Capital Gain Tax in Singapore

* The gain or loss on an investment over a specified period, expressed as a percentage increase over the initial investment cost. Gains on investments are considered to be any income received from the security plus realized capital gains.

A capital gain or loss is considered on the sale or the returns from an asset. There are short-term capital gains or losses that amount from the sales of an asset which are owned for less

1. Income tax is generally payable annually by residents or non residents who are receiving income in Australia provided the income was derived, earned or accrued while living in Australia. The returns earned from a business operated partly in or out of the country i.e. Australia are considered to have accrued in totality from Australia. All the income earned from investments, sale of personal property or any other income is subject to taxation. (Renton, 2005)

Block B consists of 3 similar units which have same construction costs of $750000, unit 1 and unit 2 were sold in the month of April for 950000 each while unit 3 was sold for 860000 in May. These events are taxed on the basis of s108-55(2) of ITAA97 which made the construction of new units a separate CGT event and the cost base is subtracted from the selling price to get to a gain/loss.

Chief Justice M. Hameedullah Beg., Justice N. L. Untwalia, Justice P. N. Bhagwati, Justice P. S. Kailasam, Justice S. Murtaza Fazal Ali, Justice V. R. Krishna Iyer and Justice Y. V. Chandrachud.

The term capital gain is often associated with the wealthy or corporate entity. However, every single tax payer can receive a capital gain. Whenever you sell an item for more than you paid for it, you are earning a capital gain. That gain, the amount of money you made on the transaction, is subject to the capital gain tax. This means that the government has the right to tax a percentage of that money you earned. The sale of many different items can result in a capital gain, including stocks, investments, personal property, and homes or residences. As an example, if you purchase a used car for $1,000 and then sell that car for $5,000, you have made a capital gain of $4,000. However, any fees you paid toward that vehicle will be considered. If you restored the car, spending $2,000, that amount is decreased from your total capital gain amount.

Singapore is a high income economy of GDP $307.9 and $55,150 per capita income as of 2014. According to the World Bank reports Singapore

Singapore is a very competitive country with regards to its economy. It is an ideal place to start a business as it has risen its rank from number seven to number six on doing business according to the World Bank (2017). Although this country is highly competitive, the economic situation of Singapore is being affected as it is dependent on exports. Because of recent changes in the global economy, Singapore faces weak global exportation demands, contributing to Singapore’s economic situation is the restructuring of the Chinese economy as their economy has since slowed down. even so, the government is expected to remain stable for 2017 as the government has developed plans that focuses on the investments of certain sectors of the economy. The population of Singapore is steadily rising with an estimated two hundred sixty-one million people in 2016 (The World Bank, 2017).

If the asset is worth more when it is resold than it was when it was bought, then you have earned a capital gaincapital gainWealth created when an asset is sold for more than the original investment.: the investment has not only stored wealth but also increased it.

Capital gain is made on the capital assets which are sold for value more than the cost base of it as per Section 104 (10). It means that for making capital gain a capital gain tax event has to happen. Few capital assets are not taxable even when it makes a capital gain on incurring a capital gain tax event. One of them is a resident property which is used completely for living in it by the taxpayer.

The provisions of the CGT are available only on the properties which are acquired by any individual company or trust after 20th September, 1987. The CGT provisions were introduced on the above mentioned date and it was applied prospectively. Thus, the properties acquired before 20th September 1987 are not meant to be taxable under CGT.

However, every income is taxable under income tax law, whether it is received in cash or in kind, whether it is capital or revenue income, but still some incomes are given exemption from tax. In this lesson we will study those incomes which are exempt from tax.

Sole Proprietorships which have annual taxable turnover of (Cambodian Currency) Khmer Riel (“KHR”) 250 million equaling US $

This article is generally informing Singaporeans the importance and the need to declare and pay the taxes of their goods or souvenirs purchased overseas when they return home from their holidays. The items are subjected to a 7 percent Goods and Services (GST) tax regardless whether the goods purchased are for their own use or not. However, the government has implemented a form of GST relief for Singaporeans to allow them to bring a certain combined total value of goods purchased to be brought back home without having to pay tax. The GST relief is granted to Singaporeans for goods valuing up to $600, provided they spend more than 48 hours

the Hong Kong profits tax implications to STPL in respect of its arrangement with STPCL (15 marks)