(function(i,s,o,g,r,a,m){i['GoogleAnalyticsObject']=r;i[r]=i[r]||function(){ (i[r].q=i[r].q||[]).push(arguments)},i[r].l=1*new Date();a=s.createElement(o), m=s.getElementsByTagName(o)[0];a.async=1;a.data-privacy-src=g;m.parentNode.insertBefore(a,m) })(window,document,'script','https://www.google-analytics.com/analytics.js','ga'); ga('create', 'UA-67256506-2', 'auto'); ga('send', 'pageview');

Taxation

Singapore audit exemption for Private Limited Companies

By |2019-11-13T18:10:10+08:00November 13th, 2019|Corporate Income Tax|

In accordance with the Singapore Companies Act, private limited companies are required to have their financial statements audited by an auditor or public accountant at least once a year unless they pass the criteria for audit exemption. Proper records are required to be maintained by the company and be made [...]

A basic guide to GST F5 Form Submission to IRAS

By |2019-11-07T13:41:07+08:00November 5th, 2019|Goods and Services Tax (GST)|

By legislation, GST registered companies are required to accomplish and report their GST claims to the Inland Revenue Authority of Singapore (IRAS) through the standardised GST F5 Form. Goods and Services Tax or GST is a broad-based consumption tax charged in addition to the price of imported goods, as well [...]

Conditions for becoming a GST Registered Company in Singapore

By |2019-11-07T13:40:46+08:00November 4th, 2019|Goods and Services Tax (GST)|

By Singaporean legislation, the Inland Revenue Authority of Singapore (IRAS) is tasked with the administration of taxes for individuals and companies in the city-state. When filing annual income tax returns, a GST registered company may claim back GST incurred on business expenses and quarterly GST returns are submitted to IRAS.  [...]

What is ASK and How Do Businesses in Singapore Benefit from It?

By |2019-10-29T11:10:02+08:00October 25th, 2019|General, Goods and Services Tax (GST)|

ASK stands for Assisted Self-Help Kit and it is a program developed by the Inland Revenue Authority of Singapore (IRAS) to help businesses in assessing the accuracy of their Goods and Services Tax (GST) filings. ASK may be implemented by businesses in Singapore voluntarily, or the IRAS may also invite [...]

GST Rate Increase Singapore: Tax Facts

By |2019-10-25T11:58:05+08:00October 24th, 2019|Goods and Services Tax (GST)|

Late last year, the Singapore government announced plans to raise GST by 2 percentage points. In the Singapore Budget 2018, the next proposed GST increase will happen between 2021 and 2025, from the current rate of 7% to 9%. In the recent Singapore Budget 2019 delivered by Finance Minister, Mr [...]

Exempt supplies under Singapore GST legislation: Tax Facts

By |2019-10-25T11:57:49+08:00October 24th, 2019|Goods and Services Tax (GST)|

As per the rules and guidelines set by the Inland Revenue Authority of Singapore (IRAS), GST may be charged on sales of locally-made goods and services rendered excluding exported goods, international services and exempt supplies. GST registered companies may claim back GST incurred on business expenses and quarterly GST returns [...]

Double Tax Deduction in Singapore: Tax Facts

By |2019-10-17T13:08:35+08:00October 17th, 2019|Corporate Income Tax|

As per 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). Among the tax incentives implemented by IRAS are double tax deductions for businesses in the city-state. What is Double Tax Deduction (DTD)? Double [...]

IRAS Year of Assessment for Tax filing: Tax Facts

By |2019-10-17T10:55:23+08:00October 17th, 2019|Corporate Income Tax|

By Singaporean law, individuals (employees or sole proprietors) and companies are required to file their annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). What is Year of Assessment (YA)? The IRAS defines Year of Assessment as the year income tax is computed, filed to tax authorities [...]

Capital Gain Tax in Singapore: Tax Facts

By |2019-10-14T17:46:24+08:00October 14th, 2019|Corporate Income Tax|

Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). In general, capital gains derived in Singapore are not taxable, hence not required to be declared as income in the tax returns. Singapore’s zero capital gains tax [...]

Chargeable and Non Chargeable Income in Singapore: Tax Facts

By |2019-10-17T20:49:07+08:00October 14th, 2019|ECI|

Individuals (employees or sole proprietors) and companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS). A common phrase used by tax professionals is chargeable income. Chargeable income is defined as total taxable income less deductible expenses. The final tax percentage will then [...]