Singapore Expats Forum

TAX about LLP partners

Discuss your views about Singapore business & economy, current policies & issues, starting a business in Singapore.
fx8fx
Chatter
Chatter
Posts: 162
Joined: Thu, 06 Oct 2005

TAX about LLP partners

Postby fx8fx » Sun, 19 Feb 2006 3:05 pm

Dear Madam/Sir,

Need your help for TAX about LLP partners

1. For non-residents partners such as foreign company , foreigner living at overseas , how is the TAX rate for LLP's profit .

2. From page http://www.iras.gov.sg/ESVPortal/iit/ii ... penses.asp

Subj: What are examples of allowable and disallowable expenses?


"Your own salary, bonus, allowances and Medisave / CPF contributions" is " Disallowable Business Expenses"


If so , whether a partner have to pay 2 times for the same amounts of his salary from the LLP .

For example, partner get 50,000 salary from LLP , and such 50,000 would be re-taxed as the adjusted profit of the LLP again .


Best Regards



LLP is an easy way compare with company which is required lot's of extra filing job.
Expect comments about above mentioned question .

tks

fx8fx
Chatter
Chatter
Posts: 162
Joined: Thu, 06 Oct 2005

Postby fx8fx » Sun, 19 Mar 2006 11:41 pm

for question 1, i get the answer is 20% for overseas firms

for question 2, iras told me that parter's income would be taxed only once, but it's little confused as they dont have the tax form online :(

silverfins
Newbie
Newbie
Posts: 1
Joined: Thu, 16 Mar 2006

Postby silverfins » Tue, 21 Mar 2006 10:11 pm

The income from a LLP would be attributed to each partner and hence, the LLP does not pay tax. Instead, the partner would have to pay tax on the profits derived from the LLP as well as other income he receives.

The latest tax form would be issued to by the IRAS soon (at the end of March I reckon).

Hope this helps.


  • Similar Topics
    Replies
    Views
    Last post

Return to “Business in Singapore”

Who is online

Users browsing this forum: No registered users and 0 guests