(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');

Corporate Income Tax

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 [...]

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 [...]

SG Transfer Pricing requirement: Related Party Transactions

By |2019-08-20T23:38:38+08:00December 21st, 2018|Corporate Income Tax|

On 12 January 2017, IRAS released its 4th edition of the Singapore transfer pricing guidelines relating to business entities incorporated or registered in Singapore or carrying on a business in Singapore that have transactions with related parties. Related Party Loans A related party loan arises when there is money lent [...]

Review your corporate tax position to avoid tax burden

By |2019-08-20T23:38:38+08:00December 14th, 2018|Corporate Income Tax|

Last Updated 24 Feb 2019 Corporate tax is unavoidable in Singapore. However, with proper tax planning, it is possible for businesses to pay less tax/defer its tax payments. Hence, businesses will minimize their tax and maximize returns for stakeholders and as such, more resources will be available for reinvestment. Under-declaration [...]

Tax Deductability OF “Keyman” Insurance Premiums

By |2019-08-20T23:38:38+08:00December 7th, 2018|Corporate Income Tax|

Generally, premiums incurred by a company in taking up an insurance policy on the life of a key personnel of the company (commonly referred to as “keyman” insurance) against loss of profits arising from the demise of the insured, the premiums are tax deductible. The following are the requirements that [...]

Best practices for engaging tax agents

By |2019-08-20T23:38:38+08:00October 25th, 2018|Corporate Income Tax, Goods and Services Tax (GST)|

Last Updated: 24 Feb 2019 Tax compliance is part and parcel of every business in almost all countries. Without proper tax compliance, businesses will run into trouble with tax authorities. Fines, penalties, freezing bank accounts, summons, court’s attendances, imprisonment, not allowing errant taxpayers leaving the country are some of the [...]

Changes to Individual Income Tax Law in China

By |2019-08-20T23:38:39+08:00September 19th, 2018|Corporate Income Tax, Taxation|

China’s top legislature passed the amendment to the Individual Income Tax Law on Friday 31 August 2018. This article explores the main changes introduced by the new legislation. On 31 August 2018, China’s Individual Income Tax Law (Amendment) was passed by the National People’s Congress of the People’s Republic of [...]