Since tax planning is primarily a process of analysis and consideration of relevant tax factors and non-tax factors in a given set of circumstances, the questions usually posed by a taxpayer are:
- should i do it?
- if so, when should i do it?
- how do i go about doing it?
- with whom should i do it?
The same questions are posed by taxpayers at home and by taxpayers who wish to cross the frontiers of their own country into other countries. Perhaps, in international tax planning the factors involved are more complex, as they relate to different laws in existence in two or more countries, each subject to interpretations which may not be uniform. There is also the question of various domestic interests of the countries concerned which affect such planning.
Foreign investors wishing to move into Singapore for expansion of business interests need to acquaint themselves with the following tax and non-tax factors:
- individual and company income taxes;
- methods of calculating taxable income;
- withholding taxes on interest and other categories of income;
- taxes on royalties and rents;
- rates of taxes, rebates, credits and tax payment timings;
- taxes on employees;
- payroll taxes;
- company incorporation fees;
- branch registration fees;
- customs duties (import and export);
- estate duty taxes;
- provident fund contributions;
- double taxation agreements;
- currency and exchange regulations;
- investment incentives available;
- political and economic stability;
- professional, commercial and banking facilities;
- business climate;
- position of foreigners;
- labour force;
- language problems;
- accounting laws and procedures.
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