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:
Tax Services Singapore
Why choose AG Accounting Services Singapore?
Know Your Tax Benefits
Sole proprietorship and Pte Ltd have different tax rates, which are 22% and 17%, top respectively.
Pte Ltd is entitled to tax exemption which sole proprietorship is not.
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.
GST Submission | Filing
GST-registered business must submit GST to IRAS one month after the end of each prescribed accounting period. This is usually done on a quarterly basis.