Tax
Manage your taxes
Tax is something everyone who earns income pays for. Whether it is personal or corporate income tax, it is always wise to ensure that you don't overpay on taxes. The ever-changing regulatory requirements are quite something to keep up with, and that's why we're here for you.
With our technical expertise, strategic advice and understanding of your company, we’ll work with you to strategically manage the amount of taxes you pay, and when reported on a timely basis, you can pay it in installments, effectively managing your company’s cashflow.
Some of the taxes we pay for
In Singapore, the government do not practice double taxation. If taxes are paid on the income of a company, the capital gains in the form of dividends paid out to shareholders are not taxable. If income taxes are paid by an employee on their salary, the salary is a deductable expense for the company.
CORPORATE TAX +
The standard corporate tax rate in Singapore is 17%. A partial tax exemption is eligible for first SGD 300,000 of chargeable income. Under this condition, 75% of the first SGD 10,000 of chargeable income is tax exempt and 50% of the next SGD 290,000 of chargeable income is tax exempt. For the first 3 years of a new company, higher exemptions are applied. The total tax exemption on the company's first $300,000 can go up to $152,500.PERSONAL INCOME TAX +
Income occurred and received in Singapore are subject to personal income tax at progressive rates up to 20%, based on the following progressive rates. There is no need to pay income taxes for those earning below $20,000.A non-resident individual (other than a director and actor) who exercises a short term employment in Singapore for not more than 60 days shall be exempt for tax in Singapore. However, individual resided in Singapore for not more than 60-183 days shall be taxed at a 15% tax rate.
GOODS AND SERVICES TAX +
The value added tax system in Singapore is called Goods and Services Tax: GST. The standard GST rate in Singapore is 7%. GST aims at taxing the final consumer goods and services made in Singapore, and importation of goods into Singapore.From January 1, 2023, the government will extend GST to low-value goods imported via air or post valued up to S$400 (US$298). The GST charge is extended to imported non-digital services and online sales of low-value goods by overseas suppliers, meaning an end to GST-free online shopping for consumers.
WITHHOLDING TAX +
Non-residents need to pay withholding tax for the following taxable income:Interest - 15%
Royalty - 10%
Technical Fee - 17%
Singapore does not levy withholding tax on dividend and there is no Capital Gains Tax.
Let machines do the work
We are experts in using app integration to help you in your organisational process workflow. Connect your shopfront (e-commerce, patient management, invoicing), HR system, Claims system, Banking platforms with your accounting system to eliminate duplication of data input and spend time on things that matter. Especially for Income Taxes and GST claims and reporting, these apps can help to keep track of all your relevant income and expenses for accurate reporting.
Strategic tax reports you can count on
Strategic planning of your taxes will maximise every cent paid, and timely reporting will help manage your company’s cashflow.
There are two types of Corporate Income Tax Return, Form C-S and Form C.
The Form C-S/ C is a declaration form for companies to declare their actual income. Companies must ensure that the form is correctly completed and gives a full and true account of the company's income.
Companies are required to file the Form C-S/ C even if they are making losses.
Meet your deadlines
We remind you of your deadlines so you don’t have to think about them.
Solution Packages
Personal Income Tax
$200/year
Perfect for Sole proprietors, Freelancers & Professional Services
Computation of Adjusted profit/loss for submission
Provision of 2 or 4-line statement for e-filing (Form B/B1)
Basic advice on tax matters (Allowable / Disallowable expenses)
Corporate Income Tax
$400/year
Perfect for Startup or
Small Enterprises
Computation of Income tax return for e-filing (ECI/ Form C-S)
Basic advice on tax matters
Additional fees not included:
Form C: +$200
E-filing on your behalf: +$200
Goods & Services Tax
$300/qtr
For GST-Registered Organisations
Setup in accounting system or processes to ensure your transactions are able to track GST
Computation and preparation of GST (Form 5)
Advice on GST matters
(Standard-rated, Zero-rated, Input vs Output tax)
Need More?
Financial Reporting $100/m
Bookkeeping $150/m
Vendor Payment $60/m
Payroll $25/pax
Corporate Secretarial $650/y
Unaudited Financial Statements $600/y
Financial Due Diligence $3,000
GST Preparation $100/m
FAQS
What is the difference between Form C-S and Form C? +
From YA 2012, to simplify the filing procedure for small companies, IRAS introduced Form C-S - a simplified Income Tax Return for qualifying small companies to report their income to IRAS.- Fewer Fields
- No Need to Submit Documents unless Requested
What is Form C-S (Lite)? +
To further enhance the e-Filing experience of small companies, companies that qualify to file Form C-S and have an annual revenue of $200,000 or below have the option to file Form C-S (Lite). Form C-S (Lite) is a simplified version of Form C-S comprising only six essential fields to be completed for companies with straight-forward tax matters.Who is eligible to file Form C-S? +
The company must be incorporated in Singapore;The company must have an annual revenue1 of $5 million or below
The company only derives income taxable at the prevailing corporate tax rate of 17%2; and
The company is not claiming any of the following in the YA:
- Carry-back of Current Year Capital Allowances/ Losses
- Group Relief
- Investment Allowance
- Foreign Tax Credit and Tax Deducted at Source
When does my comapny need to pay GST? +
You must register for GST if your taxable turnover is:- Under the retrospective view, more than $1 million at the end of the calendar year, or
- Under the prospective view, expected to be more than $1 million in the next 12 months
You may also be liable for registration:
- under the reverse charge regime if your business procures services from overseas suppliers and your business is not entitled to full input tax credit even if it is GST-registered, or
- under the overseas vendor registration regime if you are an overseas supplier or a local/ overseas electronic marketplace operator that provides digital services to individuals and businesses in Singapore that are not registered for GST.
You will not be required to register for GST if your taxable turnover is derived wholly or mainly from zero-rated supplies and you apply for exemption from registration.
Can I voluntarily register to be GST-registered? +
Yes, you may. Before registering for GST voluntarily, you should consider whether:- you qualify for registration;
- you are able to meet the requirements for voluntary registration; and
- the benefits outweigh the costs of registering for GST.
For more, please visit IRAS - Factors to consider before Registering Voluntarily for GST