How can I reduce the amount of corporate taxes my company pays in Singapore?

Reducing the amount of corporate taxes your company pays in Singapore can be achieved through various legitimate strategies and tax planning techniques. Here are some effective ways to optimize your tax liabilities: Utilize Tax Incentives and Exemptions: Singapore offers several tax incentives and exemptions to encourage business growth and investment. Take advantage of schemes such [...]

By |2024-05-09T15:43:57+08:00May 15th, 2024|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Statutory, Assessable and Chargeable Income

Statutory, assessable and chargeable income are 3 different definitions. Taxpayers need to know the difference between the 3 of them. Tax payable is only calculated on chargeable income.   Statutory Income refers to all income (net of deductible expenses) less capital allowances. Statutory income = All income (net deductible expenses) - capital allowances   Assessable [...]

By |2024-04-30T18:00:23+08:00May 2nd, 2024|Accounting Bookkeeping Tax and XBRL|

What are Unutilised Items and how long can these be carried forward for?

In Singapore, companies are allowed to carry forward Unutilised Items subject to conditions being met.   What are Unutilised Items? A company may utilise capital allowances, tax deductions or donations to offset against its income. For example, donations to an Institute of Public Character (IPC) will attract 250% allowable tax deductions. Therefore, if a company [...]

By |2024-04-29T18:33:24+08:00April 29th, 2024|Accounting Bookkeeping Tax and XBRL|

A guide to using a company to buy a property

As a separate legal entity, a company can purchase and hold a property. This can be either a commercial or residential property. Due to the extremely high additional buyers' stamp duties levied on companies when they purchase residential properties, companies usually purchase commercial properties. Therefore, in this article, we will focus on a Singapore company [...]

By |2024-04-18T18:38:46+08:00April 18th, 2024|Accounting Bookkeeping Tax and XBRL, Running a Company|

What is the Auto-Inclusion Scheme (AIS)?

The Auto-Inclusion Scheme (AIS) is a system where employers electronically submit their employees’ employment income details to the Inland Revenue Authority of Singapore (IRAS). Subsequently, IRAS automatically incorporates this information into the employees’ online tax returns and assessments. Here's how it works: Employers are required to compile all employment income information and submit it via [...]

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