We also have the expertise to guide you on matters related to personal tax. Our services include the following functions and more:
- Registration for new tax payers
- Preparation and filing of income tax return based on your income and determination of possible deductions and reliefs that are applicable to you
- Request for extension of deadline, if necessary
- Preparation of Form IR8A/IR21 for employees
- Tax planning as well as advice
- Year of Assessment & Basis Period
- Tax Residency & Personal Reliefs
- Source of Employment Income
- Double Taxation and Exemption
- Taxation of Different Types of Bonus
- Taxation of Allowances & Benefits-in-kind
- Taxation of Equity Gains
- Taxation of Director’s Remuneration/Fees
- Payment & Refund of Tax
- Special Schemes – NOR, Area Representative
- Employer’s & Employee’s Obligations: Forms IR8A, IR21 & B1
- Tax Compliance: IRAS Enforcement Actions on Non-Filing & Late Payment, Penalties for Negligence & Evasion
- Voluntary Disclosure
Having us guide you on personal taxation in Singapore will help you earn these benefits:
Domain expertise in Singapore Personal Taxation
The foremost attraction in Singapore for business owners, especially foreigners relocating to the city-state, is Singapore tax rates. In general, the Inland Revenue Authority of Singapore (IRAS) treats non-Singaporeans and non-Singapore Permanent Residents as foreigners for tax purposes.
Depending on your tax-residency status, you are liable to pay income tax on all income derived from or accrued in Singapore. Besides salaries and bonuses – contractual or non-contractual, employment benefits such as housing and stock options will also form part of taxable income in Singapore. But overseas income derived outside Singapore, Singapore dividends and bank interest are exempt from taxes.
Your tax liability will also depend on your tax residency status, with the cut-off periods being 60 days and 183 days. With domain knowledge on these matters, we can help you navigate Singapore personal taxation system no matter what your employment situation is.
Just pay ‘effective tax’
Singapore personal tax structure is progressive. Marginal rates range from zero to 22 percent and the framework allows residents to tap various reliefs, thereby lowering their effective payments. We can help you take the utmost advantage of such reliefs, and make sure you only pay the ‘effective tax’.
Don’t wait till the tax season to figure out exactly how much to file. Learn all about personal taxation in Singapore.
Always be compliant
In Singapore, the filing for the Year of Assessment (YA) begins on March 1, every year. If you need to submit an income tax return, you are required to log in to myTax portal using your SingPass or IRAS PIN by the April 18 for e-filing, and by April 15 for paper filing. We can make sure that you comply by these as well as any other compliance requirements by IRAS.
Assistance on the Not Ordinarily Residents Scheme
The country also has a special category of individuals called the Not Ordinarily Residents (NOR) are given favourable tax treatment for a period of five years of assessment. If you meet the qualifying conditions, we can help you take advantage of the NOR scheme.
Avoid paying taxes twice
You may be protected from being taxed twice in Singapore and your country of residence through the Avoidance of Double Taxation Treaties (DTA). Depending on the provisions of the DTA, you may claim the benefits of an exemption from the tax on income for personal services, teachers, researchers, artistes, athletes, students, trainees, etc. To enjoy this benefit, you need to submit the Certificate of Residency (COR) to the foreign tax authority to prove that you are a Singapore tax resident. We can make sure that your COR meets the IRAS criteria.
Help with filing all tax forms
Depending on your circumstances and the reliefs you are claiming, you may need to fill either of forms B, B1, M, IR8A, and many others. We can make sure all your paperwork is in order and in compliance with regulations.
Want to ensure you follow Singapore personal taxation laws and file correctly on time?
Leave it in our expert hands. Singapore Tax Accounting Services has unparalleled reputation as Singapore’s leading corporate services provider and tax agent. We can help you take advantage of Singapore’s low-tax policies and guide you in filing of taxes.