Tax Computations for Individuals and Organizations
About This Course
This course equips individuals with the knowledge to analyze tax computations and their implications on both individuals and organizations under Singapore’s tax system. You will gain insight into the latest tax laws, identify key tax statutes, and understand IRAS guidelines, including how to apply the appropriate tax rates and exemptions. The course also provides a comprehensive understanding of the tax filing system, including the required forms and deadlines, to ensure timely and accurate reporting.
In addition, learners will be trained on computing Income Tax and GST, using accounting software to integrate tax changes announced in the Budget. The course focuses on the process of applying tax reliefs, rebates, and other relevant factors to tax computations. It also emphasizes updating tax systems to align with the latest tax law changes and Budget updates to maintain compliance with Singapore's evolving tax requirements.
What You'll Learn
LO1: Analyse the implications of tax law changes on organizational obligations using current tax statutes and rules.
LO2: Update tax computations and systems to reflect filing changes and Budget updates in compliance with reporting requirements.
Topics Covered:
Topic 1: Introduction to Singapore Tax System
• Overview of Singapore’s individual and corporate tax systems
• Identification of key tax statutes, regulations, and Inland Revenue Authority of Singapore (IRAS) guidelines
• Classification of taxable income and application of relevant tax rates
• Evaluation of exemptions, deductions, and rebates
Topic 2: Income Tax and GST Computations and Filing Requirements
• Apply step-by-step procedures to compute Income Tax and GST using accounting software
• Integrate and reflect tax changes announced in the Budget
• Implement correct filing processes and meet statutory deadlines (e.g., Form C-S, Form B, GST F5)
• Incorporate tax reliefs and rebates into computations
Entry Requirements
Knowledge and Skills
• Able to operate using computer functions
• Minimum 3 GCE ‘O’ Levels Passes including English or WPL Level 5 (Average of Reading, Listening, Speaking & Writing Scores)
Attitude
• Positive Learning Attitude
• Enthusiastic Learner
Experience
• Minimum of 1 year of working experience
Target Age Group: 21-65 years old