Corporate Tax 2010 - BMR Advisors

WongPartnership LLP
Singapore
Singapore
6.6 Would any withholding tax or other tax be imposed as the
result of a remittance of profits by the branch
There is no withholding tax or any other tax imposed solely as a
result of the remittance of profits by the branch. Withholding tax is
imposed on income such as interest and royalties on some other
basis.
7 Anti-avoidance
7.1 How does Singapore address the issue of preventing tax
avoidance For example, is there a general anti-avoidance
rule or a disclosure rule imposing a requirement to
disclose avoidance schemes in advance of the company’s
tax return being submitted
disregard or vary any arrangements which he deems to be made
with a view to alter the incidence of tax or reduce tax liability. The
Comptroller may make adjustments such as the re-computation of
tax so as to counteract any tax advantage obtained or obtainable
under such arrangements. This provision will not apply to an
arrangement carried out for bona fide commercial reasons and
which does not have, as one of its main purposes, the avoidance or
reduction of tax. A similar rule is found in the Stamp Duties Act
and the Goods and Services Tax Act. In addition, the Income Tax
Act has specific provisions dealing with anti-avoidance pertaining
to certain transactions such as the transfer or sale of a loss-making
company with a view to utilising its losses for tax purposes.
There is a general anti-avoidance rule under section 33 of the
Income Tax Act where the Comptroller of Income Tax may
Kay Kheng Tan
WongPartnership LLP
One George Street
#20-01
Singapore 049145
Tel: +65 6416 8102
Fax: +65 6532 5711/22
Email: kaykheng.tan@wongpartnership.com
URL: www.wongpartnership.com.sg
TAN Kay Kheng heads the Firm’s Tax Practice and is also a Partner
in the Litigation & Dispute Resolution Practice. In the field of
revenue law, Kay Kheng’s areas of practice encompass both
contentious and advisory/transactional work relating to income tax,
stamp duties, property tax and goods & services tax. His main areas
of practice in the fields of civil litigation and arbitration encompass
corporate/commercial disputes (including accounting-related
matters) and property disputes (including land acquisitions). Kay
Kheng holds degrees in law, accounting and taxation. He graduated
in Law from the National University of Singapore, where he was
awarded a Singapore Turf Club Scholarship in his final year, and is
admitted to the Singapore Bar. He has been in private practice since
his admission, save for a stint as a Legal Officer with the Inland
Revenue Authority of Singapore in 1993/94. Kay Kheng also holds
a Master of Accountancy from Charles Sturt University and a Master
of Taxation from the University of New South Wales. He has been
admitted as a Fellow of CPA Australia, the Taxation Institute of
Australia and the Singapore Institute of Arbitrators. He is also a
member of the International Fiscal Association.
Yew Kwong Leung
WongPartnership LLP
One George Street
#20-01
Singapore 049145
Tel: +65 6416 6868
Fax: +65 6532 5711/22
Email: yewkwong.leung@wongpartnership.com
URL: www.wongpartnership.com.sg
LEUNG Yew Kwong joined the Firm’s Tax Practice as Partner in
January 2006. He was previously with the Inland Revenue
Authority of Singapore (“IRAS”) and the predecessor Inland Revenue
Department for 28 years, from 1975 to 2004. He last held the
posts of Chief Legal Officer and Chief Valuer concurrently when in
IRAS where he dealt with all the taxes administered by IRAS,
namely income tax, GST, stamp duty, property tax and estate duty.
He was awarded the Public Administration Medal (Silver) when he
was in the Civil Service. He has appeared before the Income Tax
Board of Review, Valuation Review Board, the High Court and the
Court of Appeal in relation to tax appeals. Since leaving IRAS in
2004, he has been in legal practice specialising in tax. Besides his
legal qualifications, Yew Kwong also holds professional
qualifications in real estate valuation. He received a Colombo Plan
Scholarship to study at the University of Auckland where he
obtained a Diploma in Urban Valuation. Yew Kwong has authored
and co-authored a number of books on tax and development charge.
He is presently Honorary Tax Advisor to the Real Estate Developers’
Association of Singapore and Honorary Legal Adviser to the Institute
of Estate Agents. He is an Adjunct Associate Professor in the School
of Real Estate at the National University of Singapore.
WongPartnership LLP is one of the largest law firms in Singapore with over 230 lawyers offering a full range of legal
services. The Firm also has a well-established office in China, two offices in the Middle East and a growing practice
in the region. Recognised as a market leader, the Firm is consistently ranked at the highest levels by international
commentators in all its major practices. Our Tax Practice meets a growing need in this area by clients requiring tax
advice. We are unique in having practitioners who are qualified not only in law but also in accounting and valuation,
and whose wide experience covers both transactional, advisory and contentious tax matters. Where international and
cross border taxation issues are involved, the Practice is able to provide seamless advice to clients by coordinating and
obtaining the necessary tax advice from firms in other jurisdictions. Our Tax Practice has been ranked Tier 1 by The
Asia Pacific Legal 500 since 2006, which has described the tax team as having “a wealth of industry expertise”. We
also won the “Tax & Trusts Law Firm of the Year” at the ALB SE Asia Law Awards in 2008 and have been a finalist for
this award since 2007. The Practice, led by partners Tan Kay Kheng and Leung Yew Kwong, is well placed to handle
all tax matters. Both Partners have also been individually recommended by the Practical Law Company (2008/2009).
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