In Singapore, a withholding tax is a very crucial tax which is applicable when doing business with foreigners. The taxation act of Singapore stipulates that whenever a resident or individual makes payment to non-local enterprises or people then a portion of the money is taken and given to the Singapore Inland Revenue Authority (IRA).
Withholding tax is applicable to numerous types of payment in Singapore. All these payments are mentioned under section 45 of the Singapore tax act. As such all payments listed under this section must comply with withholding tax. Some of the disbursements highlighted under section 45 include foreign companies, professionals, artists who perform in public, and directors.
Detailed explanation of the types of payments subjected to withholding tax
Doing financial business with non-resident professionals
Foreign professionals are experts from a given field who opt to practice they profession autonomously for at most 183 days a year under a service contract. People categorized as foreign professionals include foreign representatives, specialists, consultants and permanent workers of a non-resident firm. In this case 15% of the gross salary is taxed and remitted by the employer to IRA. Alternatively if the foreign professional decides to be taxed on net income, then 20% is withheld as the non-resident tax. Note that the 20% is only applicable when tax is made on the net and not gross income.
Payments made to foreign public performers or entertainers
Entertainers are classified into two the usual public artistes and sportsmen or women. Public artists comprise musicians, singers, actors and dancers while sports people include mostly athletes. A foreign entertainer or performer will only be considered non-resid...
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...mercial knowhow. Lastly, another 15% is paid as rent for business premises and utilization of any other movable property.
Conclusion
Normally, the withholding tax is remitted on the 15th of the month after the date of payment. For instance, if a transaction was carried out on the 24th of June 2013, then the IRAS should receive the withholding tax by 15th of July 2013. Payments should be confirmed 21 days after the payment and form IR37D (http://www.iras.gov.sg/irasHome/uploadedFiles/Businesses/Withholding_tax/Form%20IR37D (1).xls) is received. Later a confirmation of payments (CP) letter will be given to you. Note that, form IR37D has to be completely filled in. Not duly filling the IR37D form can interfere with the procedure of delivering the confirmation letter. As such, the receipt of confirmation of payments is determined by how well the IR37D form is filled.
citizens and residents if the wages are effectively connected with the conduct of a U.S. trade or business. This also includes an employee working for an organization organized in the U.S. or an estate. “Under IRC section 864(b), with certain exceptions, the term "trade or business within the United States" includes the performance of personal services within the United States” (IRS.gov, 2016) (p. 1). Any wages paid to a nonresident alien individual for personal services performed as an employee for an employer are generally exempt from the 30% "NRA withholding" if the wages are subject to graduated withholding (IRS.gov,
Employment income for residents and nonresidents -flat rate 10%. All the other income for residents is taxed at 10% and for nonresidents 20%;
The property and equipment as indicated by CVS 2014 Annual report were 8,843 million. Therefore, the percentage would be 8.73%
...hir collected were from people who were working in secret so that they would not have to pay any tax to J.T. However Sudhir innocently shared this information with J.T which caused many of the people to be beaten up for trying to evade taxes.
talents in music and sports; although, we have been taught the impact of individuals like
For this report, I decided to read and reflect on the book, Talent Is Overrated, by Geoff Colvin. The main focus of this book is answering the fundamental problem of what makes a performer great. The scientifically supported answers this book provides reaches beyond what the typical population and I were socially programmed to believe. These belief issues, Geoff Colvin explains, is a major problem because it inhibits “average” people to ever reach the great potential we are all capable of (Colvin, 2008).
The world is an extraordinary one of a kind place; as it provides us with all of the necessary means for life. In a similar fashion, the same concept applies to people, especially to the individuals that are viewed as different or are considered out of the social norm. Even so, every extraordinary person has an origin, just like an ordinary person. Be it a freak, nerd, or genius, they’re all considered an outlier in their own unique ways and talent is an attribute that differentiates an outlier from the average person. A person doesn’t have to conform to social-cultural norms to be a positive influence in society as demonstrated through Johnny Depp’s artistic performance. For instance, Depp is a perfect example of someone who is considered
1.0 What Is Deferred Tax? Deferred tax is an accounting measure, use to match the tax effects of transactions with their accounting impact. The differences of treatments for several items in accounting profit and loss and taxation have created temporary differences. These temporary differences are differences between carrying amounts of an assets or liabilities in the financial statement of financial position and its tax base (Choo & Lazar, 2014).
The musical performance aspect of my paper was not an issue to complete. If you go to Little Italy, New York on any given weekend, especially around the holiday season or the San Gennaro Festival, musical performers are usually playing on the streets. There are many restaurants in Little Italy, Manhattan that have live entertainment; most of these musical performers will come to your table. When it came to comparing the musical traditions of Italy to the Italian-American performance that I observed, I had a little more trouble. Italian music is such a large topic to delve into–there are so many composers and different types of music that it made it difficult to narrow down my research for this paper. In future research among this community, I would suggest that the student is aware of what type of performance they are going to observe—I was unaware of whether the musician would be a Classical Italian performer or an Italian American performer. In my opinion, most of the performers in Little Italy, Manhattan seems to be Italian-American.
Comparative advantage means that an industry, firm, country or individual are able to produce goods and services at a lower opportunity cost than others which are also producing the same goods and services. Also, in order to be profitable, the number in exports must be higher than the number in import. From the diagram we seen above, Singapore is seen to have a comparative advantage in some services. The services are Transport, Financial, business management, maintenance & Repair and Advertising & Market Research, etc. These export services to other countries improve the balance of payment. On the other side, Singapore is seen to have a comparative disadvantage in some services. The services are Travel, Telecommunications, Computer & Information,
The celebrity gossip industry has affected our assumptions about entertainment. Usually, we assume that entertainment is just for fun, entertainment is only a reflection of our culture, and entertainment is a personal choice. Nowadays, entertainment is not just for fun. Celebrities entertain us in many ways, but sometimes we do not enjoy what they do yet we still watch them. For instance, many teen idols have had meltdowns. Although it is not fun to...
To fully discuss these topics, it is best to define what a celebrity and a psuedo-event is. The term ‘celebrity’ is often linked to ‘fame’, ‘stardom’, and ‘renown’. Development of mass media, during the twentieth century, including newpapers, radio, television, and now the Internet, gave rise to celebrity culture in the Western world. Media and publicity industries facilitate a growth of the ways the audience can consume celebrities after the creation, circulation, and promotion in the media (Drake and Miah). The celebrity, a represen...
The 2007/8 budget introduced an Advance Payment System (APS) for companies, whereby they are required to effect quarterly provisional tax payment on the basis of the chargeable income of the preceding tax return. Final reconciliation of tax liability will be done when the annual tax return for that year is submitted.
Different people hold different views about whether celebrities deserve the money they obtained. Most people just see the performers’ perfect shows on the stage, or the musicians’ excellent performances in the concert hall; however they did not see the hard works that celebrities need to do behind the stage and spotlights. The people who do not know how hard that they prepare for a show, a TV show, a movie or a concert, think all celebrities do not deserve the incomes that they get and earn money easily and highly, but they use their efforts to get money as normal people. As the old saying states, “no gain without pain.” The famous and professional celebrities who have high reputations may need to stay up late to practice his performance again and again before going on the stage. People always believe a person’s efforts determines the applause that he deserves. All the efforts
What are celebrities? Today, we live in a society that tends to drown our everyday lives in mass Medias such as tabloids, reality shows, newspapers such as the New York Times and personal-interest magazines, like People and Us, to get a glimpse of the interesting lives of everyday celebrities. Some might say that a celebrity is someone who we idolize while Daniel Boorstin, author of the book The Image: Or What Happened to the American Dream, states that a celebrity “is a person who is well-known for his well-knownness” (Epstein1). But the question still remains… what are celebrities? According to Epstein, A celebrity is something or someone who can be talented and full of achievements and yet wish to broadcast ones fame further through the careful cultivation of celebrity, while one can be the total opposite of achievements and be less talented and yet still be made seem otherwise through mechanics and dynamics of celebrity creation (Epstein2). Celebrity culture today is epidemic; some might agree that it is sweeping up America in a harmful way while one might argue that it is beneficial to our society.