Tax Services Singapore
Our tax services team is led by Accredited Tax Practitioners registered with Singapore Institute of Accredited Tax Practitioners, with more than 10 years of tax services experience. Our tax services cover the following:
- Computation of corporate tax
- Computation of individual tax (individual/sole proprietor/partnership)
- Filing of tax form and ECI
- PIC cash claim
- PIC application
- Resolving tax issue from IRAS
- Withholding tax filing
- Global Trader Programme (GTP) application review
- Renewal of GTP audit
- Tax planning
Why choose AG Accounting Services Singapore?
One-stop Solution. Besides tax services, having all services done at AG, enables reducing process, time and cost.
Quality. Our accounting teams are led by qualified accountants to ensure our service quality.
Flexibility. Our accounting services can be arranged to be performed at client offices or at our office.
Cost Effectiveness. It is costly to hire a qualified accountants for a SME, not to mention the cost for setting up an accounting department. Outsourcing tax services to an accounting firm in Singapore like AG helps to reduce fixed cost which give more flexibility to a company to control its operation cost.
Know Your Tax Benefits
Business Vehicle. Sole proprietorship and Pte Ltd have different tax rates, which are 22% and 17%, top respectively.
Tax Exemption. Pte Ltd is entitled to tax exemption which sole proprietorship is not.
Tax Concession. Certain industry sectors are qualified for tax concession of lower tax rate of 5% or 10% subject to approval by International Enterprises Singapore. For example, wholesale trade sector.
Group Tax Structure. Tax loss of a member within a group in Singapore can be transferred to its group member to offset other group member’s tax. This helps maximising the group tax benefit as a whole.
Foreign Sourced Income. Foreign sourced income is taxable in Singapore when the income is remitted into Singapore. A sound tax planning can minimise a company’s tax exposure.
Singapore Income Tax
A company’s income earned in the preceding financial year will be taxed in the following year. This means that income earned in the financial year 2016 will be taxed in 2017. The current prevailing corporate income tax rate is 17%.
Capital gain is not taxable in Singapore.
Income Tax Submission | Filing
Companies shall submit two corporate income tax forms to IRAS every year:
- Estimated Chargeable Income (ECI) form is due for filing within 3 months from financial year end.
- Corporate Income Tax Returns is due for filing every 30 Nov of the following year of financial year end.
Subject to certain requirements, new start-up companies are eligible to a tax exemption of 100% on the first S$100,000 chargeable income and 50% on the the next S$200,000 chargeable income , for the first 3 YA.
Companies can continue to claim a partial tax exemption of 75% on the first S$10,000 chargeable income and 50% on the next S$290,000 chargeable income provided certain requirements are met.
Certain industries sectors are entitled to a tax concession of lower tax rate of 5% or 10% instead of 17%, subject to the Ministry of Finance’s approval. Concession application needs to be submitted to the International Enterprise (IE) Singapore.