What Are NKRAs?

Tax exemption at Statutory Income - FAQs

Q: How do I apply for this incentive? Do I have to complete an application form?
A: No, there is no need to complete any application forms. You have to indicate in your annual Tax Return form that the taxable statutory income is zero. 

Q: In my childcare centre, can I count fees received (such as registration fees) and profits from sale of books and uniforms to the children as qualifying for tax exemption?
A: These sources of income are considered incidental to the main business source, and would thus qualify for tax exemption. 

Q: Does the tax exemption apply to an association that operates a preschool or childcare centre?
A: Yes, an association also qualifies for the tax exemption.

Q: Where can I seek advice or further information on tax incentives?
A: You may seek advice from a professional tax consultant or refer to the Inland Revenue Office for further information or clarification. 

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