TAX about LLP partners

[fx8fx]

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]

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]

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.