Singapore
Taxation Services
Premia TNC is a seasoned professional firm specializing in tax management for Singaporean businesses. Our core mission is to deliver comprehensive, all-in-one tax solutions to our valued clients.
Corporate Income Tax
Key points for ensuring compliance with your company’s corporate income tax filing responsibilities:
- The filing deadline for a specific year is November 30th of every year.
- The mandatory electronic filing requirement applies to all companies.
- The Estimated Chargeable Income (ECI) filing deadline is within 3 months of the company’s fiscal year-end.
- Companies meeting specific criteria are exempt from the ECI filing*.
- Be vigilant against common errors, including incorrect claims of non-deductible expenses.
*Exemptions apply if the annual revenue does not exceed S$5 million for the fiscal year and the ECI is NIL for the Year of Assessment (YA).
Although the majority of companies aim to fulfill their tax obligations, inadvertent errors may arise from oversight or a lack of awareness. Engaging professionals specialising in Singapore taxation services can assist your company in preventing such errors and mitigating the risk of penalties and enforcement actions such as summonses and compositions.
Our Services
- Reminders and handling of Estimated Chargeable Income filings
- Tax computation preparation, encompassing income tax schedules
- Submission of income tax returns (Form C/C-S/C-S (Lite))
- Managing all aspects of profit tax assessment, objections, and correspondence with the Income Tax Authority
Personal Income Tax
In most cases, an individual must file an income tax return for the preceding calendar year if:
- Their total income exceeds $22,000.
- Self-employed income shows a net profit exceeding $6,000.
- They are non-residents who have an income in Singapore.
Considering the potential for tax savings, government incentives, and intricate tax implications, seeking guidance from tax experts is a prudent approach to ensure you declare your income optimally and benefit from the maximum tax savings available to you.
You are obligated to file an income tax return if you have received correspondence from IRAS, whether it’s a letter, form, or SMS instructing you to do so. This requirement stands regardless of your previous year’s earnings or whether your employer participates in the Auto-Inclusion Scheme (AIS) for Employment Income.
Non-Resident Individuals:
Non-resident individuals who earned income in Singapore during the preceding year must file an income tax return, irrespective of their previous year’s earnings.
No-Filing Service (NFS):
If you have received a letter or SMS indicating your selection for the No-Filing Service (NFS), you are exempt from filing an income tax return.
Your Notice of Assessment or tax bill, either in digital or paper format, will be dispatched to you starting in late April. This tax bill is calculated based on your auto-included income and the previous year’s relief claims. Adjustments may occur if you fail to meet the eligibility criteria.
Our Services
- Preparation of individual income tax computation and filing of tax returns, which includes Form IR21 for foreign employees departing or resigning from Singapore.
- Managing communication with the Income Tax Authority regarding income tax assessment, objections, and correspondence.
Goods and Services Tax (GST)
For companies registered for GST, GST returns and payments should be submitted within one month following the conclusion of the accounting period associated with the respective GST return. Unless your company has received approval for special GST accounting periods.
Failure to file GST returns on time or non-compliance may result in penalties and summonses.
For non-GST-registered companies, it is vital to monitor the trigger points for GST registration to prevent any delays. Delays can lead to your company being liable for backdated taxes unless you can reclaim GST on past sales from your customers.
Premia TNC offers vigilant oversight for your company, ensuring you remain updated on evolving regulations and preventing potential issues.
Our GST Services
- Alert and surveillance of annual revenue nearing $1 million
- Handling GST registration and deregistration
- Preparing GST reports and filing GST returns
- Reviewing and reconciling submitted GST against the company’s management account
Commonly Asked Questions
Up to YA2023, personal tax rates for residents in Singapore will reach a maximum of 22%. To achieve greater progressivity, the top marginal personal income tax rate will be increased with effect from YA 2024. Chargeable income in excess of $500,000 up to $1 million will be taxed at 23%, while that in excess of $1 million will be taxed at 24%; both up from the current rate of 22%. Non-residents are subject to a flat rate of 15% to 22%.
At Premia TNC, we take care of your accounting and audit needs, along with provide local registered office address and mail-receiving services. We ensure you stay updated on all correspondence received, reducing the chances of missing essential mail.
Get in touch with us today to learn more about how our Singapore taxation services can benefit your business.
Premia TNC has the optimal solutions for all your business needs.
Get in touch today for a FREE consultation.
No hidden costs, no obligations.
Feel free to drop us an email too!
[email protected]
Premia TNC has the optimal solutions for all your business needs.
Get in touch today for a FREE consultation.
No hidden costs, no obligations.
Feel free to drop us an email too!
[email protected]
