Company Tax

Singapore has one of the lowest corporate tax rates in the world at 17%. It also has a comprehensive list of Double-tax-treaties (DTAs), thus making it one of the most attractive option for companies to set up an entity here.

Comply with government taxation regulations without unnecessary overpayments. Obtain a comprehensive tax plan, so you can make beneficial decisions today that will make you tax-efficient in the long term.

What does the company tax service include?

• Preparation and Filing of Estimated Chargeable Income (ECI)
• Preparation and Filing of Form C and Corporate Income Tax Return
• Preparation of Supporting Documents for the computation of taxable profits
• Detailed Tax Computation
• Attending to tax inquiries raised by the tax authorities and replying thereto

Personal Tax

Personal income tax rates in Singapore is also one of the lowest in the world, on top of many claimable allowances for tax residence.

To determine the Singapore income tax liability of an individual, first, determine the tax residency and amount of chargeable income, and then apply the progressive tax rate. Key points of Singapore’s income tax for individuals include:

• Singapore follows a progressive tax rate starting at 0 percent and ending at 22 percent (for income above S$320,000).
• There are no capital gains or inheritance taxes.
• Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation (barring a few exceptions).
• Tax rules differ based on the tax residency of the individual.
• Income tax is assessed on a preceding year basis.

Comply with government taxation regulations without unnecessary overpayments. Obtain a comprehensive tax plan, so you can make beneficial decisions today that will make you tax-efficient in the long term. More information about personal income tax rates can be found here.

Kindly take note of the following key dates related to the filing of personal tax.

• Preparation of IR8A by the employer no later than 1^st March each year
• The deadline for filing Form B, B1 by the employee is 15 April. If you e-File, you have up to 18 April to do so.
• The deadline for filing Form P by a partnership is 15 April. If you e-File, you have up to 18 April to do so.

Can i pay my personal income tax in instalments?

You can enjoy up to 12 monthly interest-free installments, or opt for a one-time GIRO deduction.

The 12 monthly GIRO installment cycle starts in May and ends in April of the following year. If you apply for GIRO deductions after May, the installment deductions will commence in the month after your application is approved and end in April of the following year.

Contact us to find out more!

What must i do as an Employer?

As an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B, or Form IR8S (where applicable) by 1st March each year for all your employees who are employed in Singapore.

Form IR8A	To be used to declare remuneration of ALL employees.
Appendix 8A	To be completed if the employee is provided with benefits-in-kind.
Appendix 8B	To be completed if the employee has derived gains or profits either directly or indirectly from the exercise, assignment or release of any share option right or benefit, or right or benefit from other forms of Share Ownership Plans where such right or benefit was obtained because of any office or employment.To be completed and submitted to Comptroller of Income Tax for employees who are Singaporeans or Singapore Permanent Residents and who have ceased employment or were posted overseas.
Form IR 8S	To be completed if excess CPF contributions are made by the employer.

From Year of Assessment (YA) 2016, employers who have 11 or more employees for the entire year or who received the “Notice to File Employment Income of Employees Electronically” must submit their employees’ income information to IRAS electronically.

IRAS encourages all employers to join the Auto-Inclusion Scheme (AIS) for Employment Income. Under this scheme, employers submit their employees’ income information to IRAS electronically. The employment income information will be shown on the employees’ electronic tax returns and be automatically included in their income tax assessments. If you participate in the AIS for Employment Income, you do not need to issue Form IR8A to your employees.

For more information, or learn how to complete necessary forms for your employees, please see the e-Submission of Employment Income.

Please refer to the Quickline for a downloadable copy of the forms (Microsoft Word format).

For enquiries on the AIS for Employment Income, please contact IRAS at 1800 356 8015 or email ais@iras.gov.sg.

What must i do as an Employee?

As an employee, you must submit your paper-based tax return by 15 April each year. If you e-File, you have up to 18 April to do so.

You may file your tax return using either of the following modes:

• e-Filing:
• You can e-File via myTax Portal with your SingPass/IRAS PIN. An instant acknowledgment will be sent to you after you have e-Filed successfully.
• Guides/ FAQ on e-Filing
• Guides – Tips on e-Filing for YA 2016.
• FAQ – Frequently Asked Questions on Filing Individual Income Tax Form B/B1.
• Please e-File by 18 April using your SingPass/IRAS PIN login.
• IRAS recommends that you obtain a SingPass. A SingPass is a common password for transacting with all Government e-services. You may apply for a SingPass online. You should receive your SingPass within five working days. To find out more about SingPass, please visit SingPass FAQ.
• If you are not eligible for a SingPass, you may apply for an IRAS PIN online. IRAS will send you the IRAS PIN mailer within five working days.
• You will require Form IR8A if your employer is not participating in the Auto-Inclusion Scheme for Employment Income. Employees may check whether your company is in the Auto-Inclusion Scheme and whether your employer has submitted the necessary information at e-Services – Participating Organizations
• Filing using a paper-based tax return:
• If you need to file a tax return, the IRAS will send you the appropriate paper-based tax return in February or March. If you are certain you have to file but do not receive a notification by 15 March, please contact IRAS for assistance.
• Please remember to sign on Page 1 of the paper tax return and send it to IRAS by 15 April.
• Types of paper-based tax returns:

1. Tax resident individuals should receive Form B1
2. Self-employed individuals (maybe a sole-proprietor or a partner in a partnership) should receive Form B
3. Non-resident individuals should receive Form M

You may be interested in finding out about common filing mistakes and how to report income not previously reported.