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Income Tax

Working closely with our clients, understanding implication of tax on difference source of income, implication of Transfer Price and withholding tax, we are committed to offer range of service on Income Tax matters such as Corporate and personal taxation consultation, Computation and compliance, Filing of Estimated Chargeable Income and Tax Return, Seeking extension of time for filing of Income Tax return. We have an expertise to reply to tax queries and raise objections.

Our approach would always offer best solutions so that implication of tax can be minimised within regulatory framework

We would like to offer Income tax consultation services to Companies and Individuals ensuring that Income tax returns are filed before time so that there should not be any penalties for late submission

Singapore Corporate Tax Rate

NEW START UP COMPANIES

Full tax exemption is granted on the first $100,000 of Chargeable

Income for qualifying new companies for the first three years of assessment consecutively. (%)
First $100,000 Nil
$100,001 to $300,000 8.5
Thereafter a Flat Rate of 17

To qualify for the tax exemption for new start-up companies, your company must:

  • be incorporated in Singapore (other than a company limited by guarantee);
  • be a tax resident* in Singapore for that YA;
  • have no more than 20 shareholders throughout the basis period for that YA

where:

  • all of the shareholders are individuals beneficially holding the shares in their own names; OR
  • at least one shareholder is an individual beneficially holding at least 10% of the issued ordinary shares of the company.

* A company is resident in Singapore if the control and management of its business is exercised in Singapore.

Tax Rates for Companies for Year of Assessment 2008 and for those who do not qualify for the New Start up exemption rates

Amount of chargeable income Effective tax rate
First $10,000 4.5%
Next $290,000 8.5%
In excess of $300,000 17%

Personal Income Tax

Income tax obligations of Individuals who are Sole-proprietors (Self Employed) or Employees are as under

Taxable Income

income "accrued" or received in Singapore by a person or business is subject to income tax. For example if your customer making payment to you for a product in Singapore or receipt of money out of overseas sales in Singapore is subject to tax. Taxable income includes income from your business, salary from employment, interest earned on your deposits and rental income.

Capital Gains

Capital gains are exempt from Income tax. For example, Profit of sell and purchase of shares is exempt from tax but earn from such shares are subject to Income tax

Table below shows income tax rates applicable to personal which are charged. The chargeable income is income plus any other personal income, minus all deductions, exemptions, relief’s and rebates.

Income tax slab

  Chargeable Income ($) I. Rate (%) Gross Tax Payable ($)
On the first 20,000 0 0.00
On the next 10,000 3.50 350.00
On the first 30,000 5.50 350.00
On the next 10,000 550.00
On the first 40,000 8.50 900,00
On the next 40,000 3,400.00
On the first 80,000 14 4,300.00
On the next 80,000 11,200.00
On the first 1,60,000 17 15,500.00
On the next 1,60,000 27,200.00
On the first 3,20,000 20 42,700.00
Above 3,20,000
 
 
 
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