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corporate income tax

Singapore's flat tax rate is 17%, and all local companies must file corporate taxes.

 The annual corporate income tax return form of a Singapore company is Form C or C-S (Form C/C-S). The deadline will be November 30 from 2021 onwards.

 

Taxable income includes

  • Income and profits derived from any company’s operations

  • Investment income such as interest, dividends and real estate rentals

  • Franchise income, insurance premium income and other property profits

  • Other income classified as income

Deductible business expenses

  • Expenditure is to produce income

  • expenses must be incurred

  • Capital is not an expense

  • Expenses not prohibited from deduction under the Income Tax Act

Corporate consumption taxGST

1. What is consumption tax?

Goods & Services Tax (GST), also known as "Goods and Services Tax", is a broad consumption tax levied on imported goods (collected by Singapore Customs) and almost all supplies of goods and services in Singapore. In other countries, GST is known as Value Added Tax.

GST exemptions apply to the supply of most financial services, the supply of digital payment tokens, the sale and lease of residential properties and the import and local supply of investment precious metals. Exports of goods and international services are zero-rated.

2. What adjustments will be made to the consumption tax?

GST registration liability depends on your taxable turnover, which refers to the total value of the goods or services you supply that are considered GST taxable supplies.

It should be noted that starting from January 1, 2023, the consumption tax will be increased from 7% to 8%; starting from January 1, 2024, the consumption tax will be increased from 8% to 9%; when filing taxes, you need to pay attention to this. aspects of adjustments.

Under what circumstances does a company need to add GST to the products and services it sells? Four basic conditions must be met:

①The supply must be done in Singapore;

②The supply is a taxable supply;

③The supply is provided by the taxpayer;

④ The supply is provided by the taxpayer in the course of conducting business.

 

3. About income forecast

According to Singapore's latest tax regulations, future income exceeding S$1 million (Revenue >S$1,000,000) at any point in time requires mandatory registration for consumption tax.

Going forward, you must have supporting documentation to support your predicted value of S$1 million. For example:

①Signed contract or agreement;

②Accept the customer's quotation or confirmed purchase order;

③Issue invoices to customers who charge fixed monthly fees.

Business Estimated Tax ECI

Estimated tax ECI is the taxable income estimated by the Inland Revenue Authority of Singapore (IRAS) for a company. IRAS forces companies to submit ECI electronically through MyTax Portal.

Personal Income Tax

Singapore taxes taxes on a territorial basis. According to the Singapore Income Tax Act, an individual’s income incurred in Singapore or derived from Singapore, or received in Singapore

Income received or deemed to be received is attributable to Singapore and must be reported and taxed in Singapore. On the other hand, if the income is derived from

Income that is outside Singapore, or is not received in Singapore or is not deemed to be Singapore income, is not subject to tax in Singapore.

 

 

Scope of taxation

 

 

According to the Singapore Income Tax Act, the following types of personal income are subject to income tax:

1. Income from wages and salaries

2. Business income, commissions, and income from freelancers

3. Investment income (such as property rental income, etc.)

4. Other income (such as annuities, royalties, lottery winnings and other incidental income or trust income, etc.)

We eagerly look forward to getting in touch with you to provide you with more information, please contact us today and let us open up new cooperation opportunities together!

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UNI tax services

  1. The latest tax information and reminders of tax deductions or incentives that you need to pay attention to

  2. The most suitable tax planning for you, reasonable tax avoidance, and enjoy the tax benefits, discounts and subsidies provided by the Singapore government

  3. Corporate Tax Planning

  4. Corporate Tax Return

  5. Personal Tax Return/Planning

  6. Goods and Services Tax (GST)

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