ETF Pte Ltd was incorporated on 15 November 2018 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 owned equally by Mr Tan and XYZ Pte Ltd, both tax residents in Singapore. Which of the following statements hold TRUE for ETF for the Year of Assessment (YA) 2020? (i) ETF can claim tax exemption under the start-up tax exemption scheme so long as YA 2020 is still within the first three YAs of the company. (ii) ETF can claim tax exemption under the start-up tax exemption scheme as it is 50% owned by an individual. (iii)ETF cannot claim tax exemption under the start-up tax exemption scheme as not all the shareholders are individuals A) (i) and (ii) only. B) (i) only. C) (ii) and (iii)only. D) All of the above.
ETF Pte Ltd was incorporated on 15 November 2018 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 owned equally by Mr Tan and XYZ Pte Ltd, both tax residents in Singapore. Which of the following statements hold TRUE for ETF for the Year of Assessment (YA) 2020? (i) ETF can claim tax exemption under the start-up tax exemption scheme so long as YA 2020 is still within the first three YAs of the company. (ii) ETF can claim tax exemption under the start-up tax exemption scheme as it is 50% owned by an individual. (iii)ETF cannot claim tax exemption under the start-up tax exemption scheme as not all the shareholders are individuals A) (i) and (ii) only. B) (i) only. C) (ii) and (iii)only. D) All of the above.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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ETF Pte Ltd was incorporated on 15 November 2018 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 owned equally by Mr Tan and XYZ Pte Ltd, both tax residents in Singapore. Which of the following statements hold TRUE for ETF for the Year of Assessment (YA) 2020?
(i) ETF can claim tax exemption under the start-up tax exemption scheme so long as YA 2020 is still within the first three YAs of the company.
(ii) ETF can claim tax exemption under the start-up tax exemption scheme as it is 50% owned by an individual.
(iii)ETF cannot claim tax exemption under the start-up tax exemption scheme as not all the shareholders are individuals
(i) ETF can claim tax exemption under the start-up tax exemption scheme so long as YA 2020 is still within the first three YAs of the company.
(ii) ETF can claim tax exemption under the start-up tax exemption scheme as it is 50% owned by an individual.
(iii)ETF cannot claim tax exemption under the start-up tax exemption scheme as not all the shareholders are individuals
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