Best Pte Ltd was incorporated on 15 November 2018 as a trading company and its first set of financial statements was prepared for the period from 15 November 2018 to 31 December 2018. It is wholly owned by Canton Pte Ltd, tax resident in Singapore. Which of the following statements hold TRUE for Best for the Year of Assessment (YA) 2020? (i) Best can claim tax exemption under the start-up tax exemption scheme as YA 2020 is still within the first three YAs of the company. (ii) Best can claim tax exemption under the start-up tax exemption scheme as it is incorporated in Singapore. (iii) Best cannot claim tax exemption under the start-up tax exemption scheme as the shareholder is not an individual Question 17 options: 1) i only. 2) i and ii only. 3) iii only. 4) None of the above.
Best Pte Ltd was incorporated on 15 November 2018 as a trading company and its first set of financial statements was prepared for the period from 15 November 2018 to 31 December 2018. It is wholly owned by Canton Pte Ltd, tax resident in Singapore. Which of the following statements hold TRUE for Best for the Year of Assessment (YA) 2020? (i) Best can claim tax exemption under the start-up tax exemption scheme as YA 2020 is still within the first three YAs of the company. (ii) Best can claim tax exemption under the start-up tax exemption scheme as it is incorporated in Singapore. (iii) Best cannot claim tax exemption under the start-up tax exemption scheme as the shareholder is not an individual Question 17 options: 1) i only. 2) i and ii only. 3) iii only. 4) None of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Best Pte Ltd was incorporated on 15 November 2018 as a trading company and its first set of financial statements was prepared for the period from 15 November 2018 to 31 December 2018. It is wholly owned by Canton Pte Ltd, tax resident in Singapore. Which of the following statements hold TRUE for Best for the Year of Assessment (YA) 2020?
(i) Best can claim tax exemption under the start-up tax exemption scheme as YA 2020 is still within the first three YAs of the company.
(ii) Best can claim tax exemption under the start-up tax exemption scheme as it is incorporated in Singapore.
(iii) Best cannot claim tax exemption under the start-up tax exemption scheme as the shareholder is not an individual
(i) Best can claim tax exemption under the start-up tax exemption scheme as YA 2020 is still within the first three YAs of the company.
(ii) Best can claim tax exemption under the start-up tax exemption scheme as it is incorporated in Singapore.
(iii) Best cannot claim tax exemption under the start-up tax exemption scheme as the shareholder is not an individual
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