Singapore Tax System for Companies: what do you need to know?

Singapore Tax System

4 minutes From the single-tier tax system to low tax rates and exemptions on capital gains and foreign-sourced income, Singapore offers an attractive environment for both local and foreign investors. This guide explores corporate tax rates, individual income tax scales, and the various taxes contributing to the country’s revenue.

Importance of Singapore ECI Filling (Estimated Chargeable Income) for Singapore Businesses

Singapore Eci Filing

4 minutes Singapore’s business-friendly approach underscores accurate financial reporting and tax duties. A key focus for all Singapore businesses, irrespective of size, is filing Estimated Chargeable Income (ECI). In this guide, we explore the importance of Singapore ECI filing, filing requirements, timing, procedures, benefits for small enterprises, exemptions, and how Premia TNC’s tax services can support your compliance..

How to Claim Singapore Capital Allowance for your Business

singapore capital allowance

4 minutes The Singapore tax system provides several schemes and allowances to promote investment, innovation, and growth. One of these is the capital allowance, which enables businesses to deduct the cost of eligible assets used in their operations over a designated period, allowing for cost recovery.

How To File A Corporate Tax Return In Singapore: Form C-S, Form C-S (Lite) And Form C

Corporate tax return Singapore

4 minutes There are three common forms for filing corporate tax returns in Singapore: Form C-S, Form C-S(lite) and Form C. Knowing the distinctions between these forms and when to use each can simplify the tax filing process, saving you time and resources. This article provides a clear and concise guide to help you file your corporate tax return Singapore efficiently.

How to Handle Singapore GST Hike 2023 for Singapore Businesses

Singapore GST Hike 2023

5 minutes To adapt to Singapore’s changing economy and cater to the increasing demands of its population, the government has announced Singapore GST hike 2023. As a business owner or executive, it’s crucial to stay informed and prepared for this upcoming change. The GST hike will significantly impact your organization’s financial strategies and operations. In this article, we will provide key considerations and actionable advice to successfully navigate the Singapore GST hike 2023.

The Key Highlights of Singapore Budget 2023 for SMEs

Singapore Budget 2023

4 minutes On 14 February 2023, the Singapore Budget 2023 Statement was officially delivered. The budget is designed to cushion the impact of global economic uncertainties on the local economy and to support the nation’s recovery from the COVID-19 pandemic. In this article, we will explore the key highlights of Singapore Budget 2023 for small and medium enterprises (SMEs), including increased financing, taxes for multinational enterprises (MNEs), the Enterprise Innovation Scheme, higher monthly CPF contribution by 2026, and more.

How To File Your Employees’ Earnings In Singapore With The IR8A Form

Singapore IR8A

6 minutes Filing your employees’ earnings in Singapore can be daunting, but such taxation matters are necessary to run a business.

The Singapore IR8A form is a key document that must be submitted by 1 Mar each year to ensure compliance with tax regulations. In addition to the IR8A form, other forms and documents may need to be submitted to the tax authorities in Singapore.

A Guide To Understanding The Withholding Tax Rate In Singapore

Gst Audit Singapore

7 minutes Are you a new business owner who wants to learn more about the withholding tax rate Singapore has, but has no idea where to begin?

Fret not, our experts at Premia TNC are here to clarify all your concerns and dispel all your doubts regarding all the important taxation matters for your business, including the withholding tax in Singapore.

The Complete Guide On How To Pay Tax in Singapore

How To Pay Tax In Singapore

6 minutes The Singapore income tax system is one of the most direct and simplest tax systems in the world due to the Singapore government maintaining a low tax rate by taxing on consumption rather than income. But if you are still facing issues, this guide provides you with all you need to know about how to pay tax in Singapore.

How Much Personal Income Tax Should I Pay In Singapore?

How Much Income Tax To Pay In Singapore

4 minutes Singapore has one of the most relaxed tax laws, and because of this, it is important to understand how much income tax to pay in Singapore and how the tax system works.

Loved by businesses and entrepreneurs around the world, Singapore enforces the ideas of free trade with very relaxed trade laws, business friendly government policies and minimal taxes.

A Comprehensive Guide On Handling Singapore Tax Invoice

Singapore Tax Invoice

4 minutes As a business owner, understanding the Singapore tax invoice requirements are crucial regardless of your business type and operations scale. These documents are an essential part of an organization’s bookkeeping procedures.

Also, they’ll help your business file taxes and claim tax refunds. While invoices are a great addition to any business, there are many things to learn about how they are handled – especially when dealing with tax invoices.

A Detailed Guide On Singapore Capital Gains Tax

Singapore Capital Gains Tax

4 minutes While capital gains tax plays a major role in many countries’ taxation systems, you’ll be surprised to note that Singapore capital gains tax is not handled in the same way. As a result, Singapore has no clear guidelines on how to classify business operations as taxable trading income and tax-free capital gains. But how would your company identify them to satisfy taxing regulations? Keep reading to find out. This piece is a comprehensive guide that will discuss everything you need to know about Singapore Capital Gains Tax.

Master How to File Corporate Income Tax for Your Business in Singapore

How To File Corporate Income Tax In Singapore

5 minutes No doubt, Singapore is a hub for start-ups and regular businesses. Why? Because it has accommodating and less strict taxation policies.

Unlike other parts of the world that use tax rates to discourage the creation of new businesses, Singapore opens itself up to foreign investors. One of the most favorable taxes is related to setting up a company is the corporate income tax.

7 Ways How to Save on Income Tax in Singapore

How To Save Tax In Singapore

4 minutes Undoubtedly, everyone wishes to know how to save tax in Singapore. Whether personal or corporate tax, any reduction will surely be appreciated by an individual or a company. Therefore, it’s helpful to know that Singapore has various tax relief schemes that individuals and businesses can leverage to save money.

Singapore Tax Exemption For Individuals

Singapore Tax Exemption For Individuals

5 minutes Tax exemptions can be referred to as the right to exclude some or all of the income earned from taxation. Singapore tax exemption for individuals refers to the entitlements of taxpayers in Singapore to various exemptions which would reduce their taxable income. The Singapore government sets the structure of Singapore’s personal income tax system through the Inland Revenue Authority of Singapore (IRAS). 

How To Complete Income Tax Clearance In Singapore

Income Tax Clearance Singapore

5 minutes Employers in Singapore enjoy certain perks while bearing a fair number of duties regarding taxation matters. For instance, among the many tax forms, companies need to complete form IR21, representing income tax clearance in Singapore. Just like many other tax obligations, failure to comply as stipulated can mean paying a hefty price.

General Introduction to the Goods and Services Tax Act of Singapore

goods and services tax act singapore

4 minutes Businesses looking for ways to lower their corporate and even personal income tax percentages while keeping a steady income base in support of the government can check out the Goods and Services Tax Act Singapore! The GST exists as an implicit tax because it taxes expenses by eight percent.

How Taxes Affect Business Decisions In Singapore

How Do Taxes Affect Business Decisions Singapore

5 minutes Since taxes are deducted from operating expenses, businesses would want to know how do taxes affect business decisions Singapore. Other than purchasing during the year to obtain a tax benefit on the said taxable year, there are different ways businesses can consider bringing down their taxable income.

Playbook On How To Do Singapore Corporate Tax Planning

Corporate Tax Planning Singapore

4 minutes Since Singapore is frequently cited by many as a leading example of nations that continuously reduces income tax rates of corporations, it pays if firms learn how to do corporate tax planning Singapore. This becomes essential since the country introduces many tax incentives toward attracting and keeping global and local investments. 

Comprehensive Insights: GST Registered Company In Singapore 

GST Registered Company in Singapore

5 minutes One of the challenges that businesses often face is the issue of double taxation, where the same income is taxed in more than one country. Singapore has established a robust network of Double Tax Agreements (DTAs) with various countries to alleviate this concern.

This comprehensive guide will delve into the intricacies of claiming tax relief under the Singapore Double Taxation Agreements, shedding light on the benefits, eligibility criteria, and the process for obtaining tax relief.

How To Claim Tax Relief Under the Avoidance of Singapore Double Taxation Agreement

Singapore Double Taxation Agreement

5 minutes One of the challenges that businesses often face is the issue of double taxation, where the same income is taxed in more than one country. Singapore has established a robust network of Double Tax Agreements (DTAs) with various countries to alleviate this concern.

This comprehensive guide will delve into the intricacies of claiming tax relief under the Singapore Double Taxation Agreements, shedding light on the benefits, eligibility criteria, and the process for obtaining tax relief.

Detailed Guide On Filing A Singapore IR8A Form For Employee Earnings

singapore ir8a form

4 minutes As an employer, it is essential to navigate the intricacies of tax compliance and ensure accurate reporting of your employees’ income.

In this detailed guide, we will walk you through the entire process of filing the Singapore IR8A Form, providing step-by-step instructions and valuable insights. From understanding the eligibility criteria to gathering the necessary information and submitting the form, we will cover all the essential aspects to help you streamline the process.

Is The Foreign Director Fee In Singapore Taxable?

director fee in singapore

4 minutes Singapore has been consistently recognized as one of the best countries for business in the World Bank’s annual report. With policies that support international participation and 100% foreign shareholding, Singapore attracts foreign directors and business owners.

In this blog post, we delve into a crucial aspect for foreign directors and business owners: the taxability of a foreign director fee in Singapore. Understanding the tax implications is vital for making informed decisions and maximizing the benefits of conducting business in Singapore.

Quick Guide To Understanding Singapore Tax Clearance

singapore tax clearance

4 minutes Setting up a business in Singapore has its advantages, but it also has its share of tax requirements. The Singapore tax clearance is one of the numerous forms you will likely fill out especially when you employ non-Singapore citizens. Failing to submit it on time might result in significant penalties.
This guide presents an overview of the Singapore tax clearance, detailing its background information, requirements, and when you could be required to submit one.

How Do Expats In Singapore Pay Tax?

Tax in Singapore for Expats

4 minutes Living in another country can be a relatively tough experience. You’ll have many things to learn, including new languages, and a new taxation system. Many people readily move to Singapore because living and staying here is quite beneficial. The country is one of the best places to live, play and work in Asia. It also offers quick access to other great nations, such as Vietnam, Malaysia, Indonesia, Thailand, and Cambodia. And what’s more, Singapore is popularly touted as a country with a low tax rate for individuals, including expatriates. This piece will reveal vital details about tax in Singapore for expats.

A Detailed Guide On Tax Invoices In Singapore

A Detailed Guide on Tax Invoices in Singapore

4 minutes Every Singapore business must take its record-keeping seriously. Record-keeping through receipts, regular invoices, and tax invoices is crucial to let business owners understand how their business is faring. While receipts and invoices are common tools most businesses use, some may still yet to fully grasp how to work their way around tax invoices. If you fall into this category, this piece is meant for you. This piece will provide essential details on how businesses can handle their tax invoice in Singapore.

9 Ways To Reduce Income Tax In Singapore For Foreigners

How to Reduce Income Tax in Singapore for Foreigners

4 minutes Although the basis for Singapore’s income tax computation is the total earnings in the city-state, it is still possible to get a smaller tax bill compared to those earning much less. Hence, familiarity with how to reduce income tax in Singapore for foreigners can come in handy.

An Outline of Corporate Tax Filing in Singapore

corporate tax filing singapore

5 minutes Based on the previous year’s operations, corporate tax filing in Singapore is tricky. Although the tax basis is the same in many other countries across the globe, the tax rate for the income of local and foreign firms in Singapore is just 17%. On top of that, the country offers a tax exemption plan for new ventures, except for those.