Singapore Guide: ISCA FRB 6 – Accounting for Jobs Support Scheme
This year, the COVID-19 pandemic has inevitably adversely impacted the global economy. Singapore companies and businesses were negatively impacted by this health crisis and the consequent circuit breaker measures implemented to prevent the spread of the virus. The Singapore government has thus announced various support schemes in the form of income tax rebate and reliefs…
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Paul Wan & Co
How to Pay Income Tax in Singapore for Nationals and Foreigners
Many local accountants are frequently questioned about the process of paying income tax in Singapore. By law, all individuals who receive income from their activities in Singapore must file and pay their taxes to the Inland Revenue Authority of Singapore (IRAS), unless they qualify for an exemption. The following two situations may exempt someone from…
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Tax Dept
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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Tax Dept
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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