Businesses to enjoy 250% tax deduction on wages if employees volunteer at IPCs

Businesses throughout Singapore are going to have the opportunity to take advantage of a 250% taxed deduction just by committing to sending their employees to do volunteer work. Yes, you’re reading that correctly. The government of Singapore (through the new Business and IPC Partnership Scheme) is committed to making sure that businesses are able to reap significant rewards by encouraging their employees to volunteer at IPC partnership scheme volunteer opportunities.…Read more

Filing Your Income Tax By Mobile Phone Among New Measures Announces by IRAS

With April comes that dreaded time of the year again where many people in countries across the planet file their taxes. In Singapore, the process is no different. Or, perhaps it is. Taking steps to make filing income tax easier and simpler, the IRAS have announced a series of new measures to speed up the process. This includes being able to file your income tax using your phone, and more.…Read more

More tax breaks for firms that anchor pioneering activities in Singapore

Business leaders, entrepreneurs, and economists all over the world have long considered Singapore to be one of the world’s most brightly shining lights as far as a government friendly to business is concerned. This nation has always fully embraced everything that they are businesses have to offer, and for decades they have worked diligently to create the kind of business friendly environment that has helped to attract business leaders from…Read more

Productivity and Innovation Credit

Productivity and Innovation Credit (PIC) is a grant by the government of Singapore to boost expansion and growth of businesses associated with productivity and innovation activities. Many small companies and start-ups with accounting statements from 31st January 2010 and 31st December 2104 will benefit from the PIC scheme. The scheme runs from YA 2011 to YA 2015. PIC scheme is obtainable through Inland Revenue of Singapore (IRAS) the main tax…Read more

High resolution perspective graphic of a clock with words tax season.

Guide to the Singapore Tax System

The core aim of the tax policy within the Singapore tax system is to raise revenue. 89.8% of this revenue is taken from the taxes imposed on Singapore citizens. This revenue is then distributed to important government operations in order to facilitate economic growth whilst still preventing inflation, maintaining a balanced budget and most importantly to deliver essential public services and goods. A lot of the revenue raised is put…Read more

6 steps to maximize corporate tax benefits for Singapore companies

Every corporate entity residing in Singapore, being resident or non-resident, is required by IRAS to file a separate tax return every calendar year on all his incomes including gains or profits from a trade or profession and earnings from employment. This tax return filing must be done in respect to the tax compliance and preceding year given by IRAS. Corporate Tax Rates Beginning 2010, all corporate income in Singapore is…Read more

What is Personal Tax in Singapore?

In Singapore, the rates of personal income tax are among the lowest in the whole world. For you to determine your income tax liability in Singapore as a resident, you should first determine your tax residency as well as chargeable income amount before applying the rate of progressive tax to it. The following are the key points of income tax for people in Singapore which includes: The rate of progressive…Read more

What is Estimated Chargeable Income in Singapore?

An Estimated Chargeable Income (ECI) in Singapore is an estimation of a Company’s taxable income in a given Year of Assessment (YA). According to Singapore’s rule and regulations, it is mandatory for all companies to file their ECI statement with Inland Revenue Authority of Singapore (IRAS) for the previous year of assessment within a period of 90 days after the end of their financial year. Companies with zero income (no…Read more

Which types of Foreign Income is exempted from Tax for Singapore companies?

There are three categories of foreign income that are exempted from the Singapore tax. People should learn about this information, so they can know their tax status. Three foreign income categories that are exempted from tax are foreign dividend, foreign profits, and also foreign sourced service income. Several Important Conditions for Getting the Tax Exemption: According to Section 13(9) of the Income Tax Act in Singapore, the tax exemption can…Read more

What does capital gains tax means?

Singapore is deprived of capital gains tax till now which actually attracts the investors to setup their companies or to have their regional branches in this country. The profit gained out of selling any capital assets is called capital gains. In such cases, there is a substantial difference between the selling and purchasing price. The selling price comes to be more compared to the purchasing price and the profit that…Read more