, my colleagues and I see ourselves playing a key role in improving the professional standards of tax practice in Singapore. But we cannot do this alone. We can perform this role well by creating an environment to encourage learning and sharing of knowledge and expertise, like we do in putting this book together."
- Moses Lee, Commissioner of Inland Revenue Singapore (2005 - 2012)


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Table of Contents



Chapter 1: Framework of Interpretation in Tax
Chapter 2: Analysing Tax Decisions "New"
Chapter 3: Negligence in Tax "New"
Chapter 4: Ethics in Taxation "New"
Chapter 5: Case Law Guidance on Source of Business and Trade Income
Chapter 6: Receipts
Chapter 7: Exemptions "New"
Chapter 8: Expenditures
Chapter 9: Relevance of Accountancy Principles and Practices in Taxation
Chapter 10: Interest Expense Disallowance Formula "New"
Chapter 11: Compensations "New"
Chapter 12: Capital Allowances
Chapter 13: Losses and Unabsorbed Allowances "New"
Chapter 14: Group Relief "New"
Chapter 15: Withholding Tax and Taxation of Non-Residents
Chapter 16: EEIA Tax Incentives "New"
Chapter 17: Taxation of Intellectual Properties
Chapter 18: Corporate Restructuring, Mergers and Acquisitions
Chapter 19: Capital Market Transactions
Chapter 20: Taxation of Hedge Funds and Private Equity Firms
Chapter 21: Unit Trusts




Chapter 22: Sea Transportation "New"
Chapter 23: Air Transportation "New"
Chapter 24: Telecommunications "New"
Chapter 25: Banking Operations
Chapter 26: Insurance Operations
Chapter 27: Financial Derivatives
Chapter 28: Clubs and Trade Associations "New"
Chapter 29: Partnership "New"
Chapter 30: Source of Employment Income and Some Related Taxation Issues
Chapter 31: Taxation of Employment Income"New"
Chapter 32: Employee Stock Options and Share Schemes
Chapter 33: Tax Factors in Wealth Management for Individuals
Chapter 34: Income from Estates and Trusts "New"
Chapter 35: Corporate Residence "New"
Chapter 36: Some Issues in Tax Planning "New"
Chapter 37: Tax Treaties and Treaty Interpretation
Chapter 38: Sovereign Immunity and the Extra-Territorial Enforcement of Tax "New"
Chapter 39: Providing Tax Certainty: Theory and Practice of Ruling Applications "New"
Chapter 40: The Limits of the Comptroller's Discretion under the Income Tax Act "New"
Chapter 41: About Tax Controversy - Facts, Evidence and Tax Risk Management "New"
Chapter 41A: Facts and Evidence "New"
Chapter 41B: Tax Risk Management "New"
Chapter 42: Practical Aspects of and Best Practices in Transfer Pricing"New"
Chapter 43: Controversies in Transfer Pricing - A Survey of Significant Case Law Decisions Globally
Chapter 44: Tax Effective Supply Chain Management "New"
Chapter 45: Tax Avoidance
Chapter 46: Issues in Tax Investigations and Tax Audits
Chapter 47: Income Tax Objections and Appeals
Chapter 48: Taxation and Non-Taxation Measures for Sustainable Development in Singapore


About the Author(s)


Pok Soy Yoong

After 32 years in the tax profession, Pok retired from active practice in December 2008. He was, at the time of retirement, the Head of Tax of Ernst & Young, Singapore and the Tax COO of Ernst & Young's Far East Tax Practice covering 15 countries.

Pok is currently a non-executive director of a number of companies, both listed and unlisted. He is currently also a member of the IRAS Board.


Steven M Timms

After graduating from Cambridge University, Steven qualified as a chartered accountant in the UK, where he worked in both industry and the profession. He relocated to Singapore in 1983 and was Head of Tax for Ernst & Young's Singapore office before transferring to the Firm's regional customs practice in 2002.

After retiring from the profession in 2005, he amused himself by obtaining a degree in pure mathematics from the National University of Singapore - an exercise that served to convince him that his ability to remember old tax cases greatly exceeded his limited mathematical skills.


Ng Keat Seng

Keat Seng has been a Senior Consultant with the IRAS since May 2008. He advises the Authority on matters of tax policy and rulings, transfer pricing, advance pricing agreements, international tax and tax treaties.

Prior to his consultancy work, Keat Seng was Deputy Commissioner (Business Group) of IRAS. He retired from that position in April 2008 after having served the organisation for about 38 years. In the course of his career with IRAS, Keat Seng led various operations, including stamp duty, estate duty, taxpayer audit, collections, GST, corporate income tax, tax policy and international tax. While in IRAS, he attended the International Tax Programme (Harvard Law School) in 1978 and the Advanced Management Programme (Harvard Business School) in 2000. He was awarded the Public Administration (Gold) Medal by the Singapore Government in 2005.