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Tax Services in Singapore

Corporate Tax Optimization Strategies for SME

Frequently asked tax related questions

What are the requirements to comply with Singapore company tax rules?
What are the deadlines to file company tax returns with IRAS?
How does the company prepare the Estimated Chargeable Income (ECI)?
How does the company complete the Form C-S or Form C?

How can the company optimize its tax strategies?


2017 Budget Updates – Announced on 20 February 2017

Enhancement of Corporate Income Tax (CIT) Rebate 

1. For Year of Assessment 2017, CIT rebate cap increased from SGD 20,000 to SGD 25,000. CIT rebate remains at 50% of tax payable.

2. For Year of Assessment 2018, CIT rebate is at a reduced rate of 20% of tax payable and capped at SGD 10,000.





Overview of Singapore Tax Structure

Taxes collected are used to develop Singapore into a better, robust and vibrant economy.

Inland Revenue Authority of Singapore, common 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 complicated matter, and all Singapore companies are required to ensure all tax returns are duly prepared and filed on time. In the event of non-compliance, the company may incur civil (financial), criminal (imprisonment) or penalties.

Professional Tax Team advises tax optimization strategies for business owners

We offer corporate tax services to SMEs in Singapore.

Our team of experienced and dedicated tax teams will assist to meet your business needs and handles the fiscal challenges.

Our tax team prepares your tax returns (maximizing tax deductions and exemptions) and file income tax returns for your company.

They will maintain your tax filing system in a systematic way which will meet the present needs of your businesses in Singapore.

Our corporate tax services include:

1. Provide advice on corporate tax planning and Notice of Assessment (NOA) matters;

2. Assist in preparation and filing of Estimated Chargeable Income (ECI) within three (3) months after the end of the financial year;

3. Monitor the statutory deadline and work in close cooperation to meet all compliance needs;

4. Assist in preparation and filing of Form C / Form C-S with IRAS;

5. Prepare and assist in submission of annual company tax computation;

6. Provide advice on Goods and Services Tax (GST) and Quarterly F5 form filing;

7. Assist in providing information on tax queries and draft responses to IRAS; and

8. Assist in payroll related tax matters for employees.

What type of forms should the company submit to IRAS?

Singapore companies are required to submit these forms to IRAS on a yearly basis:

1. Estimated Chargeable Income (ECI) – the due date is within three months after the end of the financial year unless the company does not need to submit ECI.

2. Form C / Form C-S – the due date is on 30 November (for paper filing) and 15 December (for electronic filing).

What are the tax exemptions for Singapore incorporated companies?

Singapore incorporated companies (except for new start-up companies in their first three consecutive year of assessments and Singapore Branch) enjoy partial tax exemption as provided below.





What are the tax exemptions for new start-up Singapore incorporated companies?

The new start-up companies' tax exemption scheme was introduced in Year of Assessment 2005.  For qualifying Singapore incorporated entities, in their first three consecutive year of assessments, tax exemptions are given to the first SGD 100,000 chargeable income (CI) and a further 50% exemption on the next SGD 200,000 of CI.




Understanding Company Tax Exemptions, Deductions and Incentives for Businesses in Singapore

In Singapore, tax exemption and other tax incentives offered to entrepreneurs are attractive, and this is one of the key reasons for many to set up their business in Singapore.

When the company received the approval from ACRA, the company may need certain services from the tax professionals. 

To meet your tax obligation, we have a team of highly experienced and dedicated tax professionals to fulfill your tax compliance obligations.

As your tax agent, we assist in overall tax planning strategies to minimise tax liabilities with our in-depth understanding of Singapore Income Tax Act and Singapore Tax laws.

Our Professional Tax Team assist you to handle all Taxation matters

We support your business in meeting your tax obligations and the computation of taxation in specific industries including investment companies, trusts, managers, construction companies, real estate, shipping, manufacturing, etc.

Our services also include withholding tax compliance.

Our tax professionals work in close collaboration to assist in IRAS queries on the company's tax matters including: 

1. To provide the necessary assistance and advice for corporate tax optimization strategy;

2. To assist in reviewing income tax matters; 

3. To assist voluntarily disclosure of errors and negligence to IRAS; and

4. To act on your representation on tax objections and disputes.

Today the entire business decisions are based on tax implications and maintain compliance with tax laws.

An effective tax strategy has now become a critical part of a very practical and well-developed solution for businesses in Singapore.

We have in-depth experiences in providing tax advice, and tax compliance expertise.

We develop well collaborative services through identification and impact of tax strategies that can work best according to the company needs to minimize tax liabilities and at the same, comply with the Singapore Tax Laws and Singapore Income Tax Act.


Have more questions on our Company tax requirements?

For company tax compliance or advice on tax optimization strategy, please send a business enquiry and our Company Tax Team will contact you.