Introduction to Taxation

Singapore University of Social Sciences

Introduction to Taxation (ACC214)

Synopsis

ACC214 Introduction to Taxation is an introductory course to the study of taxation in SUSS. It aims to provide students with an overview of Singapore’s tax system, and in particular, income tax, goods and services tax (“GST”) and stamp duty. Students begin this course by grasping the concept of taxes, and understanding the rationale for taxes in Singapore. Thereafter, students will study the key principles of income tax, GST and stamp duty. They will also examine how the relevant taxes are administered by the Inland Revenue Authority of Singapore. Finally, students end this course by being able to apply the principles learnt to real life circumstances, compute the right amount of taxes, and comply with the relevant filing and reporting requirements in Singapore. To excel in this course, students are required to familiarise themselves with the relevant laws, regulations and practice guidelines, and communicate their understanding and application of the subject matter in a clear and professional manner, among others. This course will benefit students beyond the classroom as they progress in life to become future taxpayers and tax professionals.

Level: 2
Credit Units: 5
Presentation Pattern: EVERY REGULAR SEMESTER

Topics

Singapore’s tax system
Rationale for taxes in Singapore
Principles of income tax
Taxation of local and foreign income
Taxation of exempt and non-exempt income
General deductibility of expenditures
Taxation of employed and self-employed individuals
Taxation of resident and non-resident individuals
Principles of goods and services tax
Taxation of supplies of goods and services
Taxation of imports of goods and services
Taxation of fully taxable and partially exempt businesses
Principles of stamp duty
Taxation of dutiable instruments

Learning Outcome

Describe Singapore’s tax system
Explain the rationale for taxes in Singapore
Outline the income tax, goods and services tax and stamp duty compliance requirements in Singapore
Apply the principles of income tax, goods and services tax and stamp duty to real life circumstances
Compute the income tax payable of individuals
Calculate the goods and services tax payable/recoverable of GST-registered businesses
Appraise the stamp duty payable on dutiable instruments
Develop the essential knowledge and interpersonal skills to work effectively in a team
Demonstrate proficiency in written and verbal communication skills