ACCA Students.

[hardcorepassion]

My friend told me shareholders meeting was not held in singapore therefore non resident.

Qn 2 really squeeze your blood.

Shareholder's meetings not impt, its directors' meetings that determine residency.

By the way, I didnt even see this point, but i calculated as resident company.

Honestly not an easy paper by any means

 

[Biogentic]

actually as defined in S2 of the Income Tax Act, A company is tax resident in Singapore if control and management is exercised in Singapore. control and management largely refer to director meeting instead of shareholder meeting...
Incorporation of a company in singapore does not automatically means it is tax resident in Singapore.

 

[hardcorepassion]

actually as defined in S2 of the Income Tax Act, A company is tax resident in Singapore if control and management is exercised in Singapore. control and management largely refer to director meeting instead of shareholder meeting...
Incorporation of a company in singapore does not automatically means it is tax resident in Singapore.

Yup that was the point i was trying to make.

ebullent, what did the question say exactly about the meetings?
I totally missed out on that.

But i doubt they would ask a question on a non-resident company in Ques 1 for 30 marks...

 

[Petrelli_83]

Yup that was the point i was trying to make.

ebullent, what did the question say exactly about the meetings?
I totally missed out on that.

But i doubt they would ask a question on a non-resident company in Ques 1 for 30 marks...

There are no tax credits to claim, so i think it doesmt matter whether its a resident or nonresident company when computing qn 1.

 

[hardcorepassion]

There are no tax credits to claim, so i think it doesmt matter whether its a resident or nonresident company when computing qn 1.

I don't even remembering doing a practice question relating to a non-resident co..

So the only difference is the tax credit?

 

[ebullent]

i didnt see that part also, i calculated as a resident company.

my classmate told me he saw qn stating that directors meeting were held else where..shareholders meeting was my mistake.

but can non resident company claim partial exemption?

computation for non resident company and resident similar no?

 

[hardcorepassion]

i didnt see that part also, i calculated as a resident company.

my classmate told me he saw qn stating that directors meeting were held else where..shareholders meeting was my mistake.

but can non resident company claim partial exemption?

computation for non resident company and resident similar no?

Sure anot? I didnt even see that. Was he talking about part 1(a) or question 5?

I have no idea about non-resident co man.

 

[ebullent]

Sure anot? I didnt even see that. Was he talking about part 1(a) or question 5?

I have no idea about non-resident co man.

yah man i didnt see also..he said 1st paragraph 2nd line after the incorporation.

lets hope he see wrongly

 

[F3Rm1nat0r]

anyone here doing audit?
heard its the worst paper...

 

[hardcorepassion]

anyone here doing audit?
heard its the worst paper...

Passed in June. Just do past year papers.
But it's quite hard to understand some concepts if you don't have a lil experience

 

[Petrelli_83]

I don't even remembering doing a practice question relating to a non-resident co..

So the only difference is the tax credit?

For tax computations, yes, that is the only difference. Non resident companies are also entitled to partial tax exemption.

 

[hardcorepassion]

For tax computations, yes, that is the only difference. Non resident companies are also entitled to partial tax exemption.

Heng... but i still doubt they tested on NR company.

NR can claim Capital Allowances also?
All Non deductible expenses added back as usual? No adjustment of amount?

Let's all learn new things from the expert!

 

[ebullent]

For tax computations, yes, that is the only difference. Non resident companies are also entitled to partial tax exemption.

oh nice im so glad to hear that....at least i wont be penalised for that 30marks

 

[ebullent]

Heng... but i still doubt they tested on NR company.

NR can claim Capital Allowances also?
All Non deductible expenses added back as usual? No adjustment of amount?

Let's all learn new things from the expert!

who know this sitting he chut stun..yvonne goh said this will be the examiner's last sitting. next one will be set by new examiner..

 

[hardcorepassion]

who know this sitting he chut stun..yvonne goh said this will be the examiner's last sitting. next one will be set by new examiner..

Yup, seriously CHU STUNT TO THE MAX!

 

[missotah]

Helping my sister. Anyone have Sami p2 tips. Please.

 

[Petrelli_83]

Heng... but i still doubt they tested on NR company.

NR can claim Capital Allowances also?
All Non deductible expenses added back as usual? No adjustment of amount?

Let's all learn new things from the expert!

Everybody can claim CAs! wah lao have you been sleeping in class..residents and non-residents all taxed on the same basis, only difference is the availability of double-tax reliefs/ DTAs.

 

[Petrelli_83]

Has anyone taken any classes under Goh Sher Wee or Jimmy Oei (P6 advanced tax)? I was looking for Yvonne Goh's p6 class but it's not offered next term!? WTF man. Any other lecturers to recommend?

 

[Biogentic]

Heng... but i still doubt they tested on NR company.

NR can claim Capital Allowances also?
All Non deductible expenses added back as usual? No adjustment of amount?

Let's all learn new things from the expert!

capital allowance claim is one thing very tricky... only if you derive income from S10(1)A then u are allowed to claim capital allowance. if a non-resident company is an investment holding company derive income chargeable under either S10(1)F or D, the CA on capital expenditure cannot be claimed. The CA is however available on a replacement basis.

 

[eflash]

anyone here doing audit?
heard its the worst paper...

Hi, I am doing audit F8 for dunno how many times... so depressing