Tax Services Singapore

Our tax services team in AG is led by Accredited Tax Practitioners, who are registered with the Singapore Institute of Accredited Tax Practitioners, with more than 10 years of 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
Speak to our tax expert

Why Choose Our Tax Services?

01.
Personal Tax Consultant
You will be assigned a tax expert to analyse your business and explore any potential tax benefits you can enjoy. With a personal tax consultant, solutions are tailored to meet your needs, including tax planning, financial accounting, and compliance matters.
02.
Quality
Our tax team is led by qualified tax experts to help you reduce your tax LEGALLY in Singapore. We help mitigate and resolve any issues efficiently with compliance.
03.
One-stop Solution
With a deep knowledge of local taxes and best practices that comply with local regulations, you can meet all your needs with our accounting and tax services, which ultimately helps you save time, cost and hassle.
04.
Compliance
Evading tax is a serious criminal offence. However, avoiding tax is legal, and we are good at that. We can help you manage your reporting and filing obligations and support your compliance needs.

Pricing

Starting from
Non-active business                           S$500
Active business    S$800
Complex business S$1200
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Know Your Tax Benefits

Business Vehicle

Sole proprietorship and Private Limited have different tax rates, which are 22% and 17%, top respectively.

Tax Exemption

Private Limited is entitled to tax exemption while sole proprietorship is not.

Tax Concession

Certain industry sectors qualify for tax concession – a lower tax rate of 5% or 10%, subject to approval by International Enterprises Singapore. For example, the wholesale trade sector.

Group Tax Structure

Tax loss of a member within a group in Singapore can be transferred to its group members to offset other group member’s tax. This helps to maximise the group tax benefit as a whole.

Foreign Sourced Income

Foreign sourced income is taxable when the income is remitted into Singapore. Sound tax planning can minimise a company’s tax exposure.

Singapore Income Tax

Income earned by the company 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

Companies are required to submit two corporate income tax forms to IRAS yearly:

 

  • Estimated Chargeable Income (ECI) form is due for filing within 3 months from financial year-end.
  • Corporate Income Tax Returns is due on 30 November annually. However, it has to be filed on a prior year basis, i.e. Companies whose financial year-end fall in 2021 will have to file a tax return for the financial year on 30 November 2022.

Tax Exemption

Subject to certain requirements, new start-up companies are eligible for a tax exemption of 100% on the first S$100,000 chargeable income and 50% on 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 that certain requirements are met.

Tax Concession

Certain industry sectors are entitled to a tax concession – a 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.

FAQ

What is Singapore’s corporate tax rate?

Singapore has a flat corporate tax rate of 17%. However, due to the various exemptions and rebates offered by the government, your effective corporate tax rate is often less than the stated rate.

The tax rates for newly registered companies in Singapore are:

  • The initial S$100,000 annual taxable income is tax exempted for the first 3 years.
  • The following S$200,000 is taxed at 8.5%
  • Annual taxable income above S$300,000 is taxed at 17%

After the 3-year grace period, tax rates are:

  • Initial annual taxable income of up to S$300,000 is taxed at 8.3%
  • Annual taxable income above S$300,000 is taxed at 17%

When is a company required to register for GST?

Your company is required to register for Goods and Service Tax (GST) when its annual taxable revenue is over S$1mil, or it is currently making taxable supplies, and its annual taxable revenue is projected to exceed S$1mil for the next 12 months. You can choose to register your company for GST voluntarily even if your annual taxable revenue is below S$1mil. However, your company needs to remain as a GST registered company for at least 2 years.

Which expenses are tax-deductible, and which are not?

To qualify for tax deduction:

  • The expenses have to be revenue-focused. Operational expenses are tax-deductible, but capital expenditure is not.
  • The expenses are not forbidden under the Income Tax Act.
  • The expenses have actually been incurred. Asset depreciation is not tax-deductible.

What is ECI?

ECI stands for Estimated Chargeable Income, which estimates a company’s chargeable income for a Year of Assessment (YA). All companies in Singapore, including newly incorporated companies, are required to file an ECI within 3 months from the end of their financial year.

Who needs to comply with IRAS regulatory framework?

All private limited companies in Singapore are mandated by law to comply with the guidelines and regulations set by the Inland Revenue Authority of Singapore (IRAS). Any non-compliance will lead to the governing body taking the appropriate measures in the form of fines and court proceedings.

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