TAXATION OF PARTNERSHIPS

This article examines the tax status of partnerships under the Singapore Income Tax Act. The author considers the common law and statutory rules respecting the formation of partnerships, with particular reference to the use of a partnership as an income-splitting device. Calculation of income at the...

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Bibliographic Details
Published in:Malaya law review 1986-12, Vol.28 (2), p.202-213
Main Author: Hay, Richard J.
Format: Article
Language:English
Subjects:
Business structures
Collaboration
Corporate income taxes
Corporations
Income shares
Income tax
Income taxes
Non permanent residents
Partnership
Profits
Revenue
Singapore
Tax aspects
Taxation
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Summary:This article examines the tax status of partnerships under the Singapore Income Tax Act. The author considers the common law and statutory rules respecting the formation of partnerships, with particular reference to the use of a partnership as an income-splitting device. Calculation of income at the partnership level and the rules for taxing income in the hands of the individual partners are also considered. The tax advantages of the partnership form are reviewed. The administrative mechanism for collecting taxes from partners is also examined, with particular reference to the position where some partners default on their tax obligations respecting partnership income. The position of non-resident partners of a Singapore partnership is also considered.
ISSN:0542-335X