Open Access. Powered by Scholars. Published by Universities.®
Articles 1 - 9 of 9
Full-Text Articles in Tax Law
The Curious Case Of The 0.1 Per Cent Service Charge, Vincent Ooi
The Curious Case Of The 0.1 Per Cent Service Charge, Vincent Ooi
Research Collection Yong Pung How School Of Law
Just before 1 August 2022, a coffeeshop zi char chain announced that it would impose a 0.1% service charge. This decision was reversed within two weeks due to "customers' reactions".While the rate might appear to be absurdly low and not worth the trouble of imposing, this article suggests that there was more to the situation than first meets the eye. GST regulations require merchants to list GST inclusive prices unless the goods and services are provided by hotels and F&B outlets that are subject to a service charge. The 0.1% rate is thus explicable as a likely attempt to get …
Making Singapore A Regional Centre For Philanthropy, Kim Kit Ow, Vincent Ooi
Making Singapore A Regional Centre For Philanthropy, Kim Kit Ow, Vincent Ooi
Research Collection Yong Pung How School Of Law
The article highlights the strong ecosystem in Singapore where charitable initiatives are supported and encouraged, and builds on DPM Lawrence Wong's recent comments that the Government is reviewing its tax incentive schemes to encourage increased philanthropic giving.As a starting point, we suggest three simple ways in which tax incentives could be enhanced:1) increasing the enhanced tax deduction for donations from the current 2.5 times the amount of qualifying donations to 3 times for certain causes where there is a significant amount of public spending;2) extending the period for which tax deductions for donations can be carried forward for from the …
The Taxation Of Cryptocurrency Gains, Vincent Ooi
The Taxation Of Cryptocurrency Gains, Vincent Ooi
Research Collection Yong Pung How School Of Law
Taking Singapore as an example, this article lays out a series of tests for determining whether gains arising from the disposal of cryptocurrencies are trade or business income, “all other income” or capital gains. It also considers the possibility of a presumption that individuals engaging in such transactions are gambling.
Tax Avoidance By Professionals: Where Are We With Wee Teng Yau?, Vincent Ooi
Tax Avoidance By Professionals: Where Are We With Wee Teng Yau?, Vincent Ooi
Research Collection Yong Pung How School Of Law
Wee Teng Yau represents the first case on tax avoidance by professionals to come before the Supreme Court. This note attempts to reconcile the judgments of the High Court and the Income Tax Board of Review, which both made findings that the taxpayer had engaged in tax avoidance, but which approached the case rather differently on some points. Apart from a clear rejection of the “personal exertion” principle as having no legal basis under Singapore law, it appears that the common conclusion is that professionals incorporating a company would not constitute tax avoidance in itself, but if this was coupled …
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Tax Considerations For Funds Structuring In Asia, Vincent Ooi
Research Collection Yong Pung How School Of Law
Tax considerations play a major role in the decisions of fund managers of where to base their funds. The highly mobile nature of capital has resulted in tax competition, leading to several host jurisdictions for funds in Asia (Hong Kong, Singapore, Labuan, and the BVI) having very similar tax characteristics in terms of low effective corporate income tax rates; no capital gains taxes; no exit taxes; a single tier of taxation; and generally no withholding taxes. Other ways in which jurisdictions have attempted to distinguish themselves include a strong Double Tax Agreement network, certainty on the taxation of the carried …
Tax Implications Of Covid-19 In Singapore, Vincent Ooi
Tax Implications Of Covid-19 In Singapore, Vincent Ooi
Research Collection Yong Pung How School Of Law
As taxpayers in Singapore deal with a radically changed business environment due to COVID-19, there is a need to make non-routine decisions quickly. These decisions can have significant tax implications, which will likely manifest themselves later as the economy recovers. It is critical for taxpayers to understand the tax consequences of their decisions, even as they focus on issues of immediate survival. While the majority of the relevant tax principles are not new, the COVID-19 pandemic has resulted in the need to apply these existing principles to new situations and increased the frequency of certain activities that may have been …
Singapore Property Tax Law As It Stands: The Rebus Sic Stantibus Principle And The Statutory Formula, Vincent Ooi
Singapore Property Tax Law As It Stands: The Rebus Sic Stantibus Principle And The Statutory Formula, Vincent Ooi
Research Collection Yong Pung How School Of Law
The Singapore jurisprudence appears to have adopted the proposition that the rebus sic stantibus principle is to be disapplied where section 2(3) of the Singapore Property Tax Act (“PTA”) (the “Statutory Formula”) is applied. This article argues that this proposition perhaps ought to be stated more precisely. The principle is only disapplied where section 2(3)(b) is applied because it would run contrary to the statutory fiction imposed by section 2(3)(b) that the land is to be valued as if it were vacant land. There should be no disapplication of the principle where section 2(3)(a) is applied due to the absence …
Taxing "All Other Income" In Singapore And Malaysia, Vincent Ooi
Taxing "All Other Income" In Singapore And Malaysia, Vincent Ooi
Research Collection Yong Pung How School Of Law
Section 10(1)(g) of the Singapore Income Tax Act is a ‘sweeping-up’ provision which catches all income not falling under sections 10(1)(a)–(f). More than 50 years after its introduction, the application of section 10(1)(g) is still unclear despite the test laid out in IB v CIT. This article notes that the current jurisprudence is limited to cases involving gains or profits from the disposal of assets. It argues that the reliance on the Australian Myer Emporium test in IB v CIT was misplaced and that the section 10(1)(g) test should not have a sole focus on intention. Rather, it proposes a …
Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi
Stamp Duty Issues In Singapore Corporate Practice, Vincent Ooi
Research Collection Yong Pung How School Of Law
A new dimension to the determination and computation of stamp duties payable in corporate transactions has been introduced due to the Additional Conveyance Duties (“ACD”) Regime. For companies with significant residential property holdings, liability to pay ACD potentially extends to all transactions involving the issuance, transfer or cancellation of equity interests. This paper considers the impact of ACD on several common corporate transactions in Singapore, addressing the risks practitioners may face in being blindsided by potential tax liabilities. Besides highlighting potential pitfalls, this paper explores the use of advance rulings and preferring debt financing over equity financing for tax optimisation.