The fundamental tenet of Singapore’s tax policy for taxation in Singapore is to keep tax rates competitive both for corporations as well as  individuals. Keeping our corporate rate competitive will help us to continue to attract a good share of foreign investment. Keeping our  individual rates low will encourage our people to work hard. It will also make risk-taking worthwhile and encourage entrepreneurship.

The overall Singapore taxation system is quite progressive and competitive as compared to many countries.  Whether it is the corporate tax, personal tax, property tax, goods and services tax or withholding tax, the government provides ample  benefits & exemptions to its tax residents thereby making it an ideal destination for growth and prosperity.

We offer competitive rates for the following Tax Services to you:

Singapore Personal Income Tax

Singapore personal income tax rates are considerably low and competitive than most of the developed nations in the world. The prime reason behind the surge in the influx of foreign professionals and entrepreneurs is also its friendliest Singapore taxation system and low tax rates. The personal income tax in Singapore comes with a series of tax incentives for the tax residents of the country.  Tax rebate of 30% for Singapore resident below the age of 60 years and 50% for Singapore resident of 60 years and above, subject to a cap of S$1,500 are some of the attractive tax benefits of Singapore personal tax system which never failed to lure the individuals from across the globe.

Key facts of the Singapore Personal Income Tax:

• Personal Tax rates of Singapore are calculated progressively, starting at 0% and ending at 20% above S$320,000 (SGD).
• There is no tax on capital gain and inheritance asset.
• Personal Income tax is applied only to income earned and received in Singapore. Foreign sourced income is not subjected to personal income tax of Singapore except certain conditions.
• Tax policies and rules differ based on the tax residency status of the individuals.
• Tax filing due date for Singapore personal tax is 15 April of each year.
• Non-residents are charged with either a flat tax rate of 15% or the resident rates, whichever is higher.

Who must file personal income tax in Singapore?   

Following are the conditions when you must file Singapore personal income tax return:

• If you are a Singapore resident or holder of an employment pass, EntrePass or PEP (Personalized Employment Pass)
• If your annual chargeable income exceeds minimum threshold of S$22,000
• If you have received a letter from Inland Revenue Authority of Singapore inviting you to file personal Income Tax

What is the due date of filing personal income tax in Singapore?

The annual tax form (Form –B1 for tax resident individuals, Form-B for self employed and Form M for non-resident individuals) must be filed on or before 15 April of each year on taxable income received one the preceding year ending on 31 December.

Singapore Corporate Tax

We provide you with the value-added support of a complete suite of compliant company tax services, including:

• Keeping you up-to-date with the most current Business Tax Singapore laws and regulations (including updating you on the Singapore Budget) which may affect your company’s/ branch’s compliance requirements;
• Monitoring the statutory timelines and working closely with your company/ branch to meet the compliance tax filing deadlines;
• Preparation and filing of an estimated chargeable income which has to be filed within three months from the accounting year end;
• Preparation/ review of the Singapore company tax computation and Form C as well as identifying and highlighting key tax issues arising out of  the review of the information and documentation that your company provides us with; and
• Tax advisory on the due dates of tax payment upon receipt of the Notice of Assessment.

What is the due date of filing personal income tax in Singapore?

All companies must file their Income Tax Return (Form C/ Form C-S) for Year of Assessment 2014 by 30 Nov 2014. The filing due date is extended to 15 Dec 2014 if you e-File Form C-S. Find out more at Tips on Form C/ Form C-S Filing.

 Singapore Goods and Services Tax

GST is charged on the supply of goods and offered services in Singapore. This tax is also charged on goods imported in Singapore.

It is known as VAT (Value Added Tax) in many other countries. The current rate of Singapore Goods and Services Tax is fixed at 7% for GST filing.

The aim behind introducing GST Registration was to enable country to shift the focus from direct taxes to indirect taxes. Because of lower GST rates in Singapore the income tax rates are also lower for GST filing. It is not a tax levied on income but a tax on consumption.

What Goods and Services tax are subjected to GST Singapore?  
All types of goods and services are taxable supplies and are subjected to GST. However, Singapore taxation law exempts certain types of goods
and services from it such as offering financial services, the importation and local supply of investment precious metals and selling or leasing out
residential property.

Is registration compulsory for GST Singapore? 
If the turnover for past 4 quarters of your business is exceeding S$1 million from selling taxable goods and services or you can reasonably expect
the turnover of your business  in the next 12 months to be more than S$1 million, so registration of Singapore GST and Singapore tax filing is
compulsory for business. However, there is a term of ‘zero-rated supplies’ in which the requirement of registering for it is waived off, if most of
the goods and services are supplied or exported in the international markets.

Voluntary GST registration:        
You may also voluntarily register for Goods and Services Tax collection with the comptroller of GST. However, the comptroller holds the
authority of approval of voluntary GST registration. You must have to be registered for a period of two years, once you have got the approval.

If you don’t have GST registered business, you are not eligible to claim GST Singapore incurred on your business purchases.

 

Please contact us at celia.chang@biltz-solution.com or leave a message for further information.