Corporate Tax Services Singapore
Corporate taxation services in Singapore give all the assistance to their clients in complying with the statutory filing of taxes. In addition, they advice on the latest changes in the Singapore company laws, implications of provisions in the Singapore budget and also help in the client’s tax planning.
Compliance in Singapore under the corporate tax regime administered by the Inland Revenue Authority of Singapore (IRAS) is a complex matter, requiring all your corporate returns to be properly prepared and filed on time. If these legal requirements are not complied with, your company runs the risk of incurring civil (financial) and even criminal (imprisonment) and penalties in the event of non-compliance.
SBS Consulting is a leading Singapore corporate tax service provider for Business Entities & individuals alike. Our corporate tax services Singapore include tax computation, tax compliance, tax filing, tax planning and corporate income tax Singapore advisory services. The SBS Tax Compliance specialist team is well-versed in advising on Singapore tax matters, with comprehensiveness and accuracy being our forte.
Singapore Corporate Tax Services: Tax Filing & Planning
We offer more than a cursory filing of tax returns, and provide you with the value-added support of a complete suite of compliant company tax services, including:
- Keeping you up-to-date with the most current Company Tax Singapore laws and regulations (including updating you on the Singapore Budget) which may affect your company’s/branch’s compliance requirements;
- Monitoring the statutory timelines and working closely with your company/branch to meet the compliance tax filing deadlines;
- Preparation and filing of an estimated chargeable income which has to be filed within three months from the accounting year end;
- Preparation/review of monthly/quarterly tax provision calculations as well as identifying and highlighting key tax issues arising out of the review of the information and documentation that your company provides us with;
- Preparation/review of the Singapore company tax computation and Form C as well as identifying and highlighting key tax issues arising out of the review of the information and documentation that your company provides us with; and
- Tax advisory on the due dates of tax payment upon receipt of the Notice of Assessment.
Singapore Company Tax Type & Corporate Income Tax Rates 2014:
The table includes existing corporate income tax rates 2014 in Singapore and tax exemptions:
|Corporate Income Tax||Company Tax Rates|
|Capital gains tax||0%|
|Income earned on foreign soil||0%|
|Tax on dividends given to shareholders||0%|
|Income Tax on profits of upto S$100,000 for first 3 years||0%|
|Income Tax on profits upto S$300,000 after first 3 years||8.5%|
|Income Tax on profits in the range of S$300,001-S$2,000,000||17%|
At present, the headline corporate income tax rates 2014 stands at a flat 17%. It may update in 2015.
Advanced Ruling System (ARS):
Additionally, if your company wishes to get an advanced ruling from IRAS on treatment of your company tax in Singapore, in view of the residency status of your company (eg. if your operations are mostly based overseas), SBS can assist you in the application of such for a reasonable fee.
An advance ruling is a written interpretation of how a provision under the Income Tax (Amendment) Act applies to a specific taxpayer and a proposed arrangement. Such an advance ruling by the Comptroller under the ARS is legally binding; therefore the Comptroller has to apply the law in the manner set out in a ruling made under the ARS once it is issued. This is a very useful means of significantly minimizing any future disputes of corporate tax Singapore treatment, or financial shocks arising out of the ensuing compliance.
The process typically takes up to eight weeks, and where the application is more complex, the applicant will be advised accordingly.
For more, on our Corporate tax services fees and to make us your preferred partner to guide you through the corporate tax planning in Singapore, email us to set up an appointment..