OUR SERVICES
CORPORATE TAX FILING SERVICES IN SINGAPORE
Stay Compliant and Maximize Savings: Our Expertise in Timely Corporate Tax Filing Singapore Ensures You Benefit from Available Deductions in Singapore
Our corporate tax services assist you in the:
- Preparation of Tax Computation and tax schedules
- Filing of Estimated Chargeable Income 3 months after your Financial Year End
- Filing of Corporate Tax Return in Form-C or Form C-S in the relevant Year of Assessment
- Liaison with IRAS to answer queries relating to your tax matters
All companies need to submit their tax returns in the relevant Year of Assessment pertaining to the financial year passed. Let us assist you in ensuring that your corporate tax filing is done on time, without missing out on useful deductions available to your company in Singapore.
Our corporate tax services assist you in the:
- Preparation of Tax Computation and tax schedules
- Filing of Estimated Chargeable Income 3 months after your Financial Year End
- Filing of Corporate Tax Return in Form-C or Form C-S in the relevant Year of Assessment
- Liaison with IRAS to answer queries relating to your tax matters
FREQUENTLY ASKED QUESTIONS (FAQ)
What kind of tax services does your firm provide?
At Bizsquare Accounting, our trusted Tax professionals will keep you abreast of any developments that may affect you business. We ensure that you are 100% tax compliant, whilst meticulously securing every tax deduction your business is legally entitled to.
Here’s a list of wide range of Tax Services we provide:
- Preparation and filing of Estimated Chargeable Income (ECI)
- Preparation and filing of Corporate Income Tax Return (Form C or Form C-S)
- Detailed Tax Computation
- Preparation of Supporting Schedules for tax computation
- Preparation of unaudited financial statements to be submitted to IRAS
- GST compliance (application and submission)
- Corporate tax compliance
- Tax planning and advisory (tax incentives and exemption)
What is the Corporate Tax Rate in Singapore?
The Corporate Income Tax rate is flat at 17% in Singapore. For the annual taxable profits of up to $300,000, full tax exemption is available for newly incorporated companies with individual shareholders will be taxed as follows:
- The first S$100,000 in annual taxable profits will be tax exempt for the first 3 years.
- The next S$200,000 in annual taxable profits will be taxed at 8.5%.
- Taxable profits above S$300,000 will be taxed at the flat rate of 17%.
Total tax payable for the first S$300,000 taxable profits is S$17,000, the effective tax rate is 5.67%.
Newy incorporated companies with corporate shareholders or 4th years for companies with individual will be taxed as follows:
- The first S$300,000 in annual taxable profits will be taxed at 8.5%.
- Taxable profits above S$300,000 will be taxed at the flat rate of 17%.
Is a private limited company required to file audited accounts?
Companies that meet the following criteria are required to have their accounts audited:
- Corporate shareholders; and
- Total number of shareholders is more than 20; and
- Annual revenue exceeds S$10 million.
All other companies are not required to file audited accounts and can file unaudited financial statements.
What expenses are tax deductible and what are not?
You can claim deduction for expenses that are wholly and exclusively incurred from the production of income.
To qualify for tax-deduction, the expenses must:
- Be revenue-focused in nature. This covers normal day-to-day expenses, but excludes capital expenditure.
- Not be prohibited under the Income Tax Act.
- Have actually been incurred. Contingent liability is not allowed for tax deduction.
Is filing Corporate Income Tax return compulsory if my company did not make any profits or is making losses during this year?
Yes, it is mandatory. All Singapore Incorporated Companies are required to file a tax return on an annual basis. Although the company is making losses, the losess still have to be submitted via tax return to IRAS. The losses can be utilised to set off against future profits of the company.
What is ECI? Who needs to file it? What are the benefits of filing?
“ECI” stands for Estimated Chargeable Income. It is an estimate of a company’s chargeable income for a Year of Assessment (YA).
A company has to furnish Estimated Chargeable Income (ECI) within three months after the financial year end of the company.
If you furnish your company’s ECI within the qualifying period, you can pay your tax by instalments basis. The earlier you furnish your ECI, the higher the number of instalments available.
What is the due date for filing Corporate Income Tax return?
The due date for filing corporate tax return in Singapore is November 3o annually. The tax return is filed on prior year basis i.e. any financial year end fall in 2016 will need to file tax return for the financial year on 30 November 2017. The filing deadline is extended to 15 December, if the company is e-filing the tax return.
Howver, each company is required to file an Estimated Chargeable Income (ECI) within 3 months of the end of its financial year to IRAS.
Is company profit distribution as dividends to shareholders taxable?
No. Singapore adopts one-tier corporate tax system; tax paid by a company on its chargeable income is the final tax. All dividends paid by a company are exempt from tax in the hands of the shareholders.
How can we help you in filing your Corporate Income Tax?
We will advise and update you on the Corporate Income Tax matters so that your company’s tax obligation is in compliance to the Income Tax Acts. It includes:
- Preparation and submission of Estimated Chargeable Income (“ECI”) within 3 months from financial year end.
- Corporate income tax computation of the tax payable of company.
- E-filing of Tax Return in Form C or Form C-S to IRAS.
- Assisting your company to verify the Notice of Assessment upon receipt of the assessment from IRAS and deal with corporate income tax queries raised by IRAS if any.
Does a dormant company need to submit Form C-S?
A dormant company MUST submit Form C-S unless it has been granted waiver for submission of tax return by IRAS.
What is GST? When is a company liable to register for GST?
GST stands for Goods and Services Tax. The company is liable to register for GST when its annual taxable turnover is moree than S$1 million or it is currently making taxable supplies and its annual taxable turnover is expected to be more than S$1 million for the next 12 months. A company may choose to register for GST voluntarily if the annual sales turnover is less than S$1 million, however, the company needs to remain as GST registered company for at least 2 years.
How does GST work?
Upon registering GST, a business must charge and account for GST at the prevailing rate (7%). This is known as output tax. GST registered businesses can also claim from IRAS the GST incurred on their goods and services purchased assuming certain conditions are met. This is known as input tax.