Singapore
Taxation Services
Tax Management Services
As a proficient and seasoned organization, Premia TNC expertly navigates tax matters for businesses within Singapore. We aim to serve as a comprehensive tax service provider for our clients.
Business Income Tax
Here's what you need to be aware of when fulfilling your company’s Corporate Income Tax submission requirements:
- The deadline for a given year’s filing is November 30th of that same year.
- Electronic filing is mandatory for all businesses.
- The Estimated Chargeable Income (ECI) filing deadline is within three months from the end of the company’s fiscal year.
- Your business might be exempted from ECI filing under certain conditions.
- Common errors like incorrect claims for non-deductible expenses,should be avoided.
Your company is exempted if its annual revenue does not exceed S$5 million for the fiscal year and ECI is NIL for the Year of Assessment (YA).
While companies strive to comply with tax obligations, occasional errors occur due to oversight or lack of awareness. Taxation experts specialized in Singapore’s system can help your business avert such mistakes that might lead to penalties and enforcement actions such as summonses and compositions.
Our Tax Services
- Providing reminders and handling the filing of Estimated Chargeable Income.
- Preparing Tax Computations, including income tax schedules, and filing of Income Tax Return (Form C/C-S/C-S (Lite).
- Coordinating with Income Tax Authority on all matters related to profit tax assessments, objectionsand correspondences.
Individual Income Tax
An individual is typically required to submit an Income Tax Return if, during the preceding calendar year:
- The total income exceeds $22,000.
- The net profit from self-employment is over $6,000.
- The individual is a non-resident who derived income from Singapore.
- Considering the potential tax savings, government incentives and complex tax implications it’s advisable to consult tax professionals who can guide you on optimally declaring your income and maximizing the tax savings you’re entitled to.
Did You Know?
Regardless of your earnings in the previous year, you must file an Income Tax Return if you have received a letter, form or an SMS from the IRAS instructing you to do so. This applies even if your employer participates in the Auto-Inclusion Scheme (AIS) for Employment Income.
Non-resident Individuals
Non-residents who derived income from Singapore in the preceding year are obligated to file an Income Tax Return, irrespective of their earnings in the previous year.
No-Filing Service (NFS)
In case you receive a letter or SMS informing you about your selection for NFS, you are not required to file an Income Tax Return.
Your Notice of Assessment or tax bill (in digital or paper format) will reach you from the end of April onwards. Your tax bill is calculated based on your auto-included income and previous year’s relief claims. Adjustments might be made if you do not meet the eligibility criteria.
Our Offerings
- We offer services including preparation of individual income tax calculations and the filing of tax returns which also incorporates form IR21 for international employees departing or quitting their jobs in Singapore.
- We facilitate communication with the Income Tax Authority regarding income tax evaluations, objections and correspondence.
Goods and Services Tax (GST) Insight
For businesses registered under GST it’s essential to file GST returns and make payments within a month following the close of each accounting period covered by the respective GST return, barring special GST accounting periods granted to your company.
Late or unfulfilled GST return filings can lead to penalties and legal notices.
For businesses not registered under GST it might become challenging to identify when they become liable for GST registration, potentially leading to late registration. Your company would need to absorb the payment of retrospective tax unless you can recoup GST on previous sales from your customers.
Premia TNC assists your company in monitoring these aspects, ensuring you stay up to date with any new regulations so you don’t have to.
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
As of 2020, personal tax rates for residents in Singapore start at 0% and max out at 22%. Non-residents are subjected to a uniform rate of 15%-22%.
At Premia TNC, we manage your accounting and audit and we also provide local registered office address and mail receiving services. This ensures that we can promptly inform you about any letters we receive reducing the risk of overlooking crucial mail.
Reach out to us today to learn more about how our taxation services in Singapore can benefit you.
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]
