Corporate Income Tax Exemption schemes in Singapore
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 any tax liability burden for…
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Using the GST F7 Form to Correct GST Filing Errors
Goods and Services Tax (GST) is an indirect tax collected by the Inland Revenue Authority of Singapore (IRAS) and it is applied to most goods and services sold to consumers and businesses within the country. GST must be reported and paid by companies every three months and this quarterly GST submission is usually prepared by…
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Tax Guide: Claiming Double Tax Relief in Singapore
Double Taxation occurs when a foreign income earned by a Singapore company is being taxed two times, once in the foreign jurisdiction and twice in Singapore. Double Tax Reliefs are a form of foreign tax credit that can be claimed by tax residents under the Avoidance of Double Taxation Agreement (DTA). It is mainly applicable…
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Tax Review: Singapore Budget 2018 and 2019 GST Policy Changes
On the 20th of February 2018, Finance Minister, Mr Heng Swee Keat announced in his Singapore budget 2018 speech that the country’s GST rate will be increased from 7% to 9% starting from 2021 onwards. On the GST front, digital services such as Netflix subscriptions as well as apps purchased and downloaded via smartphone would…
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Understanding the Singapore Income Tax Notice of Assessment (NOA)
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 process. What is a Notice…
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