新加坡税务

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 […]
Do you like it?
Read more
2017-03-01
blank

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 […]
Do you like it?
Read more
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 […]
Do you like it?
Read more
2019-07-23
blank

Corporate Income Tax Rate

Corporate Income Tax Rate Year of Assessment (YA) Tax rate Tax exemption/ rebate 2013 and subsequent YAs 17% Partial tax exemption and tax exemption scheme for new start-up companies Companies can enjoy the partial tax exemption and tax exemption for new start-up companies, as provided in the tables below. Partial tax exemption for companies (from YA 2020) Chargeable income % exempted from Tax Amount exempted from Tax First $10,000 @75% =$7,500 Next $190,000 @50% =$95,000 Total $200,000 =$102,500 Tax exemption scheme for new start-up companies (where any of the first 3 YAs falls in or after YA 2020) Chargeable income % exempted […]
Do you like it?
Read more
2019-08-13
blank

Personal Income Tax Rate

Personal Income Tax Rate Income tax rates depend on an individual’s tax residency status. You will be treated as a tax resident for a particular Year of Assessment (YA) if you are a: Singapore Citizen (SC) or Singapore Permanent Resident (SPR) who resides in Singapore except for temporary absences; or Foreigner who has stayed / worked in Singapore (excludes director of a company) for 183 days or more in the year preceding the YA. Otherwise, you will be treated as a non-resident of Singapore for tax purposes.   Resident Tax Rates From YA 2017 onwards Chargeable Income Income Tax Rate (%) Gross Tax Payable ($) First $20,000 Next […]
Do you like it?
Read more
2019-09-13
blank

Foreign-Sourced Income

Foreign-Sourced Income The Tax Exemption A Singapore tax resident company can enjoy tax exemption on its specified foreign income that is remitted into Singapore. Categories of Foreign-Sourced Income The three categories of specified foreign income are: Foreign-sourced dividend; Foreign branch profits; and Foreign-sourced service income. Qualifying Conditions for Tax Exemption Under Section 13(9) of the Income Tax Act, tax exemption will be granted when all of the following three conditions are met : The foreign income had been subject to tax in the foreign jurisdiction from which they were received (known as the “subject to tax” condition). The rate at which the […]
Do you like it?
Read more
2019-09-23
blank

Who Needs To Pay GST

Who Needs To Pay GST When doing business in Singapore, it is important for companies to understand the Singapore Goods and Services Tax (GST). GST is also known as the value-added tax (VAT) in other countries, and is levied on the supply of goods and services in Singapore and the import of goods into Singapore. Businesses are required to submit quarterly GST returns to the Inland Revenue Authority of Singapore (IRAS). GST-registered companies in Singapore can engage in a variety of activities, both commercial and non-commercial in nature. A taxable person is not entitled to claim input tax credit in […]
Do you like it?
Read more
2019-10-03
blank

GST Computation

GST Computation How It Works Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT. GST exemptions apply to the provision of most financial services, the supply of digital payment tokens, the sale and lease of residential properties, and the importation and local supply of investment precious metals. Goods that are exported and international services are zero-rated. Taxable and Non-Taxable Goods and Services The table below lists […]
Do you like it?
Read more
2019-10-16
blank

Withholding Tax Rate

Withholding Tax Rate Withholding Tax Rates for Services, Interest, Royalty, Rent of Movable Properties, etc. Nature of Income Tax Rate Interest, commission, fee or other payment in connection with any loan or indebtedness 15% 1 Royalty or other lump sum payments for the use of moveable properties 10% 12 Royalty and other payment made to author, composer or choreographer 22% 2 Payment for the use of or the right to use scientific, technical, industrial or commercial knowledge or information 10% 12 Rent or other payments for the use of moveable properties 15% 1 Technical assistance and service fees Prevailing Corporate Tax rate 35 Management fees Prevailing […]
Do you like it?
Read more
Load more