Staff Retention Strategies, Flexible Benefits & Income Tax Reporting for HR Personnel

Event Date: 29 January 2018
Event Time: 9am – 5pm
Location: 2 Bukit Merah Central

By Kevin Lee, Associate Trainer
Fees: S$420.00 (GST will not be applicable) – PIC claimable of up to 40%

All benefits provided by employers which give rise to personal advantage to the employees are taxable under the law. This is regardless of whether it is specified in the employment contract, in consideration for performance or work-related. While all benefits are taxable, the Inland Revenue Authority of Singapore (IRAS) recognizes that employers may find it difficult to allocate and assign some benefits to specific employees, especially where the benefits are not substantial in value. Hence, IRAS grants administrative concessions to exempt some benefits from tax, based on some general criteria such as whether the benefits are generally available to all staff, necessary for corporate identity, etc. errors made by employers.

We invite HR personnel to this one-day seminar to have a better understanding of the tax on employment benefits and the common reporting errors made by employers. Hence, all HR professionals are urged to attend this important briefing!

Course Outline

  • Introduction to personal tax reporting
    • Strategic purpose of recruitment
    • Who is taxable and who is exempted?
    • Do I have to submit my annual tax return?
    • Residence status
    • Basis of Assessment
    • Profession & vocation
    • Employment income
    • Any gain or profits of an income
  • Introduction to personal tax reporting
  • Reimbursement vs allowances
  • BIK – An overview and General Rule of Taxation
  • What is tax year?
  • BIK Concessions (i.e. non-taxable)
  • Benefits exempted under status/law
  • Taxable benefit in-kind
    • Where to report?
    • Who is affected?
    • What to report?
    • When to report?
    • How to report?
  • Inducement payment
  • Compensation for loss of office
  • Common reporting errors made by employers
  • Tax & staff retention
    • Equity based remuneration scheme
    • Gains from exercise stock options
  • Planning for inbound employees
    • Area representative scheme
    • Not ordinarily resident (NOR) scheme

Workshop Leader

Kevin Lee formed his professional boutique consultancy and advisory firm specializing in corporate structuring and restructuring, enterprise tax risk management and corporate advisory services under the brand name “RYSAAC (睿鉴 隴西)” in early 2005. Since then, RYSAAC has gone strength-to-strength, collaboration strategically with several professional firms, including audit firms, management consultancy & corporate advisory companies and an internationally well-known publication. His clients are those of mainly individual and corporate clients who are seeking independent professional opinions and tax advisory services. Kevin is the full member of the Association of Chartered Certified Accountants (ACCA), Institute of Certified Public Accountants of Singapore (ICPAS), Singapore Institute of Accredited Tax Professionals (SIATP), Singapore Institute of Directors (SID) and fellow member of Malaysian Institute of Management (MIM). He graduated from the London School of Economics and Political Science (LSE), University of London with BSc (Hons) in Economics and Management and an executive diploma in directorship from Singapore Management University (SMU).

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