The Singapore Corporate tax rate at 17%, is one of the lowest in the region. There are also various tax incentives in place to attract more businesses to set up companies in Singapore. The availability of properly maintained accounts is crucial for making the right business decisions.

Since YA2005, newly setup Singapore companies can claim for full tax exemption on the first $100,000 of normal chargeable income for its first three consecutive YA. From YA2009, newly setup Singapore companies will also enjoy a further 50% exemption on the next $200,000 of the company’s normal chargeable income.

There is also Goods and Services Tax at 7%. It is mandatory for companies with over $1 million in annual turnover to be GST registered. Singapore also has Individual Income Tax and Property Tax.

Singapore’s One-tier Corporate Tax System ensures that income tax payable is based on normal chargeable income of a company.

At Assure Corporate Services, our tax services include:

• Corporate income tax computation and filing
• Estimated chargeable income tax computation and filing
• Partnership and personal income tax computation and filing
• Goods & Service Tax (GST) registration, computation and filing
• GST advice and planning
• Application for the Productivity & Innovation Credit (PIC) supported by the Inland Revenue Authority of Singapore (IRAS)
• Liaise with IRAS on all tax queries.
• Preparation of annual employee IR8A forms