Tax solutions tailored to help grow your business
Keeping your finances in check at tax time – we’re much more than your one-stop tax service provider. We help businesses navigate and stay compliant to current regulations with our tax services.
HOW IT WORKS
How does taxation work in Singapore?
Singapore follows a territorial tax system where tax is imposed on income accrued or derived
in Singapore, as well as foreign-sourced income remitted to Singapore. There are exemptions
for qualifying foreign-sourced income including dividends, branch profits and service income.
Other notable tax considerations are – no capital gains and dividends tax, lower withholding
taxes, advance tax rulings, and no significant restrictions on foreign exchange transactions and
capital movements in Singapore.
More hours in your day.
Less time bookkeeping means more time to focus on what you really care about — like helping your business succeed.
Tax season, minus the stress.
We can work directly with company secretary, or appoint us, to make sure your taxes are filed painlessly and on time.
Tax advisory services we offer
- GST
- Corporate Tax Filing
- Withholding Tax
- Personal Income Tax
01
GST
Singapore has a 7% goods and services tax (GST), levied at two levels – upon the import of goods, and supply of goods and services in Singapore. You are required to apply for GST if your annual revenue exceeds or is likely to exceed S$1 million at the end of the calendar year.
Businesses are required to file GST on a monthly or quarterly basis, and all input and out tax must be reported.
Make use of the GST Registration Calculator if you are unsure if you are qualified to register.
02
Corporate Income Tax
Companies are required to submit both ECI (3 months from financial year) and Form C-S/C (each year 30th November). Failure to submit on time, or errors found upon submission, may result in penalties and fines.
What do you need to prepare before filing your Corporate Income Tax?
- Unaudited Financial Statement (for the last financial year)
- Tax computation
03
Withholding Tax
Withholding tax is known as tax deduction at source, where a percentage of the income is withheld and paid to IRAS when a non-resident company or individual collect income from a Singapore source for services provided or done in Singapore.
Some of the factors applicable for withholding tax are:
- Income sourced in Singapore
- Payments made to non-resident (individuals, companies, professionals, overseas agents etc.)
- If non-resident works or carries out any services in Singapore
- Specific payment types
- Interest, commissions, debt/loan related fees
- Royalty, rights of use, and intellectual property
- Management fees
- Services rendered
- Rent
04
Personal Income Tax
Singapore is ranked as one of the countries with the lowest personal income tax rate in the world. Singapore adopts a progressive income tax rate starting from 0% to 22%. It is compulsory for all Singapore tax residents to file their annual personal income tax.
The amount of tax you are required to pay depends on:
- How much you earn in Singapore
- Whether you are a tax resident or non-resident for income tax purposes
- Tax resident: Singapore Citizen and Singapore PR
- Non-resident: foreigners who have resided or worked in Singapore for at least 183 days in the tax year (excluding company director)
Filing tax compliance in accordance to their business structures can be tricky, especially when it comes to complying with the various tax rules and regulations. If you are uncertain of your tax obligations, contact us to find out more about deductions to save tax.
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We are here to help you through with your business. We are available to answer any questions you may have. Just fill in the form and we will get back to you as soon as we can.
Office Address
8 Marina View #43-01
Asia Square Tower 1
Singapore 018960
Contact Info
Phone: +65 6407 1051
Email: sales@ascentiaace.com.sg