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:

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Why choose AG Accounting Services Singapore?

01.
One-stop Solution
Having all services done at AG, enables reducing process, time and cost.
02.
Quality
Our accounting teams are led by qualified accountants to ensure our service quality.
03.
Flexibility
Our accounting services can be arranged to be performed at client offices or at our office.
04.
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.

Tax Exemption

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.

Tax Concession

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.

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