Tax Compliance

2017-01-27

GST Rate

Current GST Rates The current GST rate in Singapore is 8%. GST-registered businesses are required to charge and account for GST at 8% on all sales of goods and services in Singapore unless the sale can be zero-rated or exempted under the GST law. Historical GST Rates GST was introduced in Singapore on 1 Apr 1994. Year GST Rate 1 Apr 1994 to 31 Dec 2002 3% 1 Jan 2003 to 31 Dec 2003 4% 1 Jan 2004 to 30 Jun 2007 5% 1 Jul 2007 to 31 Dec 2022 7% 1 Jan 2023 to 31 Dec 2023 8% 1 […]
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2017-03-01
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Calculation of ECI

Calculation of ECI Companies need not factor in the Tax Exemption Scheme for New Start-Up Companies/ Partial Tax Exemption and the YA 2020 Corporate Income Tax (CIT) rebate when filing their ECI. IRAS will compute these and allow the New Start-Up Companies/ Partial Tax exemption and YA 2020 CIT rebate automatically. Example: Calculation of ECI for YA 2020 Your company’s Profit and Loss statement for financial year 2019 (Year of Assessment 2020) is as follows:  Sales  $80,000  Less: Cost of goods sold  $(35,000)  Gross Profit  $45,000  Other Income:  Rental Income  $1,200  Less: Expenses  Advertisement  $(790)  CPF  $(2,300)  Depreciation  $(300)  Directors’ fees  $(9,000)  Printing and […]
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2017-03-28

Pay Personal Income Tax

Pay Personal Income Tax How to Pay Personal Income Tax GIRO is the preferred method of payment. GIRO Majority of taxpayers use GIRO for tax payment. Electronic Payment Modes PayNow QR New! Internet Banking Bill Payment Internet Banking for tax payment is made available by the following banks: BOC  CIMB  Citibank  DBS/POSB  HSBC  ICBC  MayBank  OCBC  RHB  Standard Chartered Bank  State Bank of India  UOB (BOC, CIMB, Citibank, ICBC, MayBank, RHB and State Bank of India are applicable for individual account holders only). DBS PayLah! Mobile App Pay your tax via DBS PayLah! Phone Banking Phone Banking service for DBS/POSB, OCBC and UOB account holders who have subscribed to this service. (DBS/POSB and OCBC are applicable for individual […]
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2017-05-08
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Corporate Tax Computation

Corporate Tax Computation Requirement to Submit Tax Computation A tax computation is a statement showing the tax adjustments to the accounting profit to arrive at the income that is chargeable to tax. Tax adjustments include non-deductible expenses, non-taxable receipts, further deductions and capital allowances. Companies should prepare their tax computations annually before completing the Form C-S/ C. Only companies filing Form C need to submit their audited/unaudited* financial statements, tax computation and supporting schedules together with Form C. Companies filing Form C-S are still required to prepare their financial statements, tax computation and supporting schedules and submit them to IRAS […]
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2017-08-22
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Who Needs to File ECI

Who Need to File ECI Compulsory e-Filing for ECI From YA 2020, e-Filing of the ECI is compulsory for all companies. In line with Government’s direction for more cost effective delivery of public services and the Smart Nation vision to harness technology to enhance productivity, e-Filing of the Corporate Income Tax returns (including ECI, and Form C-S/ C) is compulsory. A phased approach is adopted from YAs 2018 to 2020 as follows:  YA  Target Group for Compulsory e-Filing  2018 onwards  Companies with revenue more than $10 million in YA 2017  2019 onwards  Companies with revenue more than $1 million in YA 2018  2020 onwards  All […]
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2017-09-07
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What is ECI

What is ECI Definition of ECI ECI is an estimate of the company’s taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA). For details of taxable income and tax-allowable expenses, refer to Taxable and Non-Taxable Income and Business Expenses. Declaration of revenue in ECI Form Besides stating the ECI, you have to declare the company’s revenue in the ECI Form. This declaration is compulsory with effect from Jan 2017. Revenue refers to a company’s main source of income, and excludes items like gain on disposal of fixed assets. If your company is an investment holding company, your main source of […]
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2017-09-11
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Pay ECI

Pay ECI Pay Taxes in Instalments through GIRO Only companies that are on GIRO are allowed to pay their taxes in instalments. Companies that do not have an existing GIRO arrangement for Corporate Tax are encouraged to apply for GIRO at least 3 weeks before e-Filing their ECI. If the GIRO arrangement is not approved before the payment due date, the company will not be eligible for instalment payment and will need to pay the full amount of estimated tax by the payment due date. You can check the status of your company’s GIRO application through the Corporate Tax Integrated Phone Service (PDF, 371KB). As announced […]
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2017-10-02
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File Personal Income Tax

File Personal Income Tax Obligation to File Tax Notification to File Income Tax Return You must file an Income Tax Return if you receive a letter, form or an SMS from IRAS informing you to do so. It does not matter how much you earned in the previous year or whether your employer is participating in the Auto-Inclusion Scheme (AIS) for Employment Income. To file your tax return, please log into myTax Portal using your SingPass.   Filing Due Dates Mode of Filing Filing Deadline e-Filing 18 Apr 2020 (Extended to 31 May 2020) New Paper Filing 15 Apr 2020 (Extended to 31 May […]
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2017-10-05
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Pay Withholding Tax

Pay Withholding Tax How to Pay Withholding Tax GIRO is the preferred method of payment. GIRO Majority of taxpayers use GIRO for tax payment. Electronic Payment Modes PayNow QR New! Internet Banking Bill Payment Internet Banking for tax payment is made available by the following banks: BOC  CIMB  Citibank  DBS/POSB  HSBC  ICBC  MayBank  OCBC  RHB  Standard Chartered Bank  State Bank of India  UOB (BOC, CIMB, Citibank, ICBC, MayBank, RHB and State Bank of India are applicable for individual account holders only). DBS PayLah! Mobile App Pay your tax via DBS PayLah! Phone Banking Phone Banking service for DBS/POSB, OCBC and UOB account holders who have subscribed to this service. (DBS/POSB and OCBC are applicable for individual account […]
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