Our tax services team in AG is led by Accredited Tax Practitioners registered with Singapore Institute of Accredited Tax Practitioners, with more than 10 years of experience. Our tax services cover the following:
Tax Services Singapore
Why Choose Our Tax Services?
Know Your Tax Benefits
Sole proprietorship and Private Limited have different tax rates, which are 22% and 17%, top respectively.
Private Limited is entitled to tax exemption which sole proprietorship is not.
Certain industry sectors are qualified for tax concession of a lower tax rate of 5% or 10% subject to approval by International Enterprises Singapore. For example, wholesale trade sector.
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 to maximise the group tax benefit as a whole.
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
Income earned by the company 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
Companies shall 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 for filing every 30 November 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 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 that certain requirements are met.
Certain industries sectors are entitled to a tax concession of a 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.