Singapore Taxation – Overview
JVKM Consulting, one of the highly acclaimed firms, offers top notch Singapore Tax Services, ensuring that all its clients strictly conform to the statutory tax norms laid out by the Inland Revenue Authority of Singapore (IRAS). Besides, JVKM provides services covering various personal and corporate taxes as well as accounting structures mandated by Singapore Tax Service Section.
Singapore Tax & GST Filing Services
JVKM Consulting brings to you a complete package of not only personal and corporate, but also quarterly GST filing and annual tax return services to be adhered to in Singapore. JVKM guarantees transparency and perfection in its handling of the various tax and accounting structures of Singapore Tax Services.
It compiles the required documents related to annual tax return for submission to the Inland Revenue Authority of Singapore (IRAS). The IRAS is a government body that oversees the collection and execution of taxes in the country.
We, at JVKM, also extend our professional guidance in tax planning to companies in Singapore and help in filing both audited and un-audited accounts. Here, we present an overview of different tax structures applicable to individuals and companies.
JVKM provides extensive and exclusive services for the following tax categories.
Goods and Services Tax – GST
- Compulsory Registration:
- Voluntary Registration:
- Tax for Singapore residents:
- Tax for Singapore Non-residents:
- Tax treatment on Income Earned abroad and Received in Singapore
Singapore has been following a single-tier corporate tax system from January 1, 2003 wherein stakeholders of a company are exempted from paying double tax. The corporate entity is taxed only on its chargeable income and not on the dividends paid to its shareholders. Currently, the corporate tax rate in Singapore is 17%. However, certain tax exemptions, incentives and tax reduction rules are applicable which may bring down the tax rate.
JVKM offers a range of services specifically focused on Corporate tax computing, filing, planning and advisory services. We help you
- To remain up-to-date with Corporate tax regulations of Singapore government.
- To understand the dynamics of annual budget and their likely impact on your business and compliance
- To file Corporate tax before deadlines by keeping you informed about due dates
- To prepare an estimate of taxable income to be filed in three months from the financial year end
- To review monthly/quarterly tax computations and bring to light important tax issues
- To prepare the company tax in Form C
Property tax is levied on all immovable properties such as private properties, HDB flats, factories, offices and vacant land. Public places of worship, public schools, property that houses charity establishments or property dedicated to promote social development are exempted from property tax. Property tax constitutes a percentage of annual value of the property.
The property tax imposed on owner-occupied residences (where the owner lives in the property) is different from non-owner occupied homes. The tax differs depending on the progressive tax rate applicable to each of them. The property tax, for owner-occupied homes is between 0% and 15%, while non-owner occupied property is charged 10%-19%. The annual value of the property is computed based on what annual rent the property could fetch if it were to be rented out.
Singapore Withholding Tax is equivalent to TDS or tax deduction at source in other countries. It is applicable to non-resident individuals or companies that earn income for services provided or work carried out in Singapore. When a non-resident or individual receives payment or service from Singapore residents or Singapore based companies for services offered, a part of the payment is withheld as tax, which later on, is passed on to the IRAS. The rate of this tax ranges from 0% – 20%.
JVKM Consulting is the place to be when it comes to tax planning and seeking advice on services related to withholding tax in Singapore.
Estimated Chargeable Income (ECI)
As part of corporate compliance, it is made mandatory for all companies to file Singapore Estimated Chargeable Income (ECI) statements to the Inland Revenue Authority of Singapore (IRAS). ECI is an estimation of a company’s chargeable income in a given assessment period of one year. ECI includes a company’s main source of revenue excluding gains on disposal of fixed assets.
Data from the audited accounts or management accounts is used to prepare this statement.
Tax for Non-Residents
Taxation policies are different for residents and non-residents in Singapore. Personal tax rates for non-residents depend on the duration of their stay and their professions in the country. Non-resident professionals are taxed a flat rate of 15% whereas 20% is chargeable for directors of companies and consultants.
Singapore Double Tax Treaties Guide
As an individual or a company, you may want to invest in other countries to expand your business operations globally. If you are keen to invest in Singapore, you will be concerned about taxation policies in Singapore. This is more so especially when you have to pay tax in the home country as well as the host country on the same income earned. Not to be bogged down by heavy taxes, Singapore has entered into double tax treaties with over 70 countries as trading partners. This protects your company from double taxation and helps it in optimizing your tax structure to facilitate international trade and commerce at a competitive level. In short, income earned through global business transactions is not subjected to double taxation. Double tax treaties, in fact, help in seamless flow of capital.
JVKM Consulting team of tax consultants offers you an extensive guidance on DTA towards getting rid of the double taxation burden.