15 September 2014
This e-Tax Guide which was published on 12 September 2014 explains the tax treatment of director’s fees and bonuses from employment.
The following has been updated in this edition:
(a) Paragraph 6.1 (Deductibility of director’s fees and bonuses from employment) amended to clarify that a company may claim deduction for director’s fees and employees’ bonuses only when its liability to pay such fees and bonuses actually arises.
(b) Paragraph 7.1 (Administrative procedures) amended such that companies need not submit the documents/information to IRAS but to prepare and retain them.
The first edition of the e-Tax Guide was published on 8 March 2013.
For full details, please refer the e-Tax Guide on the IRAS website.
Source: This article was extracted from the Inland Revenue Authority of Singapore’s (IRAS) website. Visit http://www.iras.gov.sg/ for more information.