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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Tax Guide: Personal Income Tax Reliefs in Singapore
As we usher in the new year in 2020, the tax season is approaching once again. The deadline for YA2019 income tax filing for companies recently elapsed last December 19, 2019. On the other hand, individual taxpayers are required to submit their income tax filing by April 2020 for income earned during the year 2019.…
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What is the IRAS and What Are Its Primary Roles?
The Inland Revenue Authority of Singapore (IRAS) is the institution in charge of collecting taxes from the nation’s citizens and businesses. Its history can be traced back to 1947 when the Singapore Income Tax Department started its operations as part of that year’s Income Tax Ordinance. Since then, the institution has evolved until it was…
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Factors to Consider Before Applying for Voluntary GST Registration
By law, Singapore companies must apply for GST registration should they meet the sales threshold set by the Inland Revenue Authority of Singapore (IRAS). Companies that do not meet the criteria for compulsory registration may also apply for voluntary GST registration. Our basic guide can help businesses and companies decide if they should pursue voluntary…
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Singapore Tax Guide: Preparing for IRAS Income Tax filing YA2020
Companies are required to file annual income tax returns to the Inland Revenue Authority of Singapore (IRAS) and pay income tax at the prevailing Singapore corporate tax rate charged on chargeable income. The final IRAS tax rate will then be levied on the chargeable income which will work out the final tax amount payable to…
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