In compliance with statutory requirements of Singapore Income Tax Act, all Singapore incorporated companies are required to submit annual tax return and Form C to Comptroller of Income Tax. The corporate filing tax deadline is 30 November of every year. The current prevailing corporate tax rate is 17%.
The amount of income tax that you have to pay depends on your tax residency in Singapore. The taxes for residents are different from non-residents. Singapore tax adopts a progressive personal tax rates, relative to an individual chargeable income.
Goods and Services Tax
Goods and Services Tax (GST) is consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In some countries, GST is known as the Value Added Tax (VAT). The current prevailing GST rate is 7%.
It is compulsory for businesses to register for GST when their turnover exceeds $1mil per year. Businesses that do not exceed $1mil in turnover may register for GST voluntarily. The only exemptions are for the sales and leases of residential properties and the provision of most financial services. Export of goods and international services are zero-rated.
At One Source, we ensure our clients comply with tax statutory requirements and submit tax return on time to Comptroller of Income Tax to avoid penalties from late submission.
We provide these taxation services:
- Company and personal tax compliance
- Preparation of tax return for individuals, sole proprietorships and partnerships for submission to Comptroller of Income Tax
- Preparation of Company tax return(including Form C and tax computation with schedule) for submission to Comptroller of Income tax
- Filing of estimated chargeable income
- Advice on applicable tax incentives
- GST registration with Comptroller of GST
- Preparation and submission of GST Returns on a quarterly basis