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 Should You Use Our Tax Filing Services

01.
Personal Tax Consultant
A tax specialist will be assigned to help you vet your business and identify beneficial corporate tax rewards. By engaging any of our personal tax consultants, we will provide tax accounting and consulting services tailored to your specific needs, such as financial accounting, tax planning, and compliance-related matters.
02.
Quality
A team of professional and experienced tax experts can help you reduce your tax in Singapore by efficiently mitigating and resolving any tax issues LEGALLY.
03.
All-in-one Solution
Meet all your corporate tax filing, consulting, and accounting services needs with our long experience and thorough understanding of local taxes and practices, ensuring you save your business’s resources, costs, and time.
04.
Compliance
Tax evasion is against the law. However, avoiding the unnecessary tax is lawful, and we are skilled at it. We can assist you in managing your filing and reporting duties while meeting your compliance requirements.

Pricing

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

Singapore Income Tax

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

Corporate income tax in Singapore is currently at a flat 17%. The income made by the business in the previous financial year will be taxed in the next financial year. What this means is that you will be taxed in 2022 for any income received in 2021.

In Singapore, capital gains are not calculated in the tax.

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

For the first three years, new start-up enterprises are subjected to specific conditions are entitled to a 100% tax exemption on the first $100,000 chargeable income and 50% after that on the following $200,000.

If only certain conditions are met, businesses can still claim a partial tax exemption of 75% on the first $10,000 chargeable income and 50% thereafter on the following $290,000.

Tax Concession

Instead of the current 17 per cent corporate income tax, specific industry sectors, subject to approval by the Ministry of Finance, are eligible for a tax concession, which leads to a lower tax rate of 5 or 10 per cent. The application for a tax concession must be made to 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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