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Singapore Tax and Accounting

Outsource your Singapore tax and accounting tasks

Singapore tax and accountingSingapore tax and accounting tasks can be complex and time consuming. This is especially true when you set up a new company or as your company grows. This is why we offer a range of Singapore tax and accounting services to companies.

Our tax advisory and filing services can help you determine which personal tax reliefs and corporate tax saving schemes you can benefit from.

We can also help keep your accounting records in line with the Singapore Financial Reporting Standards (SFRS). By outsourcing your tax and accounting to us, you will ensure that your company maintains professional and compliant financial records. This will then give you more time to focus on your business.

Taxation

We offer corporate and personal tax services, and can assist you with all your tax needs. Our mission is to ensure that you get the best outcome with the least amount of time spent.

The Inland Revenue Authority of Singapore (IRAS) oversees the administration and collection of all taxes in Singapore. All companies registered in Singapore are required to file annual corporate tax returns. Similarly, all individuals are responsible for filing their own annual personal income tax returns.

Our tax services include:

  • Singapore personal income tax filing
  • Singapore corporate income tax filing
  • Estimated chargeable income submission
  • Goods and services tax (GST) registration
  • Property tax
  • Stamp Duty
  • Trust Tax
  • Partnership Tax

Personal Income Tax

Singapore’s personal tax rates are among the lowest in the world. They range from 0% for income below S$20,000 and up to 20% for income above S$320,000.

Singapore Personal Income Tax Progressive Rates
Band (SGD) Rate (%) Band (SGD) Rate (%)
0 – 20,000 0.0 120,001 – 160,000 15.0
20,001 – 30,000 2.0 160,001 – 200,000 17.0
30,001 – 40,000 3.5 200,001 – 320,000 18.0
40,001 – 80,000 7.0 Above 320,000 20.0
80,001 – 120,000 11.5

Personal Income Tax for Non-Residents

Foreign nationals staying in Singapore for less than 183 days per year will be treated as a non-residents for tax purposes.

If you work in Singapore for 60 days or less, then you will be exempted from paying tax. If you work for 61-182 days, you will be taxed at 15% or resident rates; whichever is higher.

Singapore Corporate Tax Rates

A company is taxed at a flat rate on its chargeable income regardless of whether it is a local or foreign company.

The standard rate is currently 17%. A newly incorporated company that meets the qualifying conditions can claim for full tax exemption on the first $100,000 of normal chargeable income for each of its first three consecutive YAs.

A further 50% exemption is given on the next $200,000 of the normal chargeable income for each of the first three consecutive YAs.

We can assist you in preparing all necessary tax returns for submission to the IRAS and provide professional advice with regards to all your tax related needs.

 

Accounting

The increased regulatory scrutiny of a company’s financial reports and disclosures means that it is increasingly important to ensure that your company is fully compliant with its accounting requirements.

Our Accounting Services cater to all business sizes and include the following:

Professional Accounting Services

It is a statutory requirement that all Singapore companies must produce their business accounts information annually to the Inland Revenue Authority Singapore (IRAS) and the Accounting and Corporate Regulatory Authority (ACRA).

Our qualified accounts will prepare and submit the reports in the required format to the Regulatory Authorities.

Recording and Maintaining a Full Set of Accounts

Our accountants can assist with preparing the following:

  • Profit and loss accounts
  • Balance Sheet
  • Debtors and Creditors Journal
  • General ledger
  • Bank reconciliations
  • Cash flow statements
  • Accounts payable
  • Group consolidation

Financial Statements Preparation and XBRL Statement Preparation

We will prepare your Year End Financial Reports.
Financial reports are prepared in XBRL format to be filed with ACRA.

Directors Reports

We will prepare the directors report.

All documents are prepared by our qualified personnel and in accordance with the Singapore Financial Reporting Standards (SFRS).

Upon hiring us, you will have a dedicated team handling your accounting needs and providing you with one-to-one professional advice on all your accounting needs.

Interested in our Singapore tax and accounting services?
Click here for a free quote.

Incorporation Singapore

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