Taxation Services
Corporate Tax Return
All companies are required to submit two corporate income tax forms to IRAS every year.
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As an administrative concession granted by IRAS to reduce the compliance costs of business, companies can be exempted from filing their ECI on the following conditions:
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* The ECI should be the amount before deducting the exempt amount under the partial tax exemption or the tax exemption scheme for new start-up companies.
Goods and Services Tax ("GST")
As a business, you must register for GST when your annual taxable turnover exceeds $1 million. Taxable turnover refers to the total value (excluding GST) of all taxable supplies made in Singapore. It includes the value of all standard-rated and zero-rated supplies but excludes exempt supplies, out-of-scope supplies and sale of capital assets.
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Companies are required to e-File their GST returns and pay any tax due by the due dates. Company must file a 'Nil' GST return even if there is no business activity during the accounting period. Both GST returns and payment are due one month after the end of the accounting period covered by the return. If you are on GIRO plan for GST payment, GIRO deductions are on the 15th day of the month after the payment due date.
Other Tax Services
Under Singapore law, a person (known as the Payer) who makes payment(s) of a specified nature (e.g. Royalty, Interest, Technical Service Fee, etc) to a non-resident company or individual (known as Payee) is required to withhold a percentage of that payment and pay the amount withheld (called 'Withholding Tax') to IRAS. We can assist you on the right calculation of withholding tax.