Tax Services

Singapore has a territorial tax system whereby companies and individuals are taxed only on Singapore-sourced income and foreign income remitted into Singapore.

There is no capital gains or inheritance tax in Singapore and there are various tax rebates/reliefs for companies who meet IRAS’s qualifying criteria. Furthermore, Singapore currently has 80 comprehensive DTAs (Double Taxation Agreements).

Tax Services

Singapore has a territorial tax system whereby companies and individuals are taxed only on Singapore-sourced income and foreign income remitted into Singapore.

There is no capital gains or inheritance tax in Singapore and there are various tax rebates/reliefs for companies who meet IRAS’s qualifying criteria. Furthermore, Singapore currently has 80 comprehensive DTAs (Double Taxation Agreements).

Through the provisions of a DTA between Singapore and another jurisdiction, taxpayers engaged in cross-border businesses can benefit from the elimination of double taxation and may also enjoy reduction or exemption of tax on certain types of income. Your Singapore Company must be a Singapore tax resident to enjoy the full benefits of a DTA.

You may also be interested to note that some of the DTAs signed by Singapore have already been amended by the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (BEPS)

Singapore Corporate Tax Services

The prevailing Singapore corporate tax rate is 17% on net taxable income. The Singapore tax year is 1 January to 31 December. For example: If your Company’s Financial Year End (FYE) is 31 March 2019 or 30 June 2019 or 31 December 2019, then your tax year of assessment is 2020 (YA2020) . From YA 2020 onwards, the tax exemption for newly set up qualifying Singapore companies, in the first 3 years (from date of incorporation) is as follows:

Personal Tax Services

All Singapore tax residences are required to file and pay tax regardless of citizenship. If you are a foreigner working in Singapore and is a tax resident, you will also be required to file and pay tax. Singapore income tax is based on a progressive tax rate, starting for 0% to the maximum of 22%.

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