A Conceptual Approach to Singapore Taxation - Poh Eng Hin

Description

A book on Singapore income taxation and the goods and services tax presented along the lines of a seven-point conceptual framework comprising:

(1) Jurisdiction;
(2) Base;
(3) Allocation;
(4) Person;
(5) Cross-Border Linkages;
(6) Tax Expenditures; and
(7) Administration.

General Information

 

Author: Poh Eng Hin / Deborah M.Y. Poh

(Special thanks to Ms Dora Lim for being the principal author of Appendix 23-1 of the book)

Institution author affiliated to: Nanyang Business School, Nanyang Technological University, Singapore...

(Disclaimer: The views expressed in the book are the author’s own and do not necessarily reflect those of any institution to which the author is affiliated. While every effort has been taken to ensure the accuracy and completeness of the publication, the author expressly disclaims liability for any loss that may occasion to any party from any reliance placed on the work.)

Publisher: Pearson Education

ISBN: 978-981-45-2698-2

Year of publication: 2013 (1st edition)

No. of pages (main content): 922

Table of Contents:

PART 1: INTRODUCTION AND THE CONCEPTUAL FRAMEWORK
Overview of Part 1
Chapter 1: Introduction to Taxation
Chapter 2: The Conceptual Framework and The Legal Framework
Chapter 3: The Conceptual Framework Applied to Income Taxation

PART 2: JURISDICTION
Overview of Part 2
Chapter 4: Defining the Income Tax Jurisdiction
Chapter 5: Defining Heads of Charge
Chapter 6: Determining the Residence of the Person
Chapter 7: Locating the Geographical Source of the Income

PART 3: BASE
Overview of Part 3
Chapter 8: Exemptions
Chapter 9: Deductions
Chapter 10: Capital Allowances
Chapter 11: Quantifying Statutory Income
Chapter 12: Quantifying Assessable Income
Chapter 13: Quantifying Chargeable Income

PART 4: PERSON
Overview of Part 4
Chapter 14: Income Tax Aspects Peculiar to Companies
Chapter 15: Income Tax Aspects Peculiar to Individuals
Chapter 16: Taxation of Partnership Income
Chapter 17: Taxation of Other Entities

PART 5: CROSS-BORDER LINKAGES
Overview of Part 5
Chapter 18: Double Taxation and Tax Treaties
Chapter 19: Residents Receiving Foreign Income in Singapore
Chapter 20: Non-Residents Deriving Singapore Income

PART 6: ALLOCATION
Overview of Part 6
Chapter 21: Further Allocation Issues

PART 7: ADMINISTRATION
Overview of Part 7
Chapter 22: Income Tax Administration

PART 8: TAX EXPENDITURES
Overview of Part 8
Chapter 23: Overview of Income Tax Incentives

PART 9: GOODS AND SERVICES TAX
Overview of Part 9
Chapter 24: Introduction to the GST
Chapter 25: GST in Singapore


ORDER / CONTACT DETAILS:
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https://www.facebook.com/pages/A-Conceptual-Approach-to-Singapore-Taxation/515803501818636

AIMS AMP Capital Industrial REIT Dividends Summary

AIMS AMP Capital Industrial REIT Dividends Summary from 2009 to 2013

Dividend Yield  based on closing price as at 23rd Dec 2013 $1.42 is 7.72%

Singapore's Keppel Corporation Ltd, the world's top offshore drilling rig maker, said it plans to build its first drillship despite not having a buyer lined up

Singapore's Keppel Corporation Ltd, the world's top offshore drilling rig maker, said it plans to build its first drillship despite not having a buyer lined up, confident the design will be welcomed by the market.

It is the first time Keppel has built a rig without a contract in at least 14 years, an examination of company announcements showed.

A leading builder of jackup rigs, which work in water depths up to 500 feet (152 metres), Keppel has yet to build a drillship from scratch and has been trying to secure a contract for its own drillship design this year.

South Korea's shipbuilding giants, Samsung Heavy Industries Co Ltd, Daewoo Shipbuilding & Marine Engineering Co Ltd and Hyundai Heavy Industries Co Ltd, dominate the market for drillships, which are used to explore oil and gas in water up to 12,000-feet deep and cost at least $500 million a piece to build.

Keppel said in a statement that its new design would overcome the constraints of limited deck space found in most drillships. Construction is expected to be completed in 2016.

Keppel had expected to get the order for the drillship by the end of next year, Tong Chong Heong, chief executive officer of Keppel Offshore & Marine, said at a results briefing in October.

Keppel had bagged new orders of S$6.8 billion by late November, and is on track to deliver a record number of rigs this year. But growing competition from Chinese shipyards have put a lot of pressure on the company's profit margins in recent years.

The firm's share price closed at S$10.8 on Wednesday, up 2.4 percent so far this year, outrunning the benchmark Straits Times Index's 3.4 percent decline.

http://www.reuters.com/article/2013/12/12/keppel-drillship-idUSL3N0JR02M20131212?type=companyNews

Keppel Corporation

With a global footprint in over 30 countries, Keppel Corporation leverages its international network, resources and talents to grow its key businesses. It aims to be the Provider of Choice for Solutions to the Offshore & Marine Industries, Sustainable Environment and Urban Living, guided by its key business thrusts of Sustaining Growth, Empowering Lives and Nurturing Communities.

The Keppel Group of Companies includes Keppel Offshore & Marine, Keppel Infrastructure, Keppel Telecommunications & Transportation (Keppel T&T) and Keppel Land, among others.

Keppel Offshore & Marine is the leader in offshore rig design, construction and repair, ship repair and conversion and specialised shipbuilding. Its Near Market, Near Customer strategy is bolstered by a global network of 20 yards and offices in the Asia Pacific, Gulf of Mexico, Brazil, the Caspian Sea, Middle East and the North Sea regions.

Keppel Infrastructure will drive the Group's strategy to invest in, own and operate competitive energy and related infrastructure. Keppel Infrastructure, while tapping the expertise and technology of its engineering business, will grow its power and gas, environmental and energy efficiency businesses.  Keppel T&T is a leading service provider in the Asia-Pacific and Europe with businesses in logistics and data centres.

Keppel Land contributes to changing cityscapes across Asia as a choice developer with a sterling portfolio of award-winning residential developments, integrated townships and investment-grade commercial properties. Reputed for its quality and innovation hallmark, Keppel Land is committed to develop properties that harmonise with the urban and natural landscape for desirable live-work-play environments and with enduring value for the community.

http://www.kepcorp.com/en/content.aspx?sid=53

Availability Error

Most important human judgments are made under conditions of uncertainty. We use heuristics, or rules of thumb, to guide us in such instances as we try to determine what belief or action has the highest probability of being the correct one in a given situation. These rules of thumb are often instinctive and irrational. Social psychologists such as Thomas Gilovich, Daniel Kahneman, and Amos Tversky have studied several important heuristics and discovered errors associated with their use. One of these heuristics is the availability heuristic, determining probability "by the ease with which relevant examples come to mind" (Groopman 2007: p. 64) or "by the first thing that comes to mind" (Sutherland 1992: p. 11).

The problem with the availability heuristic is that what is available at any given time is often determined by factors that lead to an irrational or erroneous decision. Dr. Jerome Groopman gives the example of a doctor who had treated "scores of patients" over a period of several weeks with "a nasty virus" causing viral pneumonia. Then a patient presented herself with similar symptoms except that her chest x-ray "did not show the characteristic white streaks of viral pneumonia." The doctor diagnosed her as being in the early stages of the illness. He was wrong. Another doctor diagnosed her correctly as suffering from aspirin toxicity. The diagnosis of viral pneumonia was available because of the recent experience of many cases of the illness. Had his recent experience not included so many cases of viral pneumonia it is likely the doctor would have made the right diagnosis. After he realized his mistake, he said "it was an absolutely classic case--the rapid breathing, the shift in her blood electrolytes--and I missed it. I got cavalier."

The stock market is another place where the availability error exemplifies itself. Most people wouldn't think of buying a stock that has recently fallen in value, yet a good way to make money in the market is to buy low and sell high. (It's not the only way, of course. You can make money by earning dividends and holding on to a good stock for a long time or you can do it the way Martha Stewart did with insider information.) Yet, most people will only consider buying a stock if it's doing well, i.e., at a high value. Some people, apparently, buy stock on the advice of their hairdresser or of a stranger who sent them an email. The advice is concrete and readily available, but probably wrong.

http://www.skepdic.com/availability.html

Cross-holdings, management relationships and Asiasons, Blumont and LionGold becoming 'designated' stocks

 'History is one thing. Sometimes new owners take over and they change the colours.'
- Mano Sabnani

 

UNUSUAL share price movements, boardroom battles and cornered markets.

 

If there is one distinctive characteristic among the handful of companies that have been linked to Ipco International and Innopac Holdings - including the three that were suspended by Singapore Exchange (SGX) a week ago - it would be their apparent susceptibility to major disruptions.

 

If history were an airline, that group of companies would be paying mountains in excess baggage fees.

 

On Oct 4, SGX suspended the stocks of Asiasons Capital, Blumont Group and LionGold Corp as their shares plunged right out of the gates. SGX allowed trading to resume on Oct 7, but banned short-selling and required upfront cash settlement for those three "designated" stocks.

 

Add to those three companies Ipco, Innopac, the infamous Mid-Continent Equipment Group and Links Island Holdings, now called Manhattan Resources. What you end up with is a network of cross-holdings and management relationships - and a lot of negative headlines.

 

The story starts almost 20 years ago, with a Malaysian wheeler and dealer named John Soh Chee Wen, who was known for having amassed a stable of listed companies on both sides of the Causeway. In Singapore, his vehicles were Ipco and what was then called Inno-Pacific Holdings.

 

The real trouble started in 1998, when rumours began to emerge that Mr Soh - and some of the brokerages he controlled in Malaysia - might be in financial trouble. It reached a point where the Kuala Lumpur Stock Exchange in January 1998 asked all its brokerages to report their exposure to Mr Soh.

 

Amid those concerns, Ipco in July launched an initial public offering for its Mid-Continent Equipment Group unit. MidCon lasted all of a week before regulators suspended the stock, which was eventually delisted after investigators determined that it had been cornered.

 

In 1999, Mr Soh resigned as managing director Inno-Pacific, then fled as Malaysia put out a warrant for his arrest. He finally returned to Malaysia years later, and eventually pleaded guilty to abetting acts of fraud related to some trades in Malaysia.

 

Without Mr Soh at the front, Ipco came under a highly public boardroom fight by a group of shareholders, who succeeded in replacing the board in 1999. Four years later, Ipco's board would come under another attack, but would prevail.

 

In early 2000, a company called Links Island Holdings launched its IPO. Six months later, that stock was also suspended on what was eventually found to be a case of share manipulation. It then emerged that Inno-Pacific, through a subsidiary, was the sixth-largest shareholder in Links Island.

 

A year later, Inno-Pacific had its own boardroom battle, with a number of investors who had links with Mr Soh joining the successful bid to replace Inno-Pacific's directors.

 

Back to the present and the three "designated" companies.

 

Those three companies are linked to Ipco and Innopac through numerous cross-holdings.

 

Beyond those investment holdings, Ipco company secretary Lynn Ng Su Ling is also non-executive independent director at LionGold and Blumont.

 

Jared Lim Chih Li, managing director of LionGold substantial shareholder Asiasons Capital, is also married to Dian Lee. Ms Lee runs Clear Water Developments Sdn Bhd, which is a substantial shareholder of Blumont and Innopac.

 

Regardless of whether those connections are pure coincidence, the market appears to perceive a correlation. Consider the number of trading queries that have been issued by SGX so far this year.

 

Between Jan 1 and Oct 4 this year, the seven companies mentioned so far, plus Asiasons Capital associate ISR Capital, formed 10 per cent of all the companies queried by SGX, but accounted for 18 per cent - or 16 out of 88 - of queries made.

 

Such a history can be offputting for some investors.

 

"There are some people, they avoid them," said investor Mano Sabnani. "I know there are value investors where they simply don't touch companies that they think are risky."

 

But Mr Sabnani said that investors should assess every investment based on fundamentals as well as their own risk appetites.

 

"As an investor you have to look at your own risk appetite," he said. "Are you looking for yield, are you looking for growth? Every stock, every investment has to be carefully studied."

 

History can offer some background, but circumstances can also change.

 

"History is one thing," he said. "Sometimes new owners take over and they change the colours."

 

https://groups.google.com/forum/#!topic/brokeragesreport/0f4qkg-HAIg

 

LionGold to buy, process gold waste in Ghana

LionGold, the mining company which had billions of dollars wiped off its value last month after its shares plummeted, said yesterday that its Ghana unit has signed a deal with an Australian-registered firm to buy materials left behind from old gold mining operations and reprocess them to recover additional minerals.

LionGold’s Owere Mines will buy a minimum of one million dry metric tonnes of gold-bearing waste tailings from B&C Gold over three years, it said in a statement. Income generated from the gold produced will be used to fund further exploration activities at a mine in Ghana.

“Our agreement with B&C signifies LionGold’s commitment in developing our gold mining assets organically and would jump-start production and fully utilise existing facilities at our subsidiary, Owere Mines.

“While doing our part in improving Ghana’s environment, income generated through the production of gold from purchased tailings would also fund exploration activities at our ... Konongo Gold Project,” LionGold Group Chief Executive Nicholas Ng said.

Gold-bearing waste tailings are materials which remain from old gold mining operations. They may pose a threat to the environment and the health of nearby communities if the waste leaches into groundwater.

B&C has an environmental clean-up agreement to remove all gold-bearing waste tailings from river and stream systems in land owned by two local councils.

It will be responsible for all costs and approvals associated with the mining, extraction, blending and delivery of the tailings to Owere Mines, which in turn will pay the Australian-registered firm an aggregate price based on several factors, including the amount of dry tonnes delivered and grade of the tailings.

The tailings may be able to yield about 2,550kg of gold over the three years, LionGold said. Production is scheduled to begin in March next year.

LionGold’s shares closed little changed at S$0.177 yesterday, clawing back slightly from the more than four-year low of S$0.144 on Oct 17. That is still far below the S$1.51 level seen on Oct 3, a day before the miner and two other counters were suspended by the Singapore Exchange after sharp declines in their stock prices erased S$8.6 billion in market value over three days.

They were later allowed to resume trading as “designated securities”, implying that there could have been manipulation or excessive speculation.

http://www.todayonline.com/business/liongold-buy-process-gold-waste-ghana

The Real Story Behind Blumont, Asiasons And LionGold

Last Friday, three shares – Blumont Group (SGX: A33), Asiasons Capital (SGX: 5ET), and LionGold Corp (SGX: A78) – were suspended from trading by the Singapore Stock Exchange after experiencing falls of 40% to 60% that were preceded by rapid increases in their share prices.

Since then, the trading suspensions have been lifted. But, the carnage has continued. As of Tuesday’s close, Blumont, Asiasons and LionGold have dropped 94%, 96%, and 87% respectively from their closing prices on last Thursday.

While investors might be wondering what really transpired behind the scenes to cause the three shares to plunge, the real story can be traced back to 2007.

A painful loss

The debacle involving those three shares prompted a friend of mine to share with me a digital newspaper clipping that was published on The New Paper back in Oct 2007.

The story was about a lady named Dawn Zeng who had lost S$55,000 while speculating on penny stock Uni-Asia Finance (SGX: C3T). She bought the stock on a tip that it was “hot”, and “didn’t know anything about [the company].”

She bought 50,000 shares of the company at a price of S$2.20 on a contra-trade, which meant that she would not be required to pay for the shares until three days later. Her initial plan was to sell those shares within those three days, hoping to make a profit on the expectation that Uni-Asia’s shares would continue to rocket.

The company went public on August 2007 at an offering price of S$0.55 but had quadrupled in value to a high of S$2.79 by 15 Oct 2007. Its sharp ascent was what made it “hot” and attracted speculators like Zeng.

But the fundamentals of the company weren’t robust enough to sustain those share prices and soon enough, it fell to a low of S$1.00 on 25 Oct 2007.

In the interim, Zeng was forced to sell her shares at S$1.10, booking a total loss of S$60,000. She had to pay-off that sum of money with five years’ worth of savings that she and her finance had accumulated. Even their upcoming wedding on Feb 2008 had to be postponed as their savings had been wiped out.

And all that happened because of a single speculative bet that went wrong.

The lessons to be drawn

So there we have it, Zeng’s story with speculation that ended on a sorry note. And if we dig in further, there are strong parallels to be drawn with what happened to Uni-Asia and the trio of Blumont, Asiasons, and LionGold.

There was the strong price ascent prior to their share price collapse: Uni-Asia’s share price gained 407% in two short months; Blumont was at six cents on Aug 2012, and had hit a high of S$2.45 (an increase of 3980%) barely a year later on 30 Sep 2013; Asiasons’ price grew 197% in just nineteen days from 1 Sep 2013 to 19 Sep 2013; LionGold had increased in value by 50% from 1 Aug 2013 to 27 Aug 2013.

Then, there were the stretched valuations that these shares had. Uni-Asia was valued at 39 times its historical earnings at its peak of S$2.79; Blumont was selling for 500 times its trailing earnings and 60 times its book value at some point prior to its collapse; Asiasons carried a price-earnings ratio of 583 before last Friday’s shellacking; as a company, LionGold did not even have any profits to speak of for its last 12 months and yet carried a market value of S$1.42b on last Thursday.

So, we can see that six years ago there was a company – carrying an inflated share price that’s hard to justify with its business fundamentals – that collapsed suddenly in price after a sharp run-up. What happened with Blumont, Asiasons, and LionGold is not new.

While there can be many technical reasons for the collapse in share prices for those four companies – conspiracy theorists might even point to price manipulation – I’ve written before that “there are times when it will be obvious that a share price is over inflated. In cases like that, the simple solution is to just walk away.”

But for an investor to just simply “walk away” there has to be the recognition that over the long-term share prices are driven by the fundamentals of the business. And that, is the real story behind Blumont, Asiasons, and LionGold.

It was very likely that there were market participants who bought into the shares of the trio while blindfolded, betting on a price increase simply because its price has risen before. There was simply no recognition of the fact that the fundamentals of a business are what sustains the price of a share over the long-term.

Blind-betting might work for some, but it’ll likely end up in disaster for many, with Zeng being just one such example.

Foolish Bottom Line

Investors have to realise that over the long-term, the shares of a company are only worth as much as the aggregate amount of profits and cash flows that its businesses can make over its life-time. Without strong fundamentals – competitive positions, cash flows, profits, assets, dividends etc. – there’s no way high share prices can be sustained.

It’s a message you might find me repeating many times over here at The Motley Fool Singapore. But I’ll run the risk of sounding like a broken radio. It really is a message that’s worth harping on, and on, and on….

http://www.fool.sg/2013/10/09/the-real-story-behind-blumont-asiasons-and-liongold/

LionGold

LionGold Corp Ltd has rapidly established itself in the global gold mining industry and now holds 7.5 million ounces of gold resources, with 900,000 ounces classified as reserves. Since March 2012, interests in eight gold exploration and mining companies have been acquired, of which one wholly-owned subsidiary is in production. Primary concessions are in Australia, Ghana, Bolivia, and Canada.

Our focus will remain, to raise gold resources to 10 million ounces, reserves to 2 million ounces, and production to 200,000 ounces per annum by the end of 2014, through acquisitions and organic growth.

LionGold Corp Limited has rapidly established itself in the global gold mining industry and now holds 7.5 million ounces of gold resources, with 900,000 ounces classified as reserves. Since March 2012, interests in eight gold exploration and mining companies have been acquired, of which one wholly-owned subsidiary is in production. Primary concessions are in Australia, Ghana and Bolivia, and Canada. Future expansion will be achieved through further acquisitions and organic growth.

The Group aims to become a global gold producer and is initially targeting minimum gold resources of 10 million ounces, reserves of 2 million ounces, and annual production of 200,000 ounces per annum by the end of 2014. Acquisition prospects today will have scalable resources with scope for rapid enhancement. Targets include mining companies and projects across a range of geographies which are in production, or which are poised to start commercial production within 12 to 18 months. The intention behind this selective approach is to unlock asset value while building out the gold business.

http://www.liongoldcorp.com/about-us/corporate-profile/

Platinum Partners invested in Asiasons, Blumont, LionGold before share collapse

In tracing the sudden collapse of the shares of three listed Singapore-based companies with reported Malaysian links, The Edge cast a spotlight on US hedge fund Platinum Partners Value Arbitrage Fund’s role had in inflating share prices beyond their value.

According to The Edge, Platinum Partners was initially poised to pay hundreds of millions in dollars for new shares in the three firms - investment firm Asiasons Capital, gold miner LionGold Corp Ltd and natural resources investment company Blumont Group Ltd - which would have bumped up investors’ confidence and potentially yield hefty profits.

But the deals fell through after the October 4 share collapse, which saw Singapore’s market regulator stepping in to briefly suspend trading of the three’s shares and classifying them as designated shares with strict trading conditions.

“Collectively, therefore, Platinum Partners would have invested up to US$560 million (RM1.8 billion) in Asiasons, Blumont and LionGold. This would represent more than half of its assets of US$1 billion. That appears to be a hefty bet on the three companies.

“The injection of fresh funds into the three companies by Platinum Partners are supposed to be monies for more acquisitions, which would perpetuate the positive sentiment surrounding their stocks, instilling greater investor confidence and, in turn, likely push their share prices even higher,” the financial weekly said.

“Such acquisitions over the past two years have had magnified impact on LionGold and Blumont’s share prices and more recently, that of Asiasons, well beyond the actual investment amounts.

“The ‘well-laid’ plans were scuttled by the collapse in the share prices of the three companies on Oct 4,” The Edge added.

In analysing how the suprise share collapse had happened, The Edge listed down a series of events including short-selling of shares in all three firms; share-selling by an insider at Blumont and LionGold; shareholders getting wind of the risk that share prices will eventually drop as more shares continued to be issued, as well as the dumping of shares on October 4.

The Edge suggested that all these events had then triggered the price collapse on October 4.

“Firstly, the build-up in short-selling activity preceding the collapse not only capped the share price but also absorbed most of the market’s buying interest in the three companies, especially after the huge gains seen in September.

“Secondly, savvy investors might have noticed this and decided to either cash out or stay out of the game. It dawned on the market that the fundamentals of the three companies cannot back up the astronomical gains,” it said.

On Monday, international news agency Reuters reported that the three firms - whose shares’ values dropped by S$5 billion (RM12.7 billion) in under one hour of trading - were all linked through an intricate network of influential businessmen in Malaysia.

Basing it on public filings and the latest annual reports available, Reuters said Asiasons was the largest shareholder in LionGold.

Among those named by Reuters was Asiasons’ co-founder and chairman Mohammad Azlan Hashim, who is currently a director of Malaysian investment arm Khazanah Nasional and formerly the executive chairman of the Kuala Lumpur Stock Exchange.

One of LionGold’s non-executive director is Datuk Wira Dani Daim - the son of Malaysia’s former finance minister Tun Daim Zainuddin - who remains a major shareholder after recently trimmed his 6.35 stake in the company to a 4.62 stake.

Lynne Ng Su Ling is an independent director in both LionGold and Blumont, Reuters said.

http://www.themalaymailonline.com/money/article/platinum-partners-invested-in-asiasons-blumont-liongold-before-share-collap

Celsius’ Executive Chairman, Alex Molyneux, conditionally acquires an interest in 5.2% of Blumont Group and has been nominated to be Chairman of Blumont

Celsius Coal Limited (ASX Code: CLA) (Celsius or the Company) notes the recent announcement by Blumont Group Ltd ("Blumont") (SGX:BLUM) that the Company’s Executive Chairman Alex Molyneux, in cooperation with Pacific Advisers Pte Ltd ("Pacific Advisers"), has conditionally acquired 135,000,000 Blumont shares, representing approximately 5.2% of the total outstanding issued shares of Blumont, post rights issue.



Mr. Molyneux has agreed, subject to completion of the share purchase, to join Blumont as its Chairman. Blumont views this proposed appointment as a crucial step in fast-tracking its evolution as a major diversified natural resources company. In the meantime, Mr Molyneux will immediately become a consultant to and Chairman-designate of the Blumont Group and will formally assume the role as Chairman upon completion of the share purchase transaction. The transaction is subject to a number of conditions and is not expected to close for 30 days.

Celsius’ Board welcomes the strengthening of ties between Celsius and Blumont (Celsius’ major shareholder with a current holding of 11.4%). As Celsius’ major shareholder, Blumont has provided support through recent market uncertainties and continues to be actively involved in assisting Celsius progress towards production from its Uzgen Basin Projects. Mr Molyneux’s increased involvement with Blumont will allow Celsius to work more closely with Blumont to enable its work programmes to remain fully funded.

The non-associated members of the board will continue to monitor progress and ensure that the right level of independence is maintained in light of these developments and that any potential or perceived conflicts of interest are avoided.
http://www.theage.com.au/business/markets/quotes/announcement/CLA/celsius-coal-limited/1451765

Blumont sued by Australian miner Prospect Resources

Singapore-listed Blumont Group, one of a trio of penny stocks that crashed in October, is facing additional woes.

The mining group is being sued by Australian miner Prospect Resources, over its decision to terminate a deal to invest A$3.9 million ($4.5 million) in the company.

On Oct 31, Blumont announced it was scrapping the deal as it was of the view that the Australian firm could not fulfil a critical condition: that of getting the paperwork done for Prospect Resources' acquisition of two gold projects in Zimbabwe.

Blumont, along with related companies Asiasons Capital and LionGold Corp, saw a meteoric rise in its share price for the first nine months of the year before its counter plummeted in October.

http://www.straitstimes.com/breaking-news/money/story/troubled-blumont-sued-australian-miner-over-scrapped-investment-plans-2013

Asiasons Capital sees lapsed share placement

Efforts to raise $254 million in fresh capital by Asiasons Capital were not realised, and this places fresh selling pressure on its share price.

A share placement exercise would have seen about 212,59 million new shares, but it has since lapsed, said the private equity firm on Monday.

It wanted to raise funds to strengthen its financial position and capital base, to make sure cash was available for opportunities in the mineral and oil and gas industries.

The investors were supposed to be Carnegie Hall Group, Spring Road Advisors, and the New York-based Partner Growth Capital and Platinum Partners Value Arbitrage Fund.

http://www.straitstimes.com/breaking-news/money/story/asiasons-capital-sees-lapsed-share-placement-20131216

Asiasons Capital Group

Asiasons Capital Group is an Alternative Asset Investment and Management Group focused on opportunities in South East Asia. The Group is listed on the Main Board of the Stock Exchange of Singapore and has a market capitalization of about SGD$930m as at May 2013.

Asiasons’ main investment activities are conducted through Dragonrider Opportunity Fund I and II via Asiasons Private Equity, the fund management unit of the Group. Fund I has a total fund size of US$100 million and currently records an IRR for the portfolio of 38% per annum, approximately 2.3 times of its initial cost of capital. Fund II targets a fund size of US$250m and is currently in the midst of its fund raising and has just completed a first close in end march 2012.

The investment strategy of Asiasons is geographically focused in South East Asia, while the sector focus is in Consumer and Resources. This strategy has been formulated based on the demographics trends in South East Asia namely increased consumer spending and urban migration in one of the most populous and youngest populations in the world.

Asiasons has a hands-on value creation proposition comprising not just expertise in Financial Structuring and Operational Enhancements but also has an in-house multi award winning team specializing in Branding, Design and New Economy strategies. These value added competencies together with the group’s regional footprint allows Asiasons to successfully expand its portfolio companies throughout the Asian region.

Asiasons’ investment activities are further complemented by its financial advisory and capital markets arm led by its subsidiary, Asiasons WFG Financial Ltd, a listed financial advisory house licensed by the Monetary Authority of Singapore which has been consistently ranked as one of the top boutique IPO managers in the region.

Some of the more high portfolio companies include Chaswood Resources , the region’s largest casual dining operators (operating T.G.I. Friday’s, Watami, Bulgogi Brothers, Paradise Dynasty and its 7 other developed brands) which is listed on SGX, the largest bereavement care operator in Asia operating under its brand name, Nirvana . Liongold, the largest listed Gold mining company in Singapore and most recently EMS Holdings (world’s leading exhibition company) and Hi-5, a popular multiple award-winning children programme.

http://asiasons.com/about/

Blumont Group

Headquartered in Singapore, Blumont Group Ltd. (“Blumont” or together with our subsidiaries the “Group”) has three core business segments including Investment Holding, Sterilisation and Property.                                 In recent months, Blumont has been accelerating its move into the business of exploration, development and production of mineral and energy resources, including investments in companies and projects in related sectors, which will form the additional core business activity of the Group.                             Its Investment Holding segment invests in transferable securities, including, but not limited to, marketable shares, warrants and debentures. 

The Sterilisation segment provides contract sterilisation and polymerisation services to food packaging, medical devices, cosmetic raw materials and consumers products, while its Property segment is engaged in the development of properties for sale, long-term holding of properties for rental and related income.

Working in partnership with a qualified and experienced team of internal and external advisors and partners, the Group has successfully identified and acquired/invested in several strategic mineral and energy resources assets helmed by recognised leaders in their respective fields.  As an example, in September 2013, Blumont formed a joint venture company, Blumont Copper Pte. Ltd., with mining industry expert, Ines Scotland, in which Blumont holds 85% and Ines Scotland the other 15% of the joint venture. Blumont Copper Ptd. Ltd. was created to carry out acquisitions and investments in undervalued opportunities in the global copper industry.

http://www.blumontgroup.com/about.html

A Conceptual Approach to Singapore Taxation - Poh Eng Hin

Description

A book on Singapore income taxation and the goods and services tax presented along the lines of a seven-point conceptual framework comprising:

(1) Jurisdiction;
(2) Base;
(3) Allocation;
(4) Person;
(5) Cross-Border Linkages;
(6) Tax Expenditures; and
(7) Administration.

General Information

 

Author: Poh Eng Hin / Deborah M.Y. Poh

(Special thanks to Ms Dora Lim for being the principal author of Appendix 23-1 of the book)

Institution author affiliated to: Nanyang Business School, Nanyang Technological University, Singapore...

(Disclaimer: The views expressed in the book are the author’s own and do not necessarily reflect those of any institution to which the author is affiliated. While every effort has been taken to ensure the accuracy and completeness of the publication, the author expressly disclaims liability for any loss that may occasion to any party from any reliance placed on the work.)

Publisher: Pearson Education

ISBN: 978-981-45-2698-2

Year of publication: 2013 (1st edition)

No. of pages (main content): 922

 

 

 

Table of Contents:

PART 1: INTRODUCTION AND THE CONCEPTUAL FRAMEWORK
Overview of Part 1
Chapter 1: Introduction to Taxation
Chapter 2: The Conceptual Framework and The Legal Framework
Chapter 3: The Conceptual Framework Applied to Income Taxation

PART 2: JURISDICTION
Overview of Part 2
Chapter 4: Defining the Income Tax Jurisdiction
Chapter 5: Defining Heads of Charge
Chapter 6: Determining the Residence of the Person
Chapter 7: Locating the Geographical Source of the Income

PART 3: BASE
Overview of Part 3
Chapter 8: Exemptions
Chapter 9: Deductions
Chapter 10: Capital Allowances
Chapter 11: Quantifying Statutory Income
Chapter 12: Quantifying Assessable Income
Chapter 13: Quantifying Chargeable Income

PART 4: PERSON
Overview of Part 4
Chapter 14: Income Tax Aspects Peculiar to Companies
Chapter 15: Income Tax Aspects Peculiar to Individuals
Chapter 16: Taxation of Partnership Income
Chapter 17: Taxation of Other Entities

PART 5: CROSS-BORDER LINKAGES
Overview of Part 5
Chapter 18: Double Taxation and Tax Treaties
Chapter 19: Residents Receiving Foreign Income in Singapore
Chapter 20: Non-Residents Deriving Singapore Income

PART 6: ALLOCATION
Overview of Part 6
Chapter 21: Further Allocation Issues

PART 7: ADMINISTRATION
Overview of Part 7
Chapter 22: Income Tax Administration

PART 8: TAX EXPENDITURES
Overview of Part 8
Chapter 23: Overview of Income Tax Incentives

PART 9: GOODS AND SERVICES TAX
Overview of Part 9
Chapter 24: Introduction to the GST
Chapter 25: GST in Singapore


ORDER / CONTACT DETAILS:
To order the book or to contact the author, please send a private message via this Facebook page.

https://www.facebook.com/pages/A-Conceptual-Approach-to-Singapore-Taxation/515803501818636

Yoma releases new units for sale at Star City

Yoma Strategic Holdings is releasing 433 new apartment units at its illustrious Star City residential development situated on a 135-acre site in Thanlyin Township in Yangon.

The exclusive residential units are available to the public for purchase on 23 November from 10am Yangon time, with simultaneous booking of units at three locations – Star City’s Singapore sales gallery, Yangon Thanlyin sales gallery, and the Mandalay Hill Resort Hotel in Mandalay.

“A large number of potential buyers are already on the waiting list for these very affordable newly-released apartments, and we expect a quick take-up rate since this is the last opportunity to purchase units in Zone B,” said Elmar A. Busch, Managing Director of Yoma Strategic’s real estate division.

The new units are located in buildings B-3 and B-4, and are the last units available in Zone B at Star City. Zone B is the second phase of the estate which Yoma Strategic commenced construction on in April this year, and which it aims to complete by the first quarter of 2016.

The 23 different types of apartment suites at Star City residences offer a selection of size and design, from 642 square feet to 3,374 square feet of living space; offering either a spectacular river view, court yard view or lake view. Prices start at US$80,000 for a one-bedroom to around US$450,000 for the largest four-bedroom apartments.

Zone B of Star City is constructed by renowned global infrastructure conglomerate Bouygues S.A., through the joint venture between SPA Project Management and Dragages Singapore, BYMA.
http://www.theedgesingapore.com/the-daily-edge/business/46421-yoma-releases-new-units-for-sale-at-star-city.html

Thanlyin speculation reaches a new limit

The proposed special economic zone in Thanlyin and Kyauktan townships in Yangon, given further impetus by the visit to the area by Japanese Prime Minister Shinzo Abe in May, has brought sales to a halt, realtors say.

However, buying and selling has not stopped as a result of government action to bring down land prices but because the owners are holding out for even higher prices, agents say.

“The market in Thanlyin has been hot for several years but accelerated sharply early this year,” said Ko Aung Zaw Moe, an independent real estate agent.

“After the Japanese prime minister visited the area prices skyrocketed but many owners are refusing to sell because they are waiting for higher prices.”

He added that some owners are asking impossibly high prices for land.

U Khin Maung Aye, an agent with realtor Shwe Kan Myae, said land prices within the development project have doubled in one year, from about K150 million an acre to K300 million to K350 million an acre.

“Owners are asking impossible prices because they know that big businesses are going to move in and will need land,” he told The Myanmar Times.

“But they’re holding onto land because they are confident that prices will keep rising.” He added that land prices are also rising near Yangon East University in Thanlyin township.

“Prices have doubled in Thanlyin in a year,” he said. “Land with permits to built houses on are priced from K10 million to K35 million for a 2400-square-foot plot,” he said.

Ko Naing Myo Oo, an agent with Estate Myanmar, said prices downtown have also doubled.

“Thanlyin township was not a good place to own property in the past,” he said. “Previously, an acre of land beside the road could be bought for half the current price.” However, he added that owners of land registered for farming are not selling it. “They want to wait for prices to rise even further,” Ko Naing Myo Oo said.

Thilawa Special Economic zone will cover 6000 acres, about 2400 hectares, in Thanlyin and Kyauktan townships. The first phase of the project, including a deepwater port on the Yangon River, is scheduled to be build by 2015.

http://www.mmtimes.com/index.php/business/property-news/7476-thanlyin-speculation-reaches-a-new-limit.html

US could run out of cash in March under debt ceiling: CBO

The United States could start missing payments on its obligations some time between March and June if lawmakers don't raise a legal limit on borrowing by early February, congressional analysts said on Wednesday.

The Obama administration was able to bump against the government's debt ceiling for five months this year before it came to the brink of default.

Mr Obama signed into law a bill last month that suspended a US$16.7 trillion cap on the national debt until Feb 7, when it will reset to whatever level the debt has reached.

Absent a decision to raise it again, the Treasury Department has tools to manage its cash a little longer before it starts missing payments.

http://www.businesstimes.com.sg/breaking-news/world/us-could-run-out-cash-march-under-debt-ceiling-cbo-20131121

CIVMEC secures a further SGD$65 Million in new contracts

Civmec Limited subsidiary, Civmec Construction & Engineering

Pty Ltd, an Australian based integrated multi-disciplinary heavy engineering service provider, is

pleased to announce further new contract awards in addition to the recently announcement of

SGD$210 million of new contracts.

The latest additional combined contract value is circa of SGD$65 million and comprises the following:

Existing Client:

• Nammuldi Below Water Table (NBWT) project is for Rio Tinto. This is a significant award as it

is our first vertical contract package comprising off-site procurement, fabrication,

modularisation, delivery, onsite civil work, SMP works and Electrical and Instrumentation

works for the stockyard conveyor systems and Train loadout system. The work will

commence immediately with construction commencing in January 2014 for completion in

October 2014.

New clients:

• BOC Limited (a member of The Linde Group). A civil contract for the construction of a state of

the art air gas liquefaction plant, to replace an existing air separation unit and nitrogen

liquefaction unit at its Kwinana site, located approximately 40km south of Perth. Work on the

project has commenced with completion scheduled for April 2014.

• Crushing Services International Pty Ltd (CSI) for the supply of precast sleepers for the

Nammuldi Below Water table (NBWT) project.

• Holcim (Australia) Pty Ltd for the supply and erection of structural steel for the upgrade of

their concrete plants in the Perth region.

Several existing contracts also increased in scope.

Civmec CEO Pat Tallon said “We are pleased to maintain our momentum and service scope through

securing significant contracts on key resource projects with our existing clients, and we are equally

pleased with establishing and building our relationships with our new clients. These contract awards

demonstrate the diversity of Civmec’s core capabilities which enable us to deliver vertically integrated

turnkey solutions”.

About CIVMEC Limited

We are an Australian-based integrated multi-disciplinary heavy engineering services provider to the oil

and gas, mining and other industries, such as the infrastructure, utilities, chemical and power

industries. We provide heavy engineering and other services including metal and structural

fabrication, site civil works, pre-cast concrete and maintenance services.

 For more information, please visit our website at www.civmec.com.au

http://files.shareholder.com/downloads/AMDA-11PGYB/2800311599x0x707849/ee7d3294-ac7c-4e03-bdde-03d9b2e81aef/707849.pdf

SingHaiyi Buys Commercial Condominium Development Project In San Jose, California

Singapore, 18 November 2013 - SingHaiyi Group Ltd. ("SingHaiyi" or the "Company") announced today that it has successfully acquired the full equity stake of Vietnam Town ("VT"), a partially completed commercial condominium development project in San Jose, California, U.S.A., which was placed under receivership, for US$33.05 million.

Acquired via a trustee’s auction conducted on 14 November 2013, VT marks SGX-Catalist listed SingHaiyi’s second acquisition of distressed U.S. real estate following the acquisition of Tri-County Mall ("TCM") in Cincinnati, Ohio, for US$45 million announced on 30 September 2013.

 

SingHaiyi said its acquisition price of US$33.05 million– already settled in full by the Company – includes US$29.8 million to repay an outstanding secured debt, and the balance US$3.25 million for the freehold project, comprising several parcels of land sitting on a total site size of 853,502 square feet.

 

Of the 256 planned condominium units – each about 1,000 square feet – 115 have been built, of which 64 have been sold. Launched in 2005, the project went into difficulties in 2009 and was subsequently placed under receivership when its developer lost funding for the project.

Strategically located in a mixed-use neighbourhood, the project has nine blocks including a parking structure. It lies close to transportation networks, retail and commercial facilities.

SingHaiyi intends to sell the 51 unsold units in the next one to two years and use the sale proceeds to construct and sell the remaining 141-units within the next three to five years.

The total project outlay of US$33.05 million has been funded by proceeds raised from a recent rights issue and share placement exercise that was undertaken as part of the Group’s strategy to expand its real estate investment activities to the United States.

SingHaiyi’s Non-Executive Chairman, Mr. Neil Bush, said, "Vietnam Town is the second U.S. real estate project which SingHaiyi has acquired since shareholders approved its strategy to diversify investment to the United States. We believe both projects are significantly undervalued and will certainly enhance shareholder value."

"While acquisitions at auctions require cash and quick execution, we will be looking to tap bank financing. Our investment strategy combines rental income, capital gains and development profits so as to enhance returns," he said. "We are looking out for other projects which can offer exceptional returns."

TCM, a major shopping mall in downtown Cincinnati sitting on a total site size of 76.1 acres, was acquired at a court-ordered auction on 19 September 2013. The operational mall was purchased free of debt and encumbrances at US$45 million, a 77% discount to the unaudited net book value as at 30 June 2013.
SingHaiyi on 12 November 2013 announced a net profit of S$8.4 million for the six months ended 30 September 2013, reversing a loss of S$1.0 million a year ago. The profit included a gain on bargain purchase of S$12.8 million from the acquisition of TCM, as well as one month of rental income from the mall.

http://infopub.sgx.com/FileOpen/SHG_Vietnam_Town_Press_Release_E.ashx?App=Announcement&FileID=264806
  

Olam International - 2 reasons why investors should take caution

Despite EBITDA growth across all segments.

Olam International grew its core profit by 28% yoy to S$42.3m in 1QFY14, slightly beating expectations, but DBS Vickers cautioned that investors that "we would like to monitor its earnings delivery and sustainability of cash flow improvement for another quarter or two before turning positive on the counter."

Still, management insisted on a positive outlook ahead, claiming that while operating environment remains challenging, Olam is expected to see earnings growth stemming from previous investments.

Net gearing, which stayed at 1.93x as of end Sept, will be kept below its 2x ceiling. Olam generated positive free cash flow to firm (FCFF) of S$46m (vs deficit of S$707m in 1Q13) this quarter, said DBS.

"Further unlocking value of past investments, slower capex pace and higher operating cash flow should keep its positive FCFF in check," said DBS

"The recently announced sale and leaseback of Australoia Almond Orchards is expected to free up A$200m cash and generate one-time post tax capital gain of A$45m when finalised by 3Q14," it added.

 See more at: http://sbr.com.sg/agribusiness/news/2-reasons-why-olam-international-investors-should-take-caution

Janet Louise Yellen nominated to be Chair of the Federal Reserve

Janet Louise Yellen (born August 13, 1946) is an American economist and professor who is the Vice Chair of the Board of Governors of the Federal Reserve System. Previously, she was President and Chief Executive Officer of the Federal Reserve Bank of San Francisco, Chair of the White House Council of Economic Advisers under President Bill Clinton, and Professor Emerita at the University of California, Berkeley's Haas School of Business. On October 9, 2013, President Barack Obama nominated Yellen to be Chair of the Federal Reserve. If confirmed, Yellen would be the first woman to hold the position.

Vice Chair of the Federal Reserve System
Incumbent
Assumed office October 4, 2010
President	Barack Obama
Preceded by	Donald Kohn
Chair of the Council of Economic Advisers
In office February 18, 1997 – August 3, 1999
President	Bill Clinton
Preceded by	Joseph Stiglitz
Succeeded by	Martin Baily
Personal details
Born	Janet Louise Yellen (1946-08-13) August 13, 1946 (age 67) Brooklyn, New York, U.S.
Political party	Democratic
Spouse(s)	George Akerlof
Alma mater	Brown University (B.A.) Yale University (Ph.D.)

Ezion - Ocean Sky International - YHM

Ezion is restructuring its marine supply base business by injecting it into Ocean Sky International (OSI SP, Not Rated). Ezion will acquire 45% of OSI through the issuance of 20.2m new shares (2.1% of enlarged share capital) at an issue priceof S$2.351 (VWAP for 24 Sep 2013). Listed on the Main Board, OSI is essentially a shell company, having recently disposed of its civil engineering, construction and property investment. The acquisition is conditional on OSI having a minimum NTA of US$30m.

 

https://cimbequityresearch.cimb.com/.../GetDocPDF.asp?DocGUID...‎

 

Ezion has proposed to acquire 440m new Ocean Sky shares at issue price of $0.108 a piece (75% discount to the last close at $0.44).

 

The consideration of $47.5m will be satisfied by the issue of 20.2m new Ezion shares (2.2% of Ezion’s enlarged share base) to Ocean Sky. Ezion last closed at $2.37

 

Ezion intends to inject its Australian marine supply base business into Ocean Sky, effectively resulting in a reverse takeover (RTO). The unit, with total net liability of A$3.8m, made a net loss of A$1.5m in FY12 and net loss of $0.7m in 1H13.

 

Ezion also intends to re-designate its existing COO, Captain Larry Glenn Johnson, as the new CEO of Ocean Sky. Ezion will also appoint its Deputy COO, Mr Lee Kon Meng Peter, as the COO of Ocean Sky. Mr Lee is responsible for Ezion’s fleet operations covering liftboats and service rigs and tug & barge operations.

 

In conjuction, Ocean Sky will issue 165m share options (exercise price of $0.108) to Ezion, and another 70m share options to Ezion’s COO, Captain Larry Glenn Johnson.

 

Ocean Sky will also carry out a 60m placement of new shares at $0.341 a piece, to raise net proceeds of $20m, primarily to fund the transaction.

The introducer, Tan Kim Seng, will receive 25m new Ocean Sky shares as payment.
Assuming full dilution effects, Ezion will end up with just over 50% stake in Ocean Sky.

The transaction, which is subject to shareholders’ approval at an EGM, will trigger a mandatory General Offer to be made by Ezion. To this end, Ezion has made an offer for all Ocean Sky shares at $0.108 each. Similar to the YHM precedence, Ezion does not intend to revise its offer price.

http://www.stockandshare.org/ezion-ocean-sky/


CHEW Thiam Keng, CEO of offshore services provider Ezion Holdings, is taking control of YHM Group and preparing to transform it into something more interesting. But investors thinking about jumping in now would need a strong appetite for risk.

http://sg.finance.yahoo.com/news/yhm-soars-ezion-moves-investors-160005301.html
 

ACQUISITION OF BLUMONT SHARES BY CHAIRMAN DESIGNATE - Alexander Molyneux

The Board of Directors of Blumont Group Ltd. (博诺有限公司) (the "Company") refers to the announcement by the Company dated 7 October 2013 (the "Initial Announcement") on the proposed acquisition by Mr. Alexander Molyneux, Chairman designate of the Company, of 135 million issued ordinary shares ("Shares") in the Company (the "Acquisition"). All terms used in this announcement shall bear the same meanings ascribed to them in the Initial Announcement unless otherwise defined herein.

Mr. Molyneux has informed the Company that the parties to the Acquisition have agreed to extend the completion period of the Acquisition by 30 days. The Acquisition is now expected to be completed on or before 6 December 2013.

The Company will update Shareholders on completion of the Acquisition. In the interim, Mr. Molyneux will remain as Chairman designate of the Company

http://infopub.sgx.com/FileOpen/BGL_UpdateAcquisitionofshares_08102013.ashx?App=Announcement&FileID=263305

Mining businessman to buy stake in Singapore's Blumont, become chairman

Mining businessman Alexander Molyneux will acquire a 7.8 percent stake in Blumont Group Ltd (BLUM.SI) and become its chairman, the Singapore-listed diversified holding company.

Molyneux agreed to buy 95 million Blumont shares from Neo Kim Hock, the company's executive chairman, and 40 million from an unnamed individual investor, Blumont said in a stock exchange filing.

The 135 million shares represent 7.83 percent of Blumont's total issued shares on Monday and will be around 5.22 percent of the company's enlarged share capital after the completion of a planned rights issue.

http://www.reuters.com/article/2013/10/07/us-blumont-idUSBRE9960R620131007

SouthGobi Resources fires CEO Alex Molyneux after Chalco drops bid

Mining giant Rio Tinto Ltd. has terminated the chief executive of SouthGobi Resources Ltd., removing one of the only remaining links to the Robert Friedland era in its Mongolian business.

http://business.financialpost.com/2012/09/12/southgobi-resources-fires-ceo-after-chalco-drops-bid/

G & W Group building materials division of Koh Brothers Group

G & W Group Established in 1979, G & W Group is today a renowned one-stop quality building materials provider in Singapore and Asia. The group's core businesses are in providing ready-mix concrete, interlocking paving blocks, cultured stone®, precast concrete products as well as renting and selling concrete pumps. Each core business is assigned and managed by a unique team of professionals.
	G & W Group of companies is the building materials division of Koh Brothers Group Limited which is listed on the main board of the Singapore Exchange Limited. G & W Group has a strong presence in Singapore, China, Indonesia and Malaysia. Together with a strong fleet of equipment and modern manufacturing facilities, the group consistently churns out products and services of supreme quality http://www.gw-group.com/

A Conceptual Approach to Singapore Taxation - Poh Eng Hin

Description

A book on Singapore income taxation and the goods and services tax presented along the lines of a seven-point conceptual framework comprising:

(1) Jurisdiction;
(2) Base;
(3) Allocation;
(4) Person;
(5) Cross-Border Linkages;
(6) Tax Expenditures; and
(7) Administration.

General Information

 

Author: Poh Eng Hin / Deborah M.Y. Poh

(Special thanks to Ms Dora Lim for being the principal author of Appendix 23-1 of the book)

Institution author affiliated to: Nanyang Business School, Nanyang Technological University, Singapore...

(Disclaimer: The views expressed in the book are the author’s own and do not necessarily reflect those of any institution to which the author is affiliated. While every effort has been taken to ensure the accuracy and completeness of the publication, the author expressly disclaims liability for any loss that may occasion to any party from any reliance placed on the work.)

Publisher: Pearson Education

ISBN: 978-981-45-2698-2

Year of publication: 2013 (1st edition)

No. of pages (main content): 922

 

 

 

Table of Contents:

PART 1: INTRODUCTION AND THE CONCEPTUAL FRAMEWORK
Overview of Part 1
Chapter 1: Introduction to Taxation
Chapter 2: The Conceptual Framework and The Legal Framework
Chapter 3: The Conceptual Framework Applied to Income Taxation

PART 2: JURISDICTION
Overview of Part 2
Chapter 4: Defining the Income Tax Jurisdiction
Chapter 5: Defining Heads of Charge
Chapter 6: Determining the Residence of the Person
Chapter 7: Locating the Geographical Source of the Income

PART 3: BASE
Overview of Part 3
Chapter 8: Exemptions
Chapter 9: Deductions
Chapter 10: Capital Allowances
Chapter 11: Quantifying Statutory Income
Chapter 12: Quantifying Assessable Income
Chapter 13: Quantifying Chargeable Income

PART 4: PERSON
Overview of Part 4
Chapter 14: Income Tax Aspects Peculiar to Companies
Chapter 15: Income Tax Aspects Peculiar to Individuals
Chapter 16: Taxation of Partnership Income
Chapter 17: Taxation of Other Entities

PART 5: CROSS-BORDER LINKAGES
Overview of Part 5
Chapter 18: Double Taxation and Tax Treaties
Chapter 19: Residents Receiving Foreign Income in Singapore
Chapter 20: Non-Residents Deriving Singapore Income

PART 6: ALLOCATION
Overview of Part 6
Chapter 21: Further Allocation Issues

PART 7: ADMINISTRATION
Overview of Part 7
Chapter 22: Income Tax Administration

PART 8: TAX EXPENDITURES
Overview of Part 8
Chapter 23: Overview of Income Tax Incentives

PART 9: GOODS AND SERVICES TAX
Overview of Part 9
Chapter 24: Introduction to the GST
Chapter 25: GST in Singapore


ORDER / CONTACT DETAILS:
To order the book or to contact the author, please send a private message via this Facebook page.

https://www.facebook.com/pages/A-Conceptual-Approach-to-Singapore-Taxation/515803501818636

Asiasons 30mins chart as at 7 Nov 2013 1215pm - Channels In Play

Gap support indicated by green band and blue channel mid-band support zone are being tested.

The mid-band of the blue channel was acting as a resistance zone initially as seen by the yellow area and this former resistance band later turned into support band as indicated by the orange regions.

A successful bounce from the blue mid-channel band will see next resistance at the upper zone of the red downward channel being tested. A strong upward breakout above the red channel will propel price towards the upper boundary of the blue.

Conversely, a failure of the blue mid-band support will result in a slide towards the lower support of the red channel and any further weakness will retest the lower blue channel support.

Remember to be as nimble as a deer.

http://advocacy.britannica.com/blog/advocacy/2008/12/the-white-deer-at-the-seneca-army-depot/

Investor Central established by former CNBC presenter Mark Laudi

We ask the questions that need to be asked.

Investors frequently need more information before they can make an informed investment decision - even about companies which fully comply with exchange-mandated continuous disclosure obligations.

We bring investors and companies closer together by fostering improved communications.

Who is behind Investor Central?

Investor Central was established by former CNBC presenter Mark Laudi. During his seven years with the channel, he anchored and produced programs, and covered Southeast Asian and Australian stocks on the stocks desk of Squawk Box. Mark joined CNBC after seven years as a radio presenter, first at Australian Broadcasting Corporation and later on MediaCorp Radio NewsRadio 93.8 (now 938LIVE). He is also a frequent emcee and moderator of investment seminars and business events.

Known for asking tough questions of on-air guests and of speakers at investment seminars, he and his team of reporters get to the heart of the matter to ask the questions investors want answers to. Our philosophy is simple: if a company's announcement gives rise to further questions, they should be asked. The company is always given an opportunity to respond before our publication deadline. If the questions are important enough to be asked, they should be made public - whether the company has answered them or not. And not just listed companies. We also put analyst reports under the microscope. Read on to find out more. http://www.investorcentral.org/company.php

Shipbuilder JES to venture massively into mining

JES International Holdings is massively diversifying from being a major private shipbuilding group based in the PRC to owning mines in the Xinjiang Uygur autonomous region of China.

JES has entered into a conditional investment agreement with Mineriver Pte Ltd for the acquisition of up to a 30% stake in Mineriver for S$127.0 million.

Mineriver is a Singapore-incorporated company which will acquire the entire issued share capital of a Xinjiang company, which holds mineral exploration rights in the Xinjiang Uygur. The mineral exploration rights are with respect to metals and minerals, which includes magnesium and nickel.

Mineriver is expected to obtain the relevant mining rights and operate production lines to manufacture magnesium products.

The Xinjiang company, Xinjiang Feng Li De Yuan Trading Co, had a net value of 381,000 yuan (S$77,590) as at July 31, according to an independent valuation report dated Oct 22 by Xinjiang Tiannuo Zhengxin Assets Appraisal Ltd Co.
The valuation does not include the magnesium and nickel assets of the firm, which are believed to be worth at least $60 billion.

As no proper valuation exercise of the assets has been carried out, the $60 billion was based on internal consensus, JES chief financial officer Patrick Kan told The Business Times.

This is just a yardstick which the owner of the mine and the introducer is confident of reaching," he said. "Based on this $60 billion, compared to the amount we are going to invest, it is very good value."

Read more at http://www.nextinsight.net/index.php/story-archive-mainmenu-60/919-2013/7629-shipbuilder-jes-ventures-massively-into-mining