Singapore Tax

General Understanding of Singapore Tax and Tax System

Singapore Tax

Singapore tax rate is one of the most competitive among the neighboring countries.

Singapore Corporate Tax rate is 17%. Most newly incorporated companies should be taxed at 5.7% or below for the first SGD300,000 (assuming that they qualify for the full exemption for new start-up).

The Individual Tax rate range from 0% to 22% depending on the income bracket you fall into. Only the income above SGD320,000 will be taxed at 22%.

The Goods and Services Tax or GST is currently at 7% (as at 31 December 2017 when this page is published) and is expected to go up in the near future.

Singapore Tax

Singapore Tax System

Singapore imposes tax on Singapore sourced income and income remitted into Singapore. It is known as territorial basis of taxation. Some may call it a modified territorial basis because Singapore still imposes tax on remittance (i.e. income sourced overseas remitted into Singapore). A pure territorial basis like Hong Kong does not tax on overseas income remitted into the country.

With effect from 1 January 2014, income of an individual remitted into Singapore in his personal capacity is no longer taxable. However, it will be taxable if it is remitted into a partnership or a company in Singapore.

Singapore Tax Law

Tax Payment in Singapore

In Singapore, payment of tax has to be made within 30 days from date of Notice of Assessment for Corporate and Individual Tax. There are several ways to make payment. Taxpayer can pay via internet, AXS machine, cheque or SingPost. Generally taxpayers is able to pay their taxes in installment if they satisfy the required conditions. The installment plan is known as the GIRO plan where IRAS deduct the monthly installment from taxpayers' bank accounts. Any revision to the original assessment will trigger a revision in the installment plan payment.

Singapore Tax Payment by GIRO

For employment income tax, Singapore does not withhold tax at source. Unlike some countries where tax is deducted from your salary and you get the salary which is net of tax. In other words, your do not have to pay your salary upfront. You will only have to pay your salary in the following year when tax is assessed. Moreover, you should still be able to qualify for installment plan for the individual tax payment.

Singapore Tax Payment

Singapore Tax Filing and Advice

We have professional tax consultants in our Company to provide Singapore Tax Filing Service and Advice. Whether it is in area of Corporate Tax, Individual Tax, Withholding Tax, Goods and Services Tax, Property Tax, etc., you know you can count on us to deliver. Just call us at (+65) 63030565 for any Singapore Tax Compliance and Advisory Services. You may also email us via our contact form.

Corporate and Individual Tax Service

Every Company should be mindful of the seriousness of corporate tax filing and compliance because IRAS has increase its surveillance activities  to ensure that companies who do not comply are seriously dealt with.

Similarly for Individual Tax, self-employed persons are also a group of tax payers which IRAS is closely scrutinizing.

We ensure that your corporate and individual tax filing are taken care of when you engage our tax service. Thanks!

Corporate tax and Individual tax Service

Goods and Services Tax (GST) or Indirect Tax is sometimes neglected by businesses. It is the tax type which has the shortest history in Singapore and the tax treatment for many items may not be easily understood by many. We urge our clients to engage a professional tax consultant to review their GST filing before submitting to IRAS to ensure compliance with the GST Act.

Unsure of when to withhold tax when you make a payment? Discuss with us when you have payment to non-resident and we will advise you on whether withholding tax filing is necessary.

We are an accounting firm which provide full fledged of accounting and tax services. Before tax filing or computation can be performed, financial statements have to be prepared and finalized. This means that you will require Financial Accounting service if you do not have an in-house accountant. We also recommend client to have Management Accounting service to provide more in-depth analysis of your financial numbers for internal decision making.

Besides Tax Services, we also provide Accounting and Bookkeeping Service. Bookkeeping Service ensures that business transactions are booked into the accounts properly.

Accounting Software has gradually and substantially automated bookkeeping function as the systematic recording of business transaction according to the double entry rules are predictable and easily replaceable by computers.

Auditing service is another area frequently performed by accounting firms. However, recent changes to the audit requirements means that less companies need mandatory Audit service.

Accounting Service and Tax
incorporation and cessation of company

The birth of a Company starts with incorporating or registering it with ACRA and striking off the Company means a de-registration with ACRA.

We make sure that we provide the necessary Corporate Secretarial Services for commencement of Company and the cessation of Company.

For any tax filing or advisory service, just give us a call or email and you know your tax affair is in good hands.

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Singapore Tax Consultation