We offer Comprehensive tax filing services for all types of company set-ups and our services are all inclusive:
- New startup companies
- Existing companies
- Estimated Chargeable tax filing
- Yearly submission of tax
- Withholding tax
- Stamp-duty on transfer of shares/property
- Personal income tax filing
Singapore is a country with lowest tax regime at 17% and effective rate around 7-8% after new startup or partial exemption subject to limits as specified by Inland Revenue Authority of Singapore (IRAS)
No capital gains tax
All companies must submit annual corporate tax returns to the Inland Revenue Authority of Singapore (IRAS). The deadline to submit audited or unaudited accounts is usually on the 30th of November annually. Singapore adopts the preceding year basis taxation. Therefore, the profits for the financial year ending in the preceding year will form the basis for filing the corporate tax returns in the current year.
Goods and Service Tax (GST), similar to the Value Added Tax (VAT) in many countries, is a consumption tax on most domestic goods and services. Singapore’s GST is currently at 8% (JAN 2024-9%)
ECI, also known as Estimated Chargeable Income (ECI), is an estimate of a company’s chargeable income for a Year of Assessment (YA). Every company is required by IRAS to submit an ECI within 3 months from the end of each financial year.
According to Singapore’s Income Tax Act, a person must withhold tax when payment of a specified nature is made to non-residents companies. This is called the Withholding Tax, whose rate depends on the type of payment and the tax treaty between Singapore and the country of the non-resident.