Tax Services
Tax in Singapore
For all companies incorporated in Singapore, there are two primary tax responsibilities to which they may be liable and which they must register with the Singapore Inland Revenue Authority (IRAS). The Corporate Income Tax (CIT) and the Goods and Services Tax (GST) are the two. These tax preparation services can be done in-house by a full-time tax accountant or by a tax accountant who is outsourced to an accounting firm like us that provides such services for most SMEs in Singapore.
Because of the nature of tax reporting in Singapore, which is annual for Corporate Income Tax and quarterly for Goods and Services Tax, these tax preparation services are typically outsourced to an accounting firm that specializes in such services.
Adagio Chartered Accountants offers a pool of tax consultants who can provide the appropriate tax preparation and advice services to any Singapore-based firm. We can provide a streamlined way for conducting tax services that are both cost-effective and reliable because the majority of our clients are SMEs who do not have the operational expertise or financial means to do it in-house.
Personal Income Tax (PIT)
Singapore has one of the lowest personal income tax rates in the world. To calculate an individual’s Singapore income tax due first is to determine their tax residency and the amount of chargeable income, then apply the progressive resident tax rate. Individuals should be aware of the following aspects of Singapore’s tax income:
- Singapore has a progressive resident tax rate that starts at 0% and rises to 22% after you earn more than S$320,000
- There are no capital gains or inheritance tax
- Individuals are only taxed on their earnings in Singapore. With a few exceptions, income received by persons while working abroad is not subject to taxation
- The tax rules vary depending on the individual’s tax residency
- Individuals have until April 15 every year to file their taxes. Income tax is calculated on the basis of the previous year’s earnings.
Let us help you file your Personal Tax
Adagio Chartered Accountants can help you in your personal income tax filings.
Our services include:
- Registration for new taxpayers
- Preparation and filing of income tax return based on your income, as well as determining what deductions and reliefs you may be eligible for.
- If necessary, request a deadline extension
- Form IR8A/IR21 for employees
- Tax planning and guidance
- Year of Assessment & Basis Period
- Personal Tax Relief & Residency
- Payment & Refund of Tax
- Employer’s & Employee’s Obligations: Forms IR8A, IR21 & B1
- Tax Compliance: IRAS Enforcement Actions on Non-Filing & Late Payment, Penalties for Negligence & Evasion
- Voluntary Disclosure
Corporate Income Tax (CIT)
The Corporate Income Tax is the first and most important obligatory tax that all businesses must pay and register. The current corporate income tax rate is 17% and has been in place since the 2010 assessment year. From 2008 to 2009, the corporate income tax rate was 18%, and from 2005 to 2007, it was 20% There are also tax rebates available to all businesses for taxable income. For more information, you can get in touch with our tax accountant who specializes in such tax services, or you can check it out directly with IRAS.
When is the corporate tax filing deadline in Singapore?
| YEAR OF ASSESSMENT | STATUTORY FILING DEADLINE |
|---|---|
|
20XX |
30 November of each year |
Let us help you file your Corporate Tax
Adagio Chartered Accountants can help you file your annual corporate tax returns in a timely manner.
Our corporate annual tax return services include but are not limited to the following:
- Corporate tax computation
- Preparation of tax forms for corporate submission
- Preparing of the Director’s Report
- Preparation of Form C/C-S for submission
- Payments and refunds of Corporate Tax
Goods and Services Tax (GST)
The Goods and Services Tax, or GST, is a broad-based consumption tax levied on goods imported into Singapore (collected by Singapore Customs) and practically all goods and services supplied in Singapore. GST is also known as Value-Added Tax (VAT) in other countries.
Most financial services, the supply of digital payment tokens, the sale and leasing of residential properties, and the importation and local supply of investment precious metals are all subject to GST exclusions. Exportable goods and international services are not taxed.
Here at Adagio, we offer services that make the process of filing and complying with GST statutory obligations easier for you, including the following:
- GST registration, and de-registration
- GST filing
- Correcting errors made in GST return
- Appeal for waiver of GST penalty
- Advice on claim ability of input tax
- Perform assisted self-help kit “ASK” review
- Assist and advise on GST queries and/or audits by tax authorities
- Advice on GST issues including imports and exports, international services, transfer of businesses, purchase, and sale of real estate, etc.