Enterprise Development Grant Marketing and Business Development Activity

Enterprise Development Grant Marketing and Business Development Activity

Order ID	53563633773
Type	Essay
Writer Level	Masters
Style	APA
Sources/References	4
Perfect Number of Pages to Order	5-10 Pages

Description/Paper Instructions

Enterprise Development Grant Marketing and Business Development Activity

Ones Waters Pte Ltd (OWPL), a Singapore incorporated company, is the sole distributor of water purification units manufactured in Japan for home and commercial use. These units are sold in the South East Asian Region

through local franchisees managed by OWPL. Enterprise Development Grant Marketing and Business Development Activity

In Singapore, OWPL sells the product through its main office and retail outlets. The company was incorporated in September 2014, with its first financial year ending on 31 July 2015. The company has been wholly owned by Ones

(Japan) Inc until 31 December 2016. On 1 January 2017, a share allotment was issued to OWPL’s managing director, MS Gemma Shui who owns 10% shareholdings in OWPL after the said issuance.

For the year ended 31 July 2017, OWPL reported a net profit of $540,000, after considering the following income/gain and expenses/losses: Income

Rental income of $48,000 from a residential property in Country Z. The property was occupied by OWPL’s country representative in Country Z until his last day of service in April 2016. The property was rented out on a short-term

lease for one year from 1 August 2016 as OWPL could not recruit a replacement country representative to oversee the representative office. The rental income was deposited into a bank account in Country Z which is used to

settle expenses incurred in Country Z relating to the property (see (iii) below under Expenses). The rental income will be subject to tax in Country Z at 10% and Country Z’s headline tax rate is 18%. There is no tax treaty between

Singapore and Country Z.

(ii) Interest income of $16,000 received on a deposit placement with a bank in Country Y. The interest income was credited into another bank account in Country Y which is used to settle an amount owing to a trade creditor in

Country Y on 31 December 2016. There is no tax suffered on the interest income in Country Y. Enterprise Development Grant Marketing and Business Development Activity

(iii) Profit of $50,000 from sale of motor car purchased in financial year 2015. The car was used by an expatriate managing director until 15 December 2016 when he completed his employment contract with OWPL.

(iv) Enterprise Development Grant of $20,000 in respect of marketing and business development activity in Country Z. Enterprise Development Grant Marketing and Business Development Activity

Expenses

Depreciation charge of $96,050.

(ii) Voluntary top-up of Medisave accounts of Singapore citizen and permanent resident employees for 25 qualifying employees amounting to $54,500. The maximum deduction for each employee is $1,500 per year. The company

does not provide any other medical benefits to its employees.

iii) Expenses of $12,760 incurred in respect of the residential property in Country Z: · Legal fees of $5,000 and stamp duty of $960 for drafting of lease agreement. Enterprise Development Grant Marketing and Business

Development Activity

Property tax of $6,800.

(iv) Interest expense paid to Singapore banks in respect of following:

Loan to acquire the residential property in Country Z: $15,000.

Working capital loan: $8,000. Enterprise Development Grant Marketing and Business Development Activity

(v) Representative office expenses of $165,000 comprising office rental ($50,000),

staff salary ($110,000) and motor car hire charges ($5,000).

The representative office in Country Z was set up to enable OWPL to penetrate the market in Country Z by providing product information to potential customers as well as act as a liaison between OWPL and its franchisees in

Country Z. It is not authorized to negotiate nor confirm sales orders; these will be carried out by OWPL in Singapore. The representative office is a legally registered office in Country Z but it is not an incorporated entity in Country Z.

(vi) Mileage claims of $10,500 by staff for use of their personal motor cars for business purposes.

(vii) Goods and services tax (GST) of $4,340 expensed off in respect of following:

Entrance fee to Tanglin Club (used for business entertainment): $3,150.

Monthly subscription fee to Tanglin Club: $140. Enterprise Development Grant Marketing and Business Development Activity

Gifts to customers and staff where the value of each gift exceeds $200: $1,050. OWPL is not a GST registered company.

(viii) Expenses for MS Gemma Shui and 2 employees who participated in a trade mission to Cambodia ($5,000 per person): $15,000. The approved number of employees for S14B claim is 2.

(ix) The company incurred the following non-structural renovations during the year: Enterprise Development Grant Marketing and Business Development Activity

Reconfiguring the reception and meeting rooms at the company’s main office (electrical re-wiring, fixed partition works and flooring works): $24,000.

Reinstatement (electrical re-wiring, re-painting, demolition and removal of fittings) of retail shop upon termination of lease. These reinstatement costs are contractually provided for in the lease agreement. The lease was not

renewed due to low foot traffic thus resulting in poor sales: $15,000. Section 14Q compliant renovation works were carried out in YA 2016 and 2017 at the costs of $18,000 and $243,000 respectively.

Other information

OWPL is entitled to claim capital allowances of $299,000 for YA 2018.

Required: (a) Determine whether the rental income derived in Country Z and interest income derived in Country Y were received in Singapore in Year of Assessment (YA) 2018 for Singapore Income Tax purposes, stating the basis

for your answer. (4 marks)

(b) Prepare an income tax computation for OWPL to compute its minimum net tax payable for YA 2018. All items of income and expenses given in the question are to be accounted for unless otherwise stated. Where no

adjustment is required, insert in “0”. In arriving at statutory income, all income from non-trade sources should be addressed and all deductible expenses relating to non-trade sources should be clearly identified and deducted

against the related source. You will be required to: (I) Analyze and apply the income tax exemption where applicable. (ii) Distinguish between revenue and capital expenses from the taxation perspective as compared to

accounting perspective and determine their deductibility. (iii) Differentiate between special and double deduction and apply such deductions where applicable. (iv) Formulate taxation for companies, being familiar with various

sources of income, deductions, capital allowances and tax reliefs. (21 marks)

Enterprise Development Grant Marketing and Business Development Activity

RUBRIC QUALITY OF RESPONSE NO RESPONSE POOR / UNSATISFACTORY SATISFACTORY GOOD EXCELLENT Content (worth a maximum of 50% of the total points) Zero points:  Student failed to submit the final paper. 20 points out of 50:  The essay illustrates poor understanding of the relevant material by failing to address or incorrectly addressing the relevant content; failing to identify or inaccurately explaining/defining key concepts/ideas; ignoring or incorrectly explaining key points/claims and the reasoning behind them; and/or incorrectly or inappropriately using terminology; and elements of the response are lacking. 30 points out of 50:  The essay illustrates a rudimentary understanding of the relevant material by mentioning but not full explaining the relevant content; identifying some of the key concepts/ideas though failing to fully or accurately explain many of them; using terminology, though sometimes inaccurately or inappropriately; and/or incorporating some key claims/points but failing to explain the reasoning behind them or doing so inaccurately.  Elements of the required response may also be lacking. 40 points out of 50:  The essay illustrates solid understanding of the relevant material by correctly addressing most of the relevant content; identifying and explaining most of the key concepts/ideas; using correct terminology; explaining the reasoning behind most of the key points/claims; and/or where necessary or useful, substantiating some points with accurate examples.  The answer is complete. 50 points:  The essay illustrates exemplary understanding of the relevant material by thoroughly and correctly addressing the relevant content; identifying and explaining all of the key concepts/ideas; using correct terminology explaining the reasoning behind key points/claims and substantiating, as necessary/useful, points with several accurate and illuminating examples.  No aspects of the required answer are missing. Use of Sources (worth a maximum of 20% of the total points). Zero points:  Student failed to include citations and/or references. Or the student failed to submit a final paper. 5 out 20 points:  Sources are seldom cited to support statements and/or format of citations are not recognizable as APA 6th Edition format. There are major errors in the formation of the references and citations. And/or there is a major reliance on highly questionable. The Student fails to provide an adequate synthesis of research collected for the paper. 10 out 20 points:  References to scholarly sources are occasionally given; many statements seem unsubstantiated.  Frequent errors in APA 6th Edition format, leaving the reader confused about the source of the information. There are significant errors of the formation in the references and citations. And/or there is a significant use of highly questionable sources. 15 out 20 points:  Credible Scholarly sources are used effectively support claims and are, for the most part, clear and fairly represented.  APA 6th Edition is used with only a few minor errors.  There are minor errors in reference and/or citations. And/or there is some use of questionable sources. 20 points:  Credible scholarly sources are used to give compelling evidence to support claims and are clearly and fairly represented.  APA 6th Edition format is used accurately and consistently. The student uses above the maximum required references in the development of the assignment. Grammar (worth maximum of 20% of total points) Zero points:  Student failed to submit the final paper. 5 points out of 20:  The paper does not communicate ideas/points clearly due to inappropriate use of terminology and vague language; thoughts and sentences are disjointed or incomprehensible; organization lacking; and/or numerous grammatical, spelling/punctuation errors  10 points out 20:  The paper is often unclear and difficult to follow due to some inappropriate terminology and/or vague language; ideas may be fragmented, wandering and/or repetitive; poor organization; and/or some grammatical, spelling, punctuation errors 15 points out of 20:  The paper is mostly clear as a result of appropriate use of terminology and minimal vagueness; no tangents and no repetition; fairly good organization; almost perfect grammar, spelling, punctuation, and word usage. 20 points:  The paper is clear, concise, and a pleasure to read as a result of appropriate and precise use of terminology; total coherence of thoughts and presentation and logical organization; and the essay is error free. Structure of the Paper (worth 10% of total points) Zero points:  Student failed to submit the final paper. 3 points out of 10: Student needs to develop better formatting skills. The paper omits significant structural elements required for and APA 6th edition paper. Formatting of the paper has major flaws. The paper does not conform to APA 6th edition requirements whatsoever. 5 points out of 10: Appearance of final paper demonstrates the student’s limited ability to format the paper. There are significant errors in formatting and/or the total omission of major components of an APA 6th edition paper. They can include the omission of the cover page, abstract, and page numbers. Additionally the page has major formatting issues with spacing or paragraph formation. Font size might not conform to size requirements.  The student also significantly writes too large or too short of and paper 7 points out of 10: Research paper presents an above-average use of formatting skills. The paper has slight errors within the paper. This can include small errors or omissions with the cover page, abstract, page number, and headers. There could be also slight formatting issues with the document spacing or the font Additionally the paper might slightly exceed or undershoot the specific number of required written pages for the assignment. 10 points: Student provides a high-caliber, formatted paper. This includes an APA 6th edition cover page, abstract, page number, headers and is double spaced in 12’ Times Roman Font. Additionally, the paper conforms to the specific number of required written pages and neither goes over or under the specified length of the paper.
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