A withholding tax is an important tax required to be imposed when having transactions with non-residents. Under the taxation act in Singapore, when a person or company reimburse payments to a non-resident company or individual, he/she is necessary to withhold a percentage of that payment and pay this sum to IRAS (Inland Revenue Authority of Singapore).
There are several types of payments that are subjected to withholding tax in Singapore. Every payment listed under S45 of the Singapore Income Tax Act are obliged to withholding tax. These payment comprises of payment to foreign professionals; overseas public entertainers; directors from abroad; and non-local companies.
The first situation when payment of withholding tax is required is when conducting financial transactions with foreign professionals. Foreign professionals refer to individuals who professionalize in any independent occupation in Singapore for less than 183 days in a calendar year under an agreement for service. These people include specialists; agents from abroad; or any individuals who works in day-to-day operations through a foreign film. A tax of 15% of the gross income payable to the professional is required to be withheld by the payer; or he/she has the choice to pay a non-resident rate of 20% if the non-resident professional chooses to be taxed based on net income.
Secondly, withholding tax is required when remunerating to overseas public entertainers. There are two types of entertainers: Public artistes such as singers, dancers, actors and musicians; where another category of entertainers refers to athletes who participates in sports events. The overseas public entertainer is regarded as non-resident if he/she is in Singapore for less than 183 days in a calen...
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...he use of movable assets; 10% for disbursements for the right to utilize scientific, technical, industrial or commercial knowledge or intelligence; and 15% for rent or other payments for the use of movable assets.
The withholding tax is generally paid by the 15th of the month following the date of payment. For example, if a transaction that is made between a company and a non-resident company or individual on 24 June 2013, the withholding tax must be paid to IRAS by 15 July 2013.
For confirmation of payment, within a period of 21 days (around 3 weeks) from the receipt of payment and form IR37D (http://www.iras.gov.sg/irasHome/uploadedFiles/Businesses/Withholding_tax/Form%20IR37D(1).xls), a confirmation of payment letter (CP) will be issued. The IR37D form must be completed. With failure to correctly finishing form IR37D will interrupt the issuing process of the CP.
“I don’t know anyone who has a period that thinks of it as a luxury,” states Youtuber Ingrid Nilsen during an interview with president Obama. Most women would agree with this statement, yet it has recently become a controversial issue in the world of paying taxes. Menstrual products are taxed as a luxury item, which has women advocating for the removal of the nicknamed “pink tax”. This pink tax perpetuates an unjust taxation on medical products necessary for the public health and dignity of American women. First, there must be clarification as to what the pink tax is to understand why menstrual products are subject to a sales tax.
In the state of Illinois, women make seventy-nine cents for every dollar that men make. This means that women get paid 79% of what men get paid for the same job, with the same education, and the same set of skills. This is called the wage gap, which emphasizes why women are more likely to be poor. In fact this is not the only reason why women are driven into poverty. Women are more likely to be impoverished because of the wage gap, the jobs that women have, and their children.
They estimate that in 1981, the presence of unions reduced the variance of male wages by 6 percent in the US and 10 per cent in Canada. The corresponding estimates in 1988 are 3 per cent in the US and 13 per cent in Canada. Thus, they estimate that changing unionization patterns contributed to the rise in US wage inequality in the 1980s, but worked in the opposite direction in Canada (20).
Over the past few decades, factors such as globalization, de-regulation, credentialism, and technological progress have brought momentous transformations to the economies of the world. Wealth imbalance between countries has contracted, while income inequality within countries has expanded. The demand for highly skilled workers has increased, and so have the salaries for the most successful individuals in society. Less educated people, however, have fared relatively worse. This is quickly attracting the attention of governments of many countries, including Canada.
There are 3 types of corporate income taxes as follows: National 30% of taxable income, Local 20.7% of National Tax, and Enterprise 10.08% of taxable income. The calculated effective tax rate of 42.05% although they simply add up to 46.29% (30.0% + 30.0%X20.7% + 10.08%). It is because Enterprise tax is deductible for the other tax purposes only when it becomes due. Tax evasion involves fraudulent or criminal behavior, conduct involving deception, concealment, or destruction of records. Tax evasion occurs when the taxpayer fraudulently or criminally avoids the payment of taxes otherwise due and owing under the tax laws. There are many tax crimes under the Internal Revenue Code. The criminal violations cover the same territory as the civil fraud penalties, although the government has a higher burden of proof in the criminal cases. The criminal cases, however, reach a far greater spectrum of potential defendants. Unlike the civil penalties which target only the taxpayer, the criminal penalties reach anyone engaging in the defined offense, including employees, accountants, lawyers and tax preparers. Under IRC Sec. 7206(2), a person is guil...
Taxes play a big role in society nowadays. Everything we earn and spend is taxed. There are 2 types of taxes, Direct and Indirect i.e. the 2 Ugly Sisters of Tax. Direct refers to Income Tax and Indirect refers to VAT (Value Added Tax) Thomas Paine looks at how tax was shifted from the rich to the poor thereafter a tension arose.
Tremewan, C. (1994). The political economy of social control in Singapore. New York: St. Martin's Press.
Confederation College can also train the people but that will include a lot of cost initially and it will be better to match Singaporean HR style with the existing HR style over time and slowly. Social and cultural factors Crime rate Singapore has the second lowest murder rate in the world. The security of personal belongings while traveling, the rate of snatching and pick pocketing is reducing every year in Singapore. According to a report by BBC in 2011, for 80 days there was no record of pick pocketing and snatching in Singapore (BBC, 2013).
In the chicken industry which REB chicken dealer is included, they are part of the agricultural business who do not pay taxes.
Article 12 of the Constitution of Singapore emphasizes on the importance of anti-discrimination in Singapore. It ensures that every person is treated equally before the law. With this law in place, an employer, who may be hiring someone, must not discriminate against their race, religion or even where they were born. If he/she does so, they may be liable for going against the law and may be convicted.
Distinguish clearly between the Income and the Substitution Effects of a change in the Price of a Good. Under what Conditions will the Income Effect and the Substitution Effect act in Opposite Directions?
Income inequality continues to increase in today’s world, especially in the United States. Income inequality means the unequal distribution between individuals’ assets, wealth, or income. In the Twilight of the Elites, Christopher Hayes, a liberal journalist, states the inequality gap between the rich and the poor are increasing widening, and there need to have things done - tax the rich, provide better education - in order to shortening the inequality gap. America is a meritocratic country, which means that everybody has equal opportunity to be successful regardless of their class privileges or wealth. However, equality of opportunity does not equal equality of outcomes. People are having more opportunities to find a better job, but their incomes are a lot less compared to the top ten percent rich people. In this way, the poor people will never climb up the ladder to high status and become millionaires. Therefore, the government needs to increase all the tax rates on rich people in order to reduce income inequality.
Taxation has evolved throughout history as a method of funding government functions. The US government began taxing its people by imposing tariffs on certain items such as liquor, tobacco, sugar, and legal documents. Currently, there are taxes on almost every function. The IRS regulates income tax laws, central appraisal districts control property tax values, and there is a state sales tax on most purchases across the country. Taxes are difficult, if not impossible, to avoid. Benjamin Franklin stated “'in this world nothing can be said to be certain, except death and taxes” (Isaacson 463). Revenues from property taxes are used to fund public schools, hospitals, and local governments. I will discuss the history of property taxes and compare the Texas property tax rate to the rest of the country. Property taxes are more efficient than income tax and a better way for local governments to collect revenue from taxpayers.
Evaluate the view that wage differentials are only a reflection of differences in the marginal productivity of workers.
Singapore’s deposit interest rate in year 2012 is 0.1% and lending interest rate is 5.4%. In Singapore, doing investment is better than save the money in bank because of the low interest rate. The inflation rate of Singapore based on consumer prices is 4.5% and 2.4% for year 2012 and 2013 respectively.