The U.S. is an attractive place for investment due to the strong economy, rule of law, stable real estate market, and non-participation in the Common Reporting Standard (CRS). Additionally, many companies are looking to nearshoring and the U.S. serves as an excellent headquarters for nearshoring in the Western Hemisphere, with tax incentives and a good business environment. Lastly, as business out of the U.S. into Asia increases, and many foreigners gain U.S. immigration status, the rules regarding U.S. international tax are more important than ever.
Foreigners investing in the U.S. need to be aware of new rules involved with setting up a U.S. business and obtaining bank accounts and tax ID numbers, as well as the standard considerations. Furthermore, foreigners with U.S. assets need to make sure they have proper planning to avoid the U.S. estate tax, as well as be prepared in case they immigrate to the U.S. There are common techniques and structures that can be used to assist in these situations. For U.S. outbound investments, the new considerations are controlled foreign corporation reporting, Global Intangible Low-taxed Income (GILTI) and the continuing amnesty options since the end of the Offshore Voluntary Disclosure Program (OVDP) program in relation to unreported foreign bank accounts (FATCA).
This seminar will also discuss the difference between income tax and transfer tax and who is considered a U.S. person for both taxes because it is an extremely important determination but not the same test, and how each is taxed.
This session is part of the SMU Law Academy “Recent Highlights” series. Designed with the busy practitioner in mind, this series provides participants with a convenient platform to obtain timely and practical bite-sized analysis of the latest developments in various areas of the law. The series will be taught by leading and experienced experts curated from academia and practice. Each topic in the series is distilled into a short-duration online webinar so that busy legal professionals can be effectively updated with the most material developments affecting their practice.
SPEAKERS
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FEES
GST Rate Change
The Singapore Government has announced that the Goods and Services Tax (GST) rate will be increased from 8% to 9% with effect from 1 Jan 2024. All invoices issued in 2024 will be subject to the prevailing GST of 9%. All 2023 billings will reflect 8% and must be paid in full by 31 Dec 2023, failing to do so might result in the re-billing of course fees in 2024, at the prevailing GST of 9%. |
a. Registration Fee
| Timeline | Fees inclusive of GST |
| Fees before 1 Jan 2024 (8% GST) | $86.40 |
| Fees from 1 Jan 2024 (9% GST) | $87.20 |
b. Group Registration (minimum 10 participants from the same organisation)
| Timeline | Fees inclusive of GST |
| Fees before 1 Jan 2024 (8% GST) | $77.76 |
| Fees from 1 Jan 2024 (9% GST) | $78.48 |
c. SMU Alumni (LLB / JD / LLM graduates)
| Timeline | Fees inclusive of GST |
| Fees before 1 Jan 2024 (8% GST) | $77.76 |
| Fees from 1 Jan 2024 (9% GST) | $78.48 |
*Please note that there will be no refund of any fees should the participant cancel the registration/ fail to attend the event. However, registration is transferable. Notice of any change in participant should be sent to the Academy via email: smulawacademy@smu.edu.sg, by 9 January 2024.
SMU Law Academy reserves the right to cancel or postpone any event. In such case, we will arrange for the refund of fees paid.
