NTU Tax Advisory Club

NTU Tax Advisory Club

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We are the main student club in Nanyang Business School, Nanyang Technological University that incre

15/08/2022

Hello everyone! 👋👋

Interested in tax and looking for avenues to express your passion? Or perhaps...

⭐ Prepare yourself for a career in tax?
⭐ Gain a deeper understanding of the tax industry
⭐ Network with professionals in the industry?
⭐ Work on tax-related projects and show your skills?

NTU TAC is now recruiting subcommittee and members now from all years and specializations! 🙋‍♂️🙋‍♀️

Opportunities and Benefits ✅✅✅
Networking Opportunities with Tax Professionals
Exam Welfare Packs
Tax Sharing and Study Sessions
Tax Competitions
And more…

NBS Club Fair 2022 (Physical Booth)
Date: 17th August 2022
Time: 12:00pm to 2.30pm
Location: The Hive (TR 14 - 16) (Level B3)

Join Us at NTU TAC
🌟🌟Registration Link: tinyurl.com/tacrecruitment2022

TAC member applications will be open all year round!! However, subcommittee roles are limited so sign-up ASAP 😬

Photos from NTU Tax Advisory Club's post 03/05/2022

Have you ever wondered what life as a tax professional is like? 🤔 Interested in taxation but not sure where to start? Come join us for our Tax Sharing Webinar Series! 🤓😊

The Tax Sharing Webinar Series aims to provide students with a better understanding of the job scope of a practicing tax professional, giving you a head start compared to your peers. You will also have the opportunity to interact with different tax representatives to learn more about possible internship, training and career prospects. 🔎🧳

Attire: Business Casual

Registration is open to students from all universities. Sign up now via the link in our bio to secure your slots! 🤩

Photos from NTU Tax Advisory Club's post 04/04/2022

Hello everyone! 🤗Hope everyone is coping well as the semester is ending! 📚📔😬April’s article publication is about how the Global tax deal affects investment deals.🧐

The secret 🤫to Singapore being able to build up the economy in less than half a century due to various measures taken by the government with one of them being keeping its corporate tax low to attract more companies to set up operations here. 🏢📈👩‍💻

Group of 7 (G7) nations have recently agreed on 5th June 2021 to set a global minimum corporate tax rate of at least 15%. This will make it harder for Singapore to attract investors and have a negative impact 📉❌on Singapore fiscal’s policy, which its impact will stay undetermined with details still being finalized.

Hence to enhance competitiveness🤑 and improve the business environment, Singapore needs to change their budget and borrowing methods to have sufficient revenue. 💵This means that Singapore needs to put more focus on non-tax factors and be constantly on the move, continuing to restructure, reorganize and reposition themselves for better opportunities to come.🤝

Singapore will continue to take part in the G-20 Inclusive Framework to work out tax solutions that Singapore can adapt to. Through consultation with affected industries, Singapore will adjust its tax system for fairness to everyone.

Interested to find out more? 🤭Click on the link below!😜
Source: https://www.straitstimes.com/singapore/politics/global-tax-deal-will-make-it-harder-for-spore-to-attract-investments-lawrence

Photos from NTU Tax Advisory Club's post 22/03/2022

Calling all students! 📣 TAC will be conducting a Tax Study Session specifically for all students taking AC2301 Principles of Taxation! ✍️Registration is now open to all students on a first-come, first-served basis and will close by 4 April 2022, 2359hrs. Please sign up at tinyurl.com/tss2ay2122 Zoom link will be sent to successful registrants via email.
Attendees are highly encouraged to attempt the AC2301’s AY21/22 Sem 1 Final Exam Paper before attending the session. The question paper is available online at NTU Library. 📚

Calling all TAC members! To support you during the exam season, TAC will also be distributing exam welfare packs to you! 🙌 So, what are you waiting for? Register before 1 Apr 2022, 2359hrs to collect your welfare packs at: tinyurl.com/ewi2ay2122 🤩

Photos from NTU Tax Advisory Club's post 17/03/2022

Hey there! Come and check out fun fact for March to see if you are eligible for the vouchers! 😉💰💰

In January 2023, an estimate of 950,000 Singaporean Household will receive a GST Voucher to assist them in coping with the incoming GST Hike.💵

This package serves as an avenue to help Singaporeans emerge from the Covid-19. It also shows that Singapore tax system will remain progressive and fair.

Photos from NTU Tax Advisory Club's post 01/03/2022

It’s time for March article publication 🥳🥳 Hope everyone is enjoying their recess week! 🤗March article publication is about the revision of Additional Buyer’s Stamp Duty (ABSD) rates. 📈

ABSD was first introduced in December 2011 to control the surge in demand for the property markets and act as a “cooling measure” ❄️🌬to discourage investors and foreigners from purchasing more than one residential property in Singapore. 🙅‍♀️🙅‍♂️This is to help Singaporeans purchase residential properties at a relatively reasonable value.👍

With effect from 16th December 2021, ABSD’s revised rates are as follows 🏠 :

Singaporean Citizens (SC) buying first residential property: NA
SC buying second residential property: 12% —> 17%
SC buying third and subsequent residential property: 15% —> 25%

Singapore Permanent Resident (SPR) buying first residential property: 5%
SPR buying second residential property: 15% —> 25%
SPR buying third and subsequent residential property: 15% —> 30%

Foreigners (FR) buying any residential properties: 20% —> 30%
Entities buying any residential properties: 25% —> 35%(Plus additional 5% for Housing Developers, non-remittable)

Want to find out more? 🤔Head onto the link below! 😉
https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer's-stamp-duty-(absd)

Photos from NTU Tax Advisory Club's post 26/02/2022

It's a wrap for TAC x IRAS Service Learning 2022! 👏🙌

A great thank you to for their insightful sharing on relevant and important knowledge 🧠 such as how to file our taxes and our possible tax reliefs. 🤔✍️

Also, thank you to all participants for attending this webinar and asked many good and interesting questions. Hope everyone found it as fruitful and useful as we did 🤩👍

Photos from NTU Tax Advisory Club's post 24/02/2022

Hello! Hope everyone is surviving well, it’s almost recess week.. this means that you’ve officially made your way past half the semester ! Remember to take breaks & soak in the ! 🥳

Did you know?
The government allows double deduction of expenses that involve overseas trade and businesses !

Since YA 2019, the cap has been raised to $150,000 per YA. In addition, the scheme has been enhanced to include qualifying salary expenses incurred between 1 Jul 2015 & 31 Dec 2025 for Singaporeans and PRs posted to overseas establishment of approved firm.

Curious to find out more about the specifics ? Click on the link for more information! 💬
Source: https://www.iras.gov.sg/taxes/corporate-income-tax/income-deductions-for-companies/business-expenses/double-tax-deduction-for-internationalisation-scheme

15/02/2022

Have you wondered about…🤔
1) How do I file my taxes when I enter the workforce in the near future?
2) What are the taxes paid used for?
3) How can I reduce my tax obligations?

If you answered yes to any of the above, then join us on 26 February 2022, 2pm-4pm to find out more! Whether you have already secured a job offer or are still slowly exploring your opportunities, personal income taxes are something that everyone should be aware of. 🤩👍

The TAC-IRAS Tax Webinar 2022 aims to equip students who may lack accounting knowledge with basic individual income tax literacy. 🙌🙌

There will be prizes 🎁 to be won, so grab a friend and sign up now via tinyurl.com/TACxIRASwebinar2022 or link in bio!!! Registration is open to all students and will close on 24 February 2022, 2359hrs.

Photos from NTU Tax Advisory Club's post 10/02/2022

Hey guys, it's Thursday, which means it's time for ! 🥳We hope everyone had a wonderful Chinese New Year.🐯🍊🧧

Have you heard before of the Supplementary Retirement Scheme(SRS)?🧐

In fact, all Singaporeans and foreigners are eligible to apply for a Supplementary Retirement Scheme (SRS) Account, which provides tax benefits. 👍🏻💰Furthermore, funds in the SRS account can be utilized to invest in bonds, stocks, and exchange-traded funds (ETFs).

SRS contributions can be made in cash at any time 🕚and are capped at 15,300 SGD for Singaporeans and 35,700 SGD for foreigners.💵
Would you like to find out more? 💬Click on the link to discover how to do so today! https://www.iras.gov.sg/taxes/individual-income-tax/employees/deductions-for-individuals/special-tax-schemes/srs-contributions

Photos from NTU Tax Advisory Club's post 09/02/2022

It's time for February publication! 🙌🏼😄 We'll be referring to a Bloomberg article about the tax details that will be disclosed for the 2022 budget in February.

In his annual New Year’s address, Singapore Prime Minister Lee Hsien Loong signaled possible tax changes in the upcoming budget. He cited that this is to raise funds for social programs and expansion of the nation’s healthcare system as the economy is emerging from Covid-19. 🦠🏥

Due to covid-19, the financial hub predicts a 3% to 5% increase in gross domestic product in 2022, which is slower than in 2021. This is due to the fact that tourism, consumer spending, and construction are not expected to reach pre-Covid levels. Furthermore, in its fight to keep the economy afloat throughout the pandemic, the government has relied "heavily" on past reserves, resulting in a budget deficit for the past two years. With the economy slowly but progressively making a comeback, PM Lee plans to “start moving” on building back its national reserves through accumulating tax revenue from various sources. 💰💰

As a result, the proposed increase in the existing GST rate of 7% is likely to materialise, with the implementation date being brought forward to 2022. Other forms of taxation are also being considered by policymakers. 📈💵

Better-off citizens would contribute more, with everyone else contributing at least a little amount to share the burden. The government has set aside a S$6 billion ($4.4 billion) package to ensure that the GST hike does not affect the majority of Singaporean households, particularly the lower-income families. 😊💪🏻

Mr Lee is "quietly confident" that the country can cope with the impacts of the omicron variant and that the country is "greatly strengthened" compared to two years ago as a result of the increased vaccination campaign, which now includes young children. 💉💉

Interested to know more? 👀👀 Tune in on February 18 2022 for additional information on the next budget and visit here to find out more: https://www.bloomberg.com/news/articles/2021-12-31/singapore-s-lee-signals-new-tax-details-to-come-in-next-budget

Photos from NTU Tax Advisory Club's post 27/01/2022

Hello! Hope everyone is hustling hard and surviving the third week of school, take a break & soak in the ! 🤔

Did you know?
With effect from 16th December 2021, the Additional Buyer’s Stamp Duty (ABSD) has been raised, as a cooling measure to control property prices.

These new cooling measures will mostly affect:
• Investors
• Private Residential

Keen to know more about the specifics ? Click on the link for more information! 💬
Source: https://www.iras.gov.sg/taxes/stamp-duty/for-property/buying-or-acquiring-property/additional-buyer's-stamp-duty-(absd)

Photos from NTU Tax Advisory Club's post 16/01/2022

Congratulations to the champion of National Tax Competition 2022, Team Orange Cats! The team consist of Tay Zhi Sheng Emil, Tee Rue Teng, Phan Wilber and Emma Low Puay Puay. 🥳🎉

With hard work and dedication, Team Orange Cats have made their way through all the rounds and emerged as champions! We would like to give a round of applause to Team Orange Cats!👏🏻🤝

Once again, we would like to thank all Sponsors, Judges, participants as well as members of TAC for joining us and making this event possible! 😁🙌

With that, this marks the end of National Tax Competition 2022. We look forward to seeing everyone again! 👋🤩

Photos from NTU Tax Advisory Club's post 15/01/2022

Here's a recap of today's day 1 of NTC 2022! 🤩🙌

We would like to thank our Platinum Sponsors, KPMG, CPA Australia, IRAS and SCTP for their insightful sharing. 😊👏

Congratulations to the top 10 winners as well as all prize winners! To all the teams, thank you for your participation and we hope to see you again!

Photos from NTU Tax Advisory Club's post 13/01/2022

Time files and this week marks the 2nd week of January! We hope you are doing well in school. Here we are again for ! 🤩🙌🏼

To encourage mothers to go back into the workforce, the government legislate specific tax reliefs and rebates for mothers. 🤰👏🏻

· Working-Mother Child Relief 👩‍💻👜
- Working mothers are allowed to deduct their income based on the number of children they have, including step children and legally adopted children. Having 1 child would allow mothers to deduct 15% of their taxable income, 2 children allows a total of 35% to be deducted and 3 children allows a total of 60% tax deduction.

· Foreign domestic worker levy 💰💰
- Either the wife or the husband has hired a domestic worker in the previous YA can claimed
- You may claim twice the total foreign domestic worker levy paid in the previous year on one foreign domestic worker. This is regardless of whether you or your husband paid the levy. Eg: hired maid for three months ($300*3=$900) can claim maximum of $1800

Photos from NTU Tax Advisory Club's post 10/01/2022

Hello, everyone! Hope everyone has had a great first week of school! 🤩 January’s article publication is regarding the evaluation of implementing a wealth tax on the wealthy in Singapore.📝

Due to the pandemic, tax collections have decreased by 7.3% in the financial year ended 31 December 2020.📉
This has resulted in experts anticipating wealth disparity in Singapore to widen even further, following a pattern seen in other advanced economies with rising wealth concentrations.Hence International Monetary Fund has proposed a wealth tax to force the rich to contribute towards COVID-19 costs.✍️

However, some people are opposed to the imposition of a wealth tax as they believe that taxing capital violates economic fundamentals and could lead to capital flight.💸🧐 As a result, the goal of the wealth tax is to provide wealth tax regimes that would encourage people to keep their assets in Singapore.
The government is currently pursuing initiatives to lessen income disparities in Singapore, one of which is taxing assets that the wealthy are more likely to spend more on, such as real estate and automobiles.🏙🚗

If you wish to find out more about the options to levy taxes and charges on the wealthy, click on the link below 🤔:
https://www.channelnewsasia.com/singapore/big-read-wealth-tax-economy-covid-19-pandemic-2342236

05/01/2022

Hello everyone! National Tax Competition 2022 is just around the corner! 🙌🏼🤩

Do watch this video to find out what to expect for NTC 2022. We wish you all the best for the competition! 💪🏻😊

Photos from NTU Tax Advisory Club's post 23/12/2021

Hello! Hope everyone is enjoying your holidays 😄 It’s fun fact time!🤩

Did you know?
During the G-20 summit held on 30 October 2021, world leaders reached a deal on establishing a global minimum corporate tax rate of 15% by 2023.

The minimum corporate tax seeks to:
• Discourage multinational companies from shifting profits and tax revenues to low tax countries ✈️
• End tax competition between governments to attract foreign investment📈

🤔So how does this work? Click on the link for more information! 💬
Source: https://www.straitstimes.com/world/europe/what-is-the-global-minimum-tax-deal-and-what-will-it-mean

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