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.
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.
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.
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Experienced Team of MC Accounting Services and Tax Services
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 services Singapore 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.
Key Facts of Tax Services Singapore System
- Singapore uses a territorial taxation system.
- The majority of revenue earned in Singapore is taxed for both businesses and individuals.
- When foreign-sourced revenue is sent back to or is perceived to have been sent back to Singapore, it is taxed (for example, branch profits and dividends).
- Singapore has a maximum corporation tax rate of 17%.
- Singapore residents pay a flat rate of 15% to 22% in personal taxes, which range from 0% to 22% (over S$320,000) for residents.
- Right now, the GST rate is 8%.
- Withholding tax must be deducted on Singaporean payments of interest, royalties, rent from movable property, management and technical fees, and director’s fees made to non-residents (people or businesses).
- Personal tax years run from January 1 to December 31 of the calendar year. April 15 is the deadline for submitting personal taxes.
- A corporation can select its financial year for corporate taxes. The due date for filing business tax returns is November 30. Based on the previous year, taxes are paid.
- Singapore has no capital gains tax. As a result, capital loss expenditures cannot be deducted.
To enable Singaporean businesses to pay as little tax as possible, Singapore has signed more than 50 bilateral comprehensive tax treaties.
|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|