Tax services in singapore
Singapore’s tax regime is one of the lowest in the world. With a corporate tax rate of 17%, more than 360,000 companies and businesses were incorporated from 2007 to leverage on the low tax rates and many other incentives the government has to offer. To maintain and regulate these many companies, corporate compliance has a part to play. If your Company’s not exactly a tax free company, It is imperative to maintain the company’s compliance else penalty will be imposed by the authorities and in most cases, it will be costlier than your taxes alone and this is where our taxes services in Singapore come in handy.
Accounting & Bookkeeping
In principal, accounting is a very important aspect of running a business. However, not many business owners have the capabilities or even time to adhere to a laborious task. HCCS provides business owners with an accounting solution like no other.
Corporate Tax
Every year, companies will be required to file their corporate taxes to the local tax authority, Inland Revenue Authority of Singapore (IRAS). Corporate tax filings must be completed in November of the following year for all companies, solvent or not.
GST Registration & Filing
It is only mandatory for companies to be registered for GST once the annual revenue hits a million. In other cases, GST registration is optional and must be requrested from IRAS. GST filings are typically done on a quarterly basis.
How can we help you today?
MC Accounting Services (MCAS) our specialist Accounting and Financial Services provides comprehensive accounting, bookkeeping, payroll and associated services.
Our team of experienced and qualified accountants ensure that your financial records are prepared and maintained accurately and in a timely manner. For joint clients of MCCS and MCAS, the close synergy and coordination between these group companies leads to a swifter and more efficient consolidated service which is of great benefit to such clients.
AR, AP, balance sheets, P & L reports, periodic compilation reports, ledgers and other requisite financial reports are prepared in a client-defined schedule and also as per regulatory requirements of ACRA, ACCA and other applicable statutory bodies.
Our specialist Tax and GST services is headed by an accomplished and very experienced Director who previously held high positions in top-4 tier corporations and assisted by well qualified and capable team of tax services professionals.
In addition to high value Singapore tax planning, consultancy and tax advisory works from a Singapore perspective, we also are experts in providing cross-border international taxation strategizing and advisory that can save significant tax dollars for our clients.
Corporate and Individual Tax services including preparation, filing tax returns and appeal cases for tax are undertaken with resounding success.
Singapore Tax System – Key Facts
Key Facts
- Singapore follows a territorial basis of taxation.
- Companies and individuals are taxed mainly on Singapore sourced income.
- Foreign sourced income (ie. branch profits, dividends) will be taxed when it is remitted or deemed remitted into Singapore.
- Singapore corporate tax rate is capped at 17%.
- Singapore personal tax rates start at 0% and are capped at 22% (above S$320,000) for residents and a flat rate of 15% to 22% for non-residents.
- The current GST rate is 7%
- Interest, royalties, rentals from movable properties, management and technical fees, and director’s fees paid to non-residents (individuals or companies) are subject to withholding tax in Singapore.
- For personal taxes, the tax year is the normal calendar year i.e. January 1 – December 31. Deadline for filing personal tax return is April 15.
- For corporate taxes, a company is free to decide on its financial year. Deadline for filing corporate tax return is November 30. Taxes are paid on a preceding year basis.
- Singapore has no capital gains tax. Capital loss expenses are correspondingly not allowed as deductions.
- Singapore has concluded more than 50 bilateral comprehensive tax treaties to help Singapore companies minimize their tax burden.
| Name: | Description: |
| Income tax | Chargeable on income of Companies and Individuals |
| Property Tax | Chargeable on owners of properties based on the expected rental value |
| Goods & Services | The tax is paid when money is spent on goods or services, including imports. This kind of indirect tax is also known as Value Added Tax (VAT) in many other countries. |
| Customs & Excise | Singapore is a free port and has relatively few excise and import duties.
Certain products such as motor vehicles, tobacco, liquor and petroleum products are subject to import duties. |
| Stamp Duty | Imposed on commercial and legal documents relating to stock & shares and immovable property |
| Foreign Worker Levy | A pricing mechanism to regulate the number of foreign workers in Singapore. |
| Airport Passenger Tax | A Passenger Service Charge of SGD 21 should be incorporated in the air ticket (including tickets issued outside of Singapore).
For Passengers who are in transit for less than 24 hours may leave the airport without having to pay the service charge upon departure from Singapore. |
| Betting Tax | Duties paid on private lottery, betting & sweep-stake. |
| Motor Vehicle Tax | These taxes are imposed to curb car ownership and road congestion |