Corporate Tax Services in Singapore
Corporate Tax Services Offered By InTime
|Corporate Tax Services|
|Preparation of tax computation and filing of corporate and individual income tax returns with IRAS|
|Preparation of draft tax computation based on management accounts for purpose of filing the Estimated Chargeable Income|
|Advisory on Withholding tax matters and e-filing of Withholding tax form|
|Filing objection to IRAS tax assessment|
|Assisting with IRAS queries on tax issues|
|Corporate tax advisory and planning|
|Applying for GST registration/deregistration|
|Preparation of GST computation and submission of monthly/quarterly GST to IRAS|
|Negotiation with tax authorities on tax incentives|
|Resolving taxation disputes|
Outsourced Corporate Tax Services In Singapore
Given the potential government incentives and ever-increasing complexity of tax regulations, finding the right corporate tax services consultant in Singapore to guide you through is essential.
The current GST rate in Singapore is 7%. Singapore has adopted a one-tier corporate tax system. Under this system, tax paid by the company is not imputed to the shareholders and dividends are not taxable in the hands of the shareholders. This means that tax on corporate profits is only paid at the company level. Additionally, there is no inheritance tax and capital gains tax in Singapore.
At Intime, we understand our client’s business in order to make effective tax planning and advise our client on the tax implications of a proposed transaction without compromising integrity and compliance.
At Intime Accounting, our taxation specialists are experts at taxation planning strategies that are carefully tailored to meet your organization’s needs. They work hand in glove with your company to reduce the existing tax liabilities while following the legal and statutory requirements.
FAQ on Corporate tax
Companies operating in Singapore fall under the purview of IRAS, ACRA, and the Companies Act. These authorities levy penalties for late filing and non-filing of corporate tax.
If your business is convicted, it can face a fine of up to SGD1,000. In addition, every company director failing to comply with Section 65B(3) is liable to pay up to SGD10,000 or serve an imprisonment term of up to a year or both.
Even after serving the term or clearing the penalty, the company has to file the requisite documents. If it fails, the authorities can also prosecute the company’s directors and take other steps necessary.
Singapore charges income tax based on the ECI (estimated chargeable income) of the company. So a corporate assessee has to calculate their ECI and file it with IRAS within three months of the end of the financial year to which it belongs. You can then pay corporate tax.
Earlier, companies could submit their ECI offline, but starting from YA 2020, they will have to e-File it mandatorily. At Intime Accounting, we handle all of it on our client’s behalf.
ECI or estimated chargeable income is the gross taxable income of a company for a given YA (year of assessment). If filed within the due date, it allows the companies to pay their tax dues in installments instead of on a lump sum basis. The tax authorities allow a higher number of installments if you file your ECI earlier.
My company has incurred an overall loss in the last financial year. Is filing Form C for the year still required?
In Singapore, there are two corporate income tax return forms – Form C-S and Form C. These are the ways through which the companies declare their annual income to the requisite authorities. So it is their duty to ensure that the form they submit must correctly showcase their income/loss for the year.
As per the Companies Act, companies that make a loss in a financial year must also file Form C-S/ Form C depending on the applicability.
- It has corporate shareholders
- Its annual revenue exceeds SGD 10 million
- Its total number of shareholders exceeds 20
Even though GST is entirely voluntary for every company, it is compulsory for any organization meeting any of the following criteria:
- If its annual turnover exceeds SGD1 million at the end of the financial year
- If it expects its annual turnover for the given year to exceed SGD1 million
- If it is liable to register under the reverse charge mechanism
- If it meets the criteria under the overseas vendor registration regime
Unlike most other countries, Singapore exempts tax on capital gains made by the corporate assessee.