The income tax filing process for Singapore individuals and employees has changed as a result of Circuit Breaker policies implemented by the government to contain the spread of the COVID-19 virus in the country. Deadlines have been extended, payments have been deferred, and the prescribed method of filing income tax [...]
By law, individuals are required to file income tax returns and pay their annual income taxes to the Inland Revenue Authority of Singapore (IRAS). This applies to a majority of full-time employees in the country including Singaporean citizens, Permanent Residents (PRs) and foreigners deriving income in Singapore. This year, the [...]
The Auto Inclusion Scheme (AIS) is a tax scheme geared towards Singapore employers and administered by the Internal Revenue Authority of Singapore (IRAS). It allows employers to submit the income tax information of their employees electronically. The purpose of this scheme is to facilitate the calculation of income taxes for [...]
The Singapore tax season traditionally starts in March to April when annual tax filing begins for both nationals and foreigners. However, the recent health emergency triggered by the coronavirus outbreak has caused changes to deadlines and affected this year’s tax payments, filing procedures, and schedules. In this regard, the Inland [...]
Registering a company in Singapore is not a complex procedure. In fact, Singapore is ranked 2nd in the list of countries that offer the best environment for businesses according to the 2020 “Doing Business” report issued by the World Bank Group. According to this report, there are only two procedures [...]
Individual taxes in Singapore are defined and collected by the Inland Revenue Authority of Singapore (IRAS). This institution has established different tax brackets and conditions for residents and non-residents working in Singapore. This guide for locals and foreigners will outline the process for annual personal income tax filing in [...]
All Singapore companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing Singapore corporate tax rate charged on chargeable income. A one-off corporate tax rebate may be granted for each Year of Assessment (YA) to reduce [...]
By Singaporean law, all companies in Singapore are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing corporate tax rate applied to chargeable income. IRAS has put in place tax exemption schemes that are designed to reduce [...]
By Singaporean legislation, individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). To ensure compliance with Singapore’s tax laws, it’s important for taxpayers to be familiar with the forms and documents included in the tax settlement [...]
Companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing Singapore corporate tax rate charged on chargeable income. The final IRAS tax rate will then be levied on the chargeable income which will work out the [...]
