Singapore government major tax revenues include personal and corporate taxation, Goods and Services Tax, property tax, stamp duty, customs and exercise duty and others such as cross-border tax, transfer pricing and operating model effectiveness. Of these, the Inland Revenue Authority of Singapore (IRAS) is responsible for collecting personal income tax, corporate tax, property tax, goods, and services tax, betting taxes and stamp duty. Various other government agencies collect the rest. There is also a marked absence of capital gains and dividends tax, as well as lower withholding taxes in the city-state. Singapore’s tax framework is based on territorial policy. This means that individuals and companies are taxed on incomes generated in the city-state, and on foreign sourced income remitted into the country.
This presents a plethora of taxes that you need to be aware of while working or incorporating a company in Singapore.
We, provide tax preparation services which deal with all these aspects of Singapore taxation. Thus, our taxation services in Singapore include:
- Calculation and filing of Corporate Tax
- Calculation and filing of Personal Tax
- Calculation and filing of Goods and Services Tax
- Calculation and filing of Property Tax
- Calculation and filing of Withholding Tax
- How to best structure your deal/partnership to get maximum tax benefits
- Effective shareholding structure
- Effective tax structuring/restructuring and planning for local and cross-border transactions
- General Tax Advisory/Consultancy including IRAS Advance Tax Ruling application
- General Tax Planning/Due Diligence
- Transfer Pricing
- Advise on IRAS Audit/Investigation
Please note that this is not an exhaustive list, and if you have any other taxation matters not listed above, please do get in touch with our team. We might be of assistance.
Why do you need to engage Singapore Tax Accounting Services
A short answer to this is – in order to avail the advantages of Singapore famed business-friendly tax policies, and navigate your way through Singapore’s complex tax-regime, you will need the help of experts such as Singapore Tax Accounting Services. With our expertise and certified professionals, we can assist business professionals to understand the advantages of building a presence in Asia and opting for a Singapore company set-up.
Take advantages of all schemes, reliefs; just pay the ‘effective tax’
The corporate tax rate in Singapore is 17 percent and is one of the lowest globally. However, this rate can be even more attractive when you account for the various schemes. Also, to encourage multinational companies to relocate their headquarters to Singapore, the Economic Development Board offers regional headquarters (RHQ) and international headquarters (IHQ) incentives.
Most importantly, Singapore adopts a progressive personal tax structure. The marginal rates are set at 0 to 22 percent. Resident can also lower their effective tax rate further by making use of different schemes within the framework.
When you engage Singapore Tax Services, we will provide advice on the various schemes and reliefs and help you achieve an accurate effective tax rate.
Avoid penalties and proper filing
We are backed by a team of highly-qualified Chartered Accountants, which makes us a leading accounting and tax advisory firm in Singapore. With our deep knowledge of accounting and tax statutory matters in Singapore, we can seamlessly help you fulfil the compliance requirements imposed by IRAS and avoid penalties.
Cross-border taxation expertise
Currently, the Singapore government has enacted more than 21 Free Trade Agreements (FTA) with 27 economies and 76 avoidance of Double Tax Agreements. With these in place, they will facilitate cross-border trading, reducing the number of tax barriers pertaining to trade, investment, technical intelligence and other expertise. Singapore Tax Accounting has a strong presence across the South East Asian region. Thus, we can provide in-depth consultation on FTAs and DTAs and help you effectively manage cross-border taxation matters.
Engage us for all your Singapore Taxation needs
Learn about Singapore's progressive tax framework, which is based on territorial policy. Foreign sourced income remitted into Singapore is also taxed.