Corporate Tax Filing

Singapore has a territorial tax system. This means that all Singapore-incorporated companies are mandated to file corporation tax in Singapore on all of their foreign-sourced income remitted back to the country, with certain qualifying exemptions  including dividends, branch profits, service income. This is in addition to the all of their income accrued in or derived from Singapore. Also to note that companies in Singapore are taxed on the income earned by them in the preceding financial year. So income earned in 2017 was taxed this year, and this year’s income would be taxed in 2019.

Other important worthy considerations to incorporate a company in Singapore, from the tax point of view, are as follows.

While Singapore allows free flow of funds in and out of the country, with no significant restrictions on foreign exchange transactions and capital movements; there is also no wealth tax, no inheritance tax, no estate tax, no capital acquisition tax, no capital duty, no withholding tax on dividends, and most importantly, no capital gains tax as well in Singapore. In some cases, the Inland Revenue Authority of Singapore, allows for advance rulings on taxation.

The annual corporate tax filing deadline in Singapore is 30 November. All companies registered in Singapore must file their corporate tax returns to the Inland Revenue Authority of Singapore (IRAS) in a timely manner.

We can help you file your annual corporate tax returns and offer the following tax consultation services:

• Corporate tax computation
• Preparation of tax forms for corporate submission
• Preparation of Director’s or Auditor’s Report
• Preparation of Form C for submission

We can also help you with the filing of un/audited accounts and provide advice on tax planning.