Tax

We offer a broad range of services to assist corporations, clubs, societies & associations, partnerships and individuals with their tax and tax related concerns. Specifically we can offer assistance with:-
‍
1. Corporate and personal tax compliance works;
2. Representing clients in back taxes, objections and appeals to the Tax Authorities;
3. Planning tax efficient remuneration packages for company directors ;
4. Analysis of opportunities for tax savings arising from changes to tax and other legislations;
5. GST planning and compliance;
6. Estate and Succession Planning.

Over the years, we have successfully assisted in planning and implementing tax strategies that work best within our clients’ organizations, including the use of offshore based companies and trusts.

The Singapore Tax Regime
‍Singapore uses a territorial basis to tax income. Tax is imposed on income derived from, accrued or received (under certain conditions) in Singapore. Income tax is imposed on a preceding year basis. Currently, Singapore imposes no capital gains tax.
The tax administration system is regulated by the Inland Revenue Authority of Singapore (IRAS) which assesses, collects and enforces various taxes, duties and levies.

Corporate income tax
‍The Corporate income tax rate is 17%, effective for the Year of Assessment 2010 onwards until further announcement by IRAS and is applicable to income derived accrued or received by resident, non-resident companies and branches of foreign companies. However, receipt of foreign sourced dividends, branch profits and service income on or after 1 June 2003 is tax exempt, provided:-
the income was remitted from country with headline tax rate of at least 15% the income was subject to tax in the foreign country from which they were received.
The one-tier corporate taxation system replaced the outgoing full imputation system effective 1 January 2003. Under the new system, tax at the corporate level is final and dividends received in the hands of shareholders are tax exempt.

Individual income tax
‍Individuals tax residents are taxed on their incomes on a sliding scale from 0% (for the first $20,000 chargeable income) to 20% (for chargeable income above $320,000).  Effective 1 January 2004, all foreign sourced personal income received in Singapore by Singapore tax residents are exempt from income tax. There are no conditions attached except that taxpayers are required to keep evidence/documents in support of their claims for tax exemption in the event they are called upon by the Tax Authorities to submit same.
The above exemption is not applicable if received through a partnership in Singapore.

Withholding taxes
‍Interest, commissions, fees and other payments in connection with loans or indebtedness, royalties, rentals from movable property, and management and technical fees paid to non-tax residents are generally subject to withholding tax in Singapore. These withholding taxes ranges between 10% to 20%. Singapore has to-date concluded tax relief agreements (DTA) with some 50 countries for avoidance of double taxation and in certain instances, full exemption of income tax payable on qualifying services rendered. There is no withholding tax on the payment of dividends to non-tax residents of both DTA and non-DTA countries.

Goods and Services Tax (GST)
‍A 7% Goods and Services Tax (GST) is imposed on domestic consumption. The GST is levied on the sale of goods and services in Singapore by GST-registered traders, and on goods imported into Singapore. The export of goods and international services is not subject to GST. The GST covers almost all goods and services, except for the rental and sale of residential land and buildings in Singapore, and the provision of certain financial services. Businesses whose turnover exceeds S$1 million are required by law to register for GST.

‍