For anyone running a business in Singapore, it’s likely that you will need to deal with something known as corporation tax. Corporation tax is a major part of running a business. One of the main reasons why a lot of people choose to start a business in Singapore is so that they can take advantage of the very fair corporate tax rates in Singapore.
At the time of writing, this is just 17%. Compared to many other parts of Asia, this is extremely small. However, you must pay your Singapore company tax – a failure to do so cold be more than a problem for your company.
That is why you should look to help get the help that you need to handle your taxes. Many people try to handle this technical issue on their own but often find it hard to get to grips with what they are doing. That is why you should always look to pick out some form of professional help: handling Singaporean company tax returns can be tough, especially for corporation tax.
Corporate Tax Help in Singapore
Can I not do my corporation tax return on my own?
Of course, you could do it all on your own. However, there are alternatives which would make the process much more hassle-free. The challenges in paying off corporation tax and handling your corporation tax return in Singapore can be quite tedious. Though the tax system is fair and easy to work with, it can be confusing when it comes to the filling in of said forms. There are many reasons why you might not wish to handle doing this yourself. For one, you can be assured that your tax return is void of mistakes and any irregularities if you allow a professional to handle this process for you.
That is why having help on hand to deal with your tax return should be very much high up on the list of things to do. If you are serious about living in Singapore and having a high standard of life, then you might wish to think about getting help with your corporation tax return.
For example, how you handle the payment of corporation tax is not going to be determined by your tax residency status. Those who are tax residents, though, could benefit from several benefits. Under the Income Tax Act, though, any income derived from Singapore, or foreign income remitted into Singapore, will be subject to this tax.
When do I need to file my corporate tax return in Singapore?
Most of the time, you will need to have your corporation tax return field with the government by the 15th December. This is an annual thing, so you have to meet this deadline every single year. Should you happen to be late with the filing of your corporate tax return, then you could face prosecution. Given the tax benefits and the affordable rate of tax in Singapore, it is expected that you will be playing by the rules and that you will have your income put in on time, without fail, every single time.
There could be undesirable consequences like financial penalties in the case of late filing of taxes. That is one of the main reasons why having someone help you with your corporation tax return is so useful. With a third party tax specialist helping you handle the filing of your taxes, you can make sure that:
- Your tax return is going to arrive with all the relevant information that it should.
- Your tax return is going to be accurate and it is going to arrive by the date it should.
- Your tax returns are readable for the Government.
- You include all of the information that should be included in a corporate tax return
Related Article: 8 reasons why you should outsource your accounting
What is the present corporate tax rate in Singapore?
At the time of writing, you would be expected to start on the 17% flat rate that all Singaporean businesses must pay. To work out what your chargeable income is, you need to take your taxable revenue and then subtract your deductible expenses. This leaves you with a clear understanding of what you are working with, and what you are going to be paying taxes on.
This is one of the most confusing parts of the tax return process. We recommend that you check out the official IRAS website, as you can get a full breakdown of everything that would and would not be considered to be a part of the corporate tax process. If you work this out, it should be much easier for you to get the help that you need to really start making the most of the time that you have.
However, it does not make the filing of your tax return any easier. That is still a confusing process!
Should I outsource my Singapore company tax needs?
Yes, you should. If you are not a Singaporean native, then it is likely that you do not fully understand the complex and often needlessly confusing tax system that is in play here. This can lead to mistakes and issues that could, time, make it harder for you to make the most of the income that you have. If you choose to do this, then you are much more likely to be able to get the tax return that you need to have filed for December in place in good time.
Also, the problem with Singaporean tax returns is that mistakes can often be costly if they are not spotted. With a data-driven and analytically minded Singaporean tax firm on the case for you, though, they will spot any and all problems with your tax return long before they are submitted.
Now, you can make sure that you can handle the challenge of Singaporean tax accountancy with the help of someone who knows what they are doing. If you want to make sure your company in Singapore has the chance to thrive, the, get on top of your taxes. Can’t do so alone? Don’t worry; there is more than enough help waiting for you out there! Contact Singapore Tax Accounting today, and you can make sure that you hand in a corporation tax return suited to the government needs.
File your corporate tax correctly and on time with our help
Leave no stone unturned when it comes to filing your corporate tax. You can count on us to guide you through every step.