Tax Issues for SMEs

INTRODUCTION

Tax laws are constantly being updated on a yearly basis to tighten tax loopholes, as well as to ensure that tax laws are reflective of the government’s policies. Despite making up the largest group of tax payers, individually, SMEs face the big challenge in ensuring full compliance of changes to tax legislations due to their size and limited resources at their disposal. Many face the conundrum between survival and ensuring full tax compliance, therefore adopt the strategy of
surviving the business first and worry about tax compliance later. This programme aims to highlight the latest developments in tax laws, which, give rise to these tax issues, methods to ensure compliance as well as the consequences of ignoring these tax compliance issues.

COURSE OUTLINE

• E-Invoicing

• Treatment and documentation of Commission Expenses

• Illegal and “Grey Area” Transactions

• Inclusion of Software in the definition of Royalty

• E-Commerce transactions and Digital Advertising

• Deductibility of Tax Agent Fees and Secretarial Fees

• Relief for Error or Mistake under Section 131

• Directors’ Accounts

• Audit Exemption

• Assessment under Section 90(3) and late filing of Audited Financial Statement

• Taxation of Foreign Source Income received by Tax Resident

• Eligibility of SME income tax rate

• Interest on related party transactions

• Capital Gains Tax