P Tax Mock A

1. Inland Authority of Singapore (IRAS) acts as agent of the government to assess, collect and enforce payment of taxes. In connection with such functions, IRAS is responsible for

• (A) developing the Companies Act.
• (B) administering the Companies Act.
• (C) developing the Income Tax Act.
• (D) administering the Income Tax Act.

2. Who is responsible for the assessment and collection of tax in Singapore?

• (A) Minister for Finance.
• (B) Speaker of Parliament.
• (C) Chief Justice of Singapore.
• (D) Comptroller of Income Tax.

3. Which is the basis of calculating income tax in Singapore?

• (A) Heralding year.
• (B) Following year.
• (C) Preceding year.
• (D) Alternating year.

4. For Year of Assessment 2022, the basis period of an individual’s income tax assessment in Singapore is from

• (A) April 20 to March 21.

• (B) April 21 to March 22.

• (C) January 21 to December 21.

• (D) January 22 to December 22

5. All the following are taxable income EXCEPT

• (A) Trade income from partnership in Singapore.
• (B) Employment income from salary and bonus received in Singapore.
• (C) Rental income from subletting of property in Singapore.
• (D) Interest income from deposits with approved banks in Singapore.

6. Which of the following persons are not taxable for income tax in Singapore?

• (A) Total income <= $20,000.

• (B) Employment income > $22,000.

• (C) Non-resident who derived rental income from Singapore.

• (D) Self-employed income with a net profit >= $6,000;

7. Which of the following is not an approved tax deduction in Singapore?

• (A) Personal reliefs.
• (B) Personal rebates.
• (C) Dividends received.
• (D) Donations contributed to an approved IPC.

8. Which of the following is not a type of employment income?

• (A) Bonus.
• (B) Royalty.
• (C) Pension.
• (D) Commission.

9. Who is not a Singapore Tax Resident?

• (A) Jane, a Singaporean.

• (B) Justin - American stayed/worked in Singapore for >= 183 days in preceding year.

• (C) Jeremy - Australian with work pass (valid 1 yr) & worked < 183 days in the preceding year.

• (D) Jupiter - Japanese stayed/worked in SG continuously for 3 consecutive yrs.

10. All of the following are taxable income except for

• (A) rental income from a property in Singapore

• (B) employment income from local bank.

• (C) rental deposit from 2nd property in Singapore.

• (D) interest income earned in Japan & brought into Singapore.