Resident in Singapore Assignment Example | Topics and Well Written Essays - 3750 words

Resident in Singapore - Assignment Example Therefore, any individual who does not lie in the definition given or a company, in that case, is definitely a non-resident. (statutes.agc.gov.sg, 2007) The main difference between resident and non-resident individuals and companies comes in when the tax is subjected to them. This is as is explained. Individuals who are non-resident are liable to pay tax on the entire income that is sourced from Singapore but for situations where the income in question is exempted from taxation. Exempted income may include interest income that is gained from amounts deposited in a Singapore approved bank as stipulated in Section 13(1)(t). Any income derived from foreign by a non-resident individual in Singapore is not subject to tax as per Section 13(7A)(a). Non-resident individuals were charged tax on all income derived from Singapore at 20% in the year 2008. (Tan, 2009 p348) The taxation basis for resident and non-resident companies alike is the same from a generic point of view. The only differenc e is that some benefits are enjoyable by resident companies only like the benefits that arise from Double Taxation Agreements by Singapore and other nations. The partial exemptions of tax like lower effective rates of tax that are usually capped at the rate of 8.5% upon the first SOK of the profits that are subject to tax per annum of tax assessment. Tax-exempt dividends, as well as Goods and Services Tax, are other tax-exempt incomes that Singaporean Companies enjoy, unlike non-resident companies. (urbanaohio.org, 2009) Types of payment subjects to and exempted from withholding tax Withholding tax is a kind of tax where tax is deducted at source and it only applies to specific income types to both non-resident companies and individuals. The income in question should have been derived from Singapore and it must have been by non-resident persons either for work done or services provided in this nation. In the transaction case where a Singapore individual or company pays services to a non-resident, a portion of that payment has to be withheld and later handed over to IRAS- Inland Revenue Authority of Singapore. This withheld amount is known as withholding tax. This tax type does not, however, apply in any way to resident companies or individuals. Specific payment types are subject to withholding tax for companies that are non-resident. These are; firstly, fee, commission, and interest with regards to any indebtedness or loan. Here where a resident company/individual is liable to pay interest on unpaid trade accounts or on credit terms to a non-resident person who has supplied such or even a loan, here withholding tax is applicable. These kinds of payment attract withholding tax at 15% rate.

Supply Chain Management in Tehindo Tea Manufacturing Company Case Study

Supply Chain Management in Tehindo Tea Manufacturing Company - Case Study Example The company has implemented a vertical integration model where a company within the Tehindo Corporate Organization supplies tea leaves, one of the main raw materials of producing their products especially the fruity tea. The company has big parts of land, which they grow tea thus supplying over eleven sale centers with various sales offices in Indonesia. Integrating the supplier’s actions on its own has become unachievable by several companies given the need for the company to minimize inventories and be able to deliver customers’ demands on time. This has been very helpful to the company since they have been able to concentrate more on the production and distribution sections of the company. The other responsibility of the manufacturers is ensuring that the products are safe at the design stage, where they can eliminate the hazards and any potential misuse in this stage. On the other hand, the manufacturer receives the raw materials from the suppliers and produces good s as per the market segment and those products that will satisfy the consumer needs. In addition, the manufacturers sometimes when they sell their goods direct to the consumers that they tend to control the prices of their products. The manufacturer also receives information from the distributors, wholesalers, and retailers about the products sales thus it becomes helpful in forecasting or making a decision of which product to invest more.The company has implemented a vertical integration model where a company within the Tehindo Corporate Organization supplies tea leaves