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Category: Tax Services

Business Outsourcing Specialists in Singapore

Singapore will increase its GST from 7% to 9%

GST to increase over the next two years In Singapore, the goods and services tax (GST) rate will increase from 7% to 9% in 2 stages: From 1 January 2023 – 7% to 8% From 1 January 2024 – 8% to 9% The initial S$6 billion Assurance Package, which was announced in the year 2020,…
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Learn More About Withholding Tax Treatment of Specific Payments

Interest payments Any interest paid to a non-resident entity in connection with a loan or indebtedness is subject to withholding tax. There are several examples of interest, including interest on overdue trade accounts and interest on credit terms granted by suppliers. Interest on late payments of goods is taxed even if the interest is treated…
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Learn More About Transfer Pricing Administration in Singapore

Transfer Pricing in Singapore – How Does It Work When you enter into a commercial contract with your subsidiary companies, many business owners want to enter at a price that is lower than the market rate. This will enable them to make sure that their contract is safe from the state’s eyes and, at the same…
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Learn More About Outsourcing Tax Compliance Work for Singapore companies

Companies in Singapore must file their tax returns annually, and the process can be taxing and time-consuming Singapore companies must file their corporate tax returns to fulfil their financial obligations. Furthermore, Singapore companies can tap on various government grants and incentives to lower corporate taxes to an even greater extent. The Government provides tax incentives…
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Learn More About Corporate Tax Filing in Singapore

Guide to Singapore Corporate Tax Filing Procedures A Singapore corporate tax regime is attractive, with low, transparent tax rate and efficient reporting & filing system. Below is a short overview of Singapore Learn More and the process to pay the company’s taxes.   Who Should Pay Singapore Corporate Taxes? All Singapore businesses must pay tax…
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Learn More About Extension of Compliance Filing Deadline

Extension of Compliance Filing Deadline For Singapore Companies On 4 April 2020, local businesses and taxpayers feel relieved when Singapore regulatory bodies, IRAS and ACRA, announced the extension of deadlines for tax filing, Annual Returns (AR) filing and holding of Annual General Meetings (AGM) to support Singapore businesses during this COVID-19 pandemic. IRAS – Extension of Deadline…
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Learn More About Setting up a Private Company in Singapore

What taxes should an Australian entrepreneur consider when setting up a company in Singapore? Singapore transparent tax system is among the reasons why Australian entrepreneurs choose Singapore to grow their venture or start a business. Apart from easy access to capital, Singapore offers comprehensive trade agreements and incredible tax frameworks. So, if you are planning…
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Frequently Asked Questions – GST

Overview of Goods and Services Tax (GST) GST is similar to Value-added tax (VAT) in other countries and was implemented on 1 April 1994. GST is an indirect tax (at 7% since 1 July 2007) and is applied to the selling price of applicable goods and services, and upon the importation of goods (as determined under the…
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Audit Exemptions in Singapore

Learn More About Singapore Company Tax Frequently Asked Questions

Overview of Singapore Tax Structure Government collect taxes to develop Singapore into a better, robust and vibrant economy. Inland Revenue Authority of Singapore, commonly known as IRAS, administers the corporate regime in Singapore. IRAS levies income tax on income earned by companies conducting business in Singapore. Compliance with Income Tax Act is a complex matter, and all Singapore…
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Learn More About Tax Exemption on Foreign Sourced Income

What is foreign-sourced income? Foreign sourced income refers to foreign income from outside Singapore. Generally, such foreign-sourced income is taxable when the company received it in Singapore.  Tax exemption is only applicable to tax resident companies and for foreign-source income that is not related to a business or trade that takes place in Singapore. For the foreign-source…
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Learn More About Taxable and Non-Taxable Income

Understand Taxable Income for Singapore Business For income tax purposes in Singapore, the taxable income may relate to the following: – Profits or gains derived from business or trade; – Income derived from investments such as rental, interest and dividends; – Property related profits or gains such as premiums and royalties; –Any other type of…
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Learn More About Tax Residency Status of An Individual

What determines the tax residency of an individual? An individual’s tax residency status will influence their income tax rates. You are deemed to be a tax resident for a specific Year of Assessment (YA) in the following situations: 1) A Singapore Permanent Resident (SPR) or Singapore Citizen (SC) who is a resident in Singapore with…
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Learn More About Tax Exemption for Singapore Start-Up Companies

Tax exemption schemes in Singapore In the Year of Assessment (YA) 2005, the Government introduced the Start-Up Tax Exemption (“SUTE”) scheme to support entrepreneurship and to foster the growth of local enterprises. In the Budget 2018, the Government revised the SUTE to strengthen other support for businesses to build capabilities. For companies that qualify under…
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Learn More About Tax Implications for Director’s Fee in Singapore

1. Where are Directors’ Fees sourced in Singapore? In general, the director’s fees are likely to be sourced in the country the company is based.  The reason is that the director’s actions in controlling and determining business activities to generate the company’s revenue have taken place in that specific country.   2. Should BOD approve the Directors’…
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Tax Services to assist Singapore companies comply with IRAS requirements

The tax accounting department often faces significant challenges when it comes to the management of financial restatements due to errors and tax accounting issues and increased regulatory and scrutiny of tax-related balances and disclosures.  There is also the pressure of meeting the quarterly GST filing, ECI filing three months after financial year-end and annual financial reporting and corporate tax timelines.…
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