Singapore Tax Guide: Income Tax Act
Foreign companies looking to set up subsidiaries in Singapore should be well aware of the local corporate taxation laws. It is also vital for local business owners to keep abreast with the latest tax regulations in the country. The Income Tax Act of Singapore is the law that governs both individual and corporate taxation matters.…
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Personal Income Tax Rates in Singapore and in Asia
Individuals are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the local prevailing personal income tax rate charged on chargeable income. This applies to Singaporean citizens (SCs) and to Permanent Residents (PRs) as well as foreigners deriving income in Singapore. Singapore’s personal income…
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How to Open a Company in Singapore in 2020
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 required to successfully start a…
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Tax Guide: Personal Income Tax Filing in Singapore
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 Singapore. Individual Taxes in Singapore The…
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Company Audit Procedures in Singapore
Understanding audit procedures in Singapore is essential for business owners and company heads as Singaporean companies are required to conduct periodical audits on their financial statements as established in the Singapore Companies Act. These audits are conducted to preserve the accuracy of the financial statements issued by businesses within the country. In compliance with the…
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