A Conceptual Approach to Singapore Taxation - Poh Eng Hin

Description

A book on Singapore income taxation and the goods and services tax presented along the lines of a seven-point conceptual framework comprising:

(1) Jurisdiction;
(2) Base;
(3) Allocation;
(4) Person;
(5) Cross-Border Linkages;
(6) Tax Expenditures; and
(7) Administration.

General Information

 

Author: Poh Eng Hin / Deborah M.Y. Poh

(Special thanks to Ms Dora Lim for being the principal author of Appendix 23-1 of the book)

Institution author affiliated to: Nanyang Business School, Nanyang Technological University, Singapore...

(Disclaimer: The views expressed in the book are the author’s own and do not necessarily reflect those of any institution to which the author is affiliated. While every effort has been taken to ensure the accuracy and completeness of the publication, the author expressly disclaims liability for any loss that may occasion to any party from any reliance placed on the work.)

Publisher: Pearson Education

ISBN: 978-981-45-2698-2

Year of publication: 2013 (1st edition)

No. of pages (main content): 922

Table of Contents:

PART 1: INTRODUCTION AND THE CONCEPTUAL FRAMEWORK
Overview of Part 1
Chapter 1: Introduction to Taxation
Chapter 2: The Conceptual Framework and The Legal Framework
Chapter 3: The Conceptual Framework Applied to Income Taxation

PART 2: JURISDICTION
Overview of Part 2
Chapter 4: Defining the Income Tax Jurisdiction
Chapter 5: Defining Heads of Charge
Chapter 6: Determining the Residence of the Person
Chapter 7: Locating the Geographical Source of the Income

PART 3: BASE
Overview of Part 3
Chapter 8: Exemptions
Chapter 9: Deductions
Chapter 10: Capital Allowances
Chapter 11: Quantifying Statutory Income
Chapter 12: Quantifying Assessable Income
Chapter 13: Quantifying Chargeable Income

PART 4: PERSON
Overview of Part 4
Chapter 14: Income Tax Aspects Peculiar to Companies
Chapter 15: Income Tax Aspects Peculiar to Individuals
Chapter 16: Taxation of Partnership Income
Chapter 17: Taxation of Other Entities

PART 5: CROSS-BORDER LINKAGES
Overview of Part 5
Chapter 18: Double Taxation and Tax Treaties
Chapter 19: Residents Receiving Foreign Income in Singapore
Chapter 20: Non-Residents Deriving Singapore Income

PART 6: ALLOCATION
Overview of Part 6
Chapter 21: Further Allocation Issues

PART 7: ADMINISTRATION
Overview of Part 7
Chapter 22: Income Tax Administration

PART 8: TAX EXPENDITURES
Overview of Part 8
Chapter 23: Overview of Income Tax Incentives

PART 9: GOODS AND SERVICES TAX
Overview of Part 9
Chapter 24: Introduction to the GST
Chapter 25: GST in Singapore


ORDER / CONTACT DETAILS:
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https://www.facebook.com/pages/A-Conceptual-Approach-to-Singapore-Taxation/515803501818636

AIMS AMP Capital Industrial REIT Dividends Summary

AIMS AMP Capital Industrial REIT Dividends Summary from 2009 to 2013

Dividend Yield  based on closing price as at 23rd Dec 2013 $1.42 is 7.72%

Singapore's Keppel Corporation Ltd, the world's top offshore drilling rig maker, said it plans to build its first drillship despite not having a buyer lined up

Singapore's Keppel Corporation Ltd, the world's top offshore drilling rig maker, said it plans to build its first drillship despite not having a buyer lined up, confident the design will be welcomed by the market.

It is the first time Keppel has built a rig without a contract in at least 14 years, an examination of company announcements showed.

A leading builder of jackup rigs, which work in water depths up to 500 feet (152 metres), Keppel has yet to build a drillship from scratch and has been trying to secure a contract for its own drillship design this year.

South Korea's shipbuilding giants, Samsung Heavy Industries Co Ltd, Daewoo Shipbuilding & Marine Engineering Co Ltd and Hyundai Heavy Industries Co Ltd, dominate the market for drillships, which are used to explore oil and gas in water up to 12,000-feet deep and cost at least $500 million a piece to build.

Keppel said in a statement that its new design would overcome the constraints of limited deck space found in most drillships. Construction is expected to be completed in 2016.

Keppel had expected to get the order for the drillship by the end of next year, Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said at a results briefing in October.

Keppel had bagged new orders of S$6.8 billion by late November, and is on track to deliver a record number of rigs this year. But growing competition from Chinese shipyards have put a lot of pressure on the company's profit margins in recent years.

The firm's share price closed at S$10.8 on Wednesday, up 2.4 percent so far this year, outrunning the benchmark Straits Times Index's 3.4 percent decline.

http://www.reuters.com/article/2013/12/12/keppel-drillship-idUSL3N0JR02M20131212?type=companyNews

Keppel Corporation

With a global footprint in over 30 countries, Keppel Corporation leverages its international network, resources and talents to grow its key businesses. It aims to be the Provider of Choice for Solutions to the Offshore & Marine Industries, Sustainable Environment and Urban Living, guided by its key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities.

The Keppel Group of Companies includes Keppel Offshore & Marine, Keppel Infrastructure, Keppel Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others.

Keppel Offshore & Marine is the leader in offshore rig design, construction and repair, ship repair and conversion and specialised shipbuilding. Its Near Market, Near Customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions.

Keppel Infrastructure will drive the Group's strategy to invest in, own and operate competitive energy and related infrastructure. Keppel Infrastructure, while tapping the expertise and technology of its engineering business, will grow its power and gas, environmental and energy efficiency businesses.  Keppel T&T is a leading service provider in the Asia-Pacific and Europe with businesses in logistics and data centres.

Keppel Land contributes to changing cityscapes across Asia as a choice developer with a sterling portfolio of award-winning residential developments, integrated townships and investment-grade commercial properties. Reputed for its quality and innovation hallmark, Keppel Land is committed to develop properties that harmonise with the urban and natural landscape for desirable live-work-play environments and with enduring value for the community.

http://www.kepcorp.com/en/content.aspx?sid=53

Availability Error

Most important human judgments are made under conditions of uncertainty. We use heuristics, or rules of thumb, to guide us in such instances as we try to determine what belief or action has the highest probability of being the correct one in a given situation. These rules of thumb are often instinctive and irrational. Social psychologists such as Thomas Gilovich, Daniel Kahneman, and Amos Tversky have studied several important heuristics and discovered errors associated with their use. One of these heuristics is the availability heuristic, determining probability "by the ease with which relevant examples come to mind" (Groopman 2007: p. 64) or "by the first thing that comes to mind" (Sutherland 1992: p. 11).

The problem with the availability heuristic is that what is available at any given time is often determined by factors that lead to an irrational or erroneous decision. Dr. Jerome Groopman gives the example of a doctor who had treated "scores of patients" over a period of several weeks with "a nasty virus" causing viral pneumonia. Then a patient presented herself with similar symptoms except that her chest x-ray "did not show the characteristic white streaks of viral pneumonia." The doctor diagnosed her as being in the early stages of the illness. He was wrong. Another doctor diagnosed her correctly as suffering from aspirin toxicity. The diagnosis of viral pneumonia was available because of the recent experience of many cases of the illness. Had his recent experience not included so many cases of viral pneumonia it is likely the doctor would have made the right diagnosis. After he realized his mistake, he said "it was an absolutely classic case--the rapid breathing, the shift in her blood electrolytes--and I missed it. I got cavalier."

The stock market is another place where the availability error exemplifies itself. Most people wouldn't think of buying a stock that has recently fallen in value, yet a good way to make money in the market is to buy low and sell high. (It's not the only way, of course. You can make money by earning dividends and holding on to a good stock for a long time or you can do it the way Martha Stewart did with insider information.) Yet, most people will only consider buying a stock if it's doing well, i.e., at a high value. Some people, apparently, buy stock on the advice of their hairdresser or of a stranger who sent them an email. The advice is concrete and readily available, but probably wrong.

http://www.skepdic.com/availability.html

Cross-holdings, management relationships and Asiasons, Blumont and LionGold becoming 'designated' stocks

 'History is one thing. Sometimes new owners take over and they change the colours.'
- Mano Sabnani

 

UNUSUAL share price movements, boardroom battles and cornered markets.

 

If there is one distinctive characteristic among the handful of companies that have been linked to Ipco International and Innopac Holdings - including the three that were suspended by Singapore Exchange (SGX) a week ago - it would be their apparent susceptibility to major disruptions.

 

If history were an airline, that group of companies would be paying mountains in excess baggage fees.

 

On Oct 4, SGX suspended the stocks of Asiasons Capital, Blumont Group and LionGold Corp as their shares plunged right out of the gates. SGX allowed trading to resume on Oct 7, but banned short-selling and required upfront cash settlement for those three "designated" stocks.

 

Add to those three companies Ipco, Innopac, the infamous Mid-Continent Equipment Group and Links Island Holdings, now called Manhattan Resources. What you end up with is a network of cross-holdings and management relationships - and a lot of negative headlines.

 

The story starts almost 20 years ago, with a Malaysian wheeler and dealer named John Soh Chee Wen, who was known for having amassed a stable of listed companies on both sides of the Causeway. In Singapore, his vehicles were Ipco and what was then called Inno-Pacific Holdings.

 

The real trouble started in 1998, when rumours began to emerge that Mr Soh - and some of the brokerages he controlled in Malaysia - might be in financial trouble. It reached a point where the Kuala Lumpur Stock Exchange in January 1998 asked all its brokerages to report their exposure to Mr Soh.

 

Amid those concerns, Ipco in July launched an initial public offering for its Mid-Continent Equipment Group unit. MidCon lasted all of a week before regulators suspended the stock, which was eventually delisted after investigators determined that it had been cornered.

 

In 1999, Mr Soh resigned as managing director Inno-Pacific, then fled as Malaysia put out a warrant for his arrest. He finally returned to Malaysia years later, and eventually pleaded guilty to abetting acts of fraud related to some trades in Malaysia.

 

Without Mr Soh at the front, Ipco came under a highly public boardroom fight by a group of shareholders, who succeeded in replacing the board in 1999. Four years later, Ipco's board would come under another attack, but would prevail.

 

In early 2000, a company called Links Island Holdings launched its IPO. Six months later, that stock was also suspended on what was eventually found to be a case of share manipulation. It then emerged that Inno-Pacific, through a subsidiary, was the sixth-largest shareholder in Links Island.

 

A year later, Inno-Pacific had its own boardroom battle, with a number of investors who had links with Mr Soh joining the successful bid to replace Inno-Pacific's directors.

 

Back to the present and the three "designated" companies.

 

Those three companies are linked to Ipco and Innopac through numerous cross-holdings.

 

Beyond those investment holdings, Ipco company secretary Lynn Ng Su Ling is also non-executive independent director at LionGold and Blumont.

 

Jared Lim Chih Li, managing director of LionGold substantial shareholder Asiasons Capital, is also married to Dian Lee. Ms Lee runs Clear Water Developments Sdn Bhd, which is a substantial shareholder of Blumont and Innopac.

 

Regardless of whether those connections are pure coincidence, the market appears to perceive a correlation. Consider the number of trading queries that have been issued by SGX so far this year.

 

Between Jan 1 and Oct 4 this year, the seven companies mentioned so far, plus Asiasons Capital associate ISR Capital, formed 10 per cent of all the companies queried by SGX, but accounted for 18 per cent - or 16 out of 88 - of queries made.

 

Such a history can be offputting for some investors.

 

"There are some people, they avoid them," said investor Mano Sabnani. "I know there are value investors where they simply don't touch companies that they think are risky."

 

But Mr Sabnani said that investors should assess every investment based on fundamentals as well as their own risk appetites.

 

"As an investor you have to look at your own risk appetite," he said. "Are you looking for yield, are you looking for growth? Every stock, every investment has to be carefully studied."

 

History can offer some background, but circumstances can also change.

 

"History is one thing," he said. "Sometimes new owners take over and they change the colours."

 

https://groups.google.com/forum/#!topic/brokeragesreport/0f4qkg-HAIg

 

LionGold to buy, process gold waste in Ghana

LionGold, the mining company which had billions of dollars wiped off its value last month after its shares plummeted, said yesterday that its Ghana unit has signed a deal with an Australian-registered firm to buy materials left behind from old gold mining operations and reprocess them to recover additional minerals.

LionGold’s Owere Mines will buy a minimum of one million dry metric tonnes of gold-bearing waste tailings from B&C Gold over three years, it said in a statement. Income generated from the gold produced will be used to fund further exploration activities at a mine in Ghana.

“Our agreement with B&C signifies LionGold’s commitment in developing our gold mining assets organically and would jump-start production and fully utilise existing facilities at our subsidiary, Owere Mines.

“While doing our part in improving Ghana’s environment, income generated through the production of gold from purchased tailings would also fund exploration activities at our ... Konongo Gold Project,” LionGold Group Chief Executive Nicholas Ng said.

Gold-bearing waste tailings are materials which remain from old gold mining operations. They may pose a threat to the environment and the health of nearby communities if the waste leaches into groundwater.

B&C has an environmental clean-up agreement to remove all gold-bearing waste tailings from river and stream systems in land owned by two local councils.

It will be responsible for all costs and approvals associated with the mining, extraction, blending and delivery of the tailings to Owere Mines, which in turn will pay the Australian-registered firm an aggregate price based on several factors, including the amount of dry tonnes delivered and grade of the tailings.

The tailings may be able to yield about 2,550kg of gold over the three years, LionGold said. Production is scheduled to begin in March next year.

LionGold’s shares closed little changed at S$0.177 yesterday, clawing back slightly from the more than four-year low of S$0.144 on Oct 17. That is still far below the S$1.51 level seen on Oct 3, a day before the miner and two other counters were suspended by the Singapore Exchange after sharp declines in their stock prices erased S$8.6 billion in market value over three days.

They were later allowed to resume trading as “designated securities”, implying that there could have been manipulation or excessive speculation.

http://www.todayonline.com/business/liongold-buy-process-gold-waste-ghana