Who needs to file corporate tax for YA 2020?

The corporate tax filing deadline is upon us. The deadline to file corporate tax for the Year of Assessment 2020 (YA2020) is 15th of December 2020.  There is no hardcopy filing and all corporate taxes are to be e-filed. Do not confuse the corporate tax filing season which occurs at the end of every year [...]

By |2020-12-03T16:46:15+08:00December 3rd, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|

Should I register for GST voluntarily?

Your business entity may register for voluntary GST registration if you produce one or more of the following goods and services: Taxable Supplies Out of Scope Supplies Financial Services (which are deemed Exempt Supplies) To register the business entity for GST registration, the company director or sole proprietor must complete the following IRAS e-learning courses [...]

By |2020-11-29T23:50:11+08:00November 29th, 2020|Accounting Bookkeeping Tax and XBRL|

How to treat Business Losses in Singapore

When it comes to running a business, the main goal usually is to maximize profits. However, due to economic uncertainty as well as weak demand due to the current pandemic, many companies may find that they will incur losses. Here is the treatment of possible losses for Singapore companies.   Treatment of losses on a [...]

By |2020-11-24T16:10:54+08:00November 24th, 2020|Accounting Bookkeeping Tax and XBRL|

What is an Exempt Supply and Out of Scope supply?

This is in reference to Goods and Services Tax (GST) in Singapore. An exempt supply has two categories. The sale and lease of residential land and transactions of financial services. It is important to note that the input tax incurred in making exempt supplies is not claimable. Out of scope supplies refers to supplies which [...]

By |2020-11-12T12:16:23+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

What is a Taxable Supply and Zero Rated Supply?

This is in reference to Goods and Services Tax (GST) in Singapore. A taxable supply is a supply of goods and services made in Singapore that is subject to GST. A taxable supply can either be standard rated (the current GST rate is 7%) or zero-rated supply. Most goods and services in Singapore are standard [...]

By |2020-11-12T10:32:47+08:00November 12th, 2020|Accounting Bookkeeping Tax and XBRL|

All about the Singapore tax system and tax rates

Singapore has a very favourable corporate and personal income tax rate. This is one of the main reasons for companies around the world domiciling their operations in Singapore. Favourable characteristics of Singapore's tax regime are: low corporate tax rates low personal income tax rates attractive tax relief and incentives no capital gains tax no estate [...]

By |2020-10-20T06:33:55+08:00October 20th, 2020|Accounting Bookkeeping Tax and XBRL|

What is Form C-S (Lite)

Form C-S (Lite), which is introduced from YA2020, is a simplified income tax return for companies with annual revenue of SGD$200,000 and below. The intent is to make corporate tax filing easier and faster for small companies. Form C-S (Lite) only requires six essential fields to be completed for companies with straight-forward tax matters.   [...]

By |2020-10-27T13:44:19+08:00October 18th, 2020|Accounting Bookkeeping Tax and XBRL, What Is...|

An overview of Withholding Tax in Singapore

Under Singapore law, a Payer who makes payment of a specific nature to a Payee (a non-resident company or individual) is required to withhold a percentage of that payment and pay the amount withheld to the Inland Revenue Authority of Singapore (IRAS).   The payments that are required to withhold tax are: payments for services, [...]

By |2020-10-18T09:04:15+08:00October 18th, 2020|Accounting Bookkeeping Tax and XBRL|

A guide to Corporate Tax in Singapore

Singapore is a very attractive place to incorporate a company as it has very low corporate taxes and has various tax incentives to attract and retain global companies and investments. Effective tax rates in Singapore are one of the lowest in the world. Here are the features and details all companies should know about Singapore's [...]

By |2020-10-17T11:47:27+08:00October 17th, 2020|Accounting Bookkeeping Tax and XBRL|

Do I need to pay corporate tax on income that is derived outside of Singapore?

This is a very common question that many company owners grapple with. However, the Income Tax Act clearly covers this in Section 10(25).   (25)  It is hereby declared for the avoidance of doubt that the amounts described in the following paragraphs shall be income received in Singapore from outside Singapore whether or not the source from [...]

By |2020-10-15T14:57:24+08:00October 15th, 2020|Accounting Bookkeeping Tax and XBRL, Questions and Answers|
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