Corporate Tax – Preparation And Filing Services for Singapore corporations
As entrepreneurs and business owners, any business decisions you make will have tax implications, and it is important for any company to manage their tax requirement efficiently by proper tax planning.
EnterpriseBizpal will keep you abreast of developments that may affect your business. We will work closely with you to identify and implement tax strategies that will be most suited for your business to minimise tax payable.
Our fees for corporate tax services are as follow:
|Type of taxation service||Fee|
|Corporate Tax computation, estimated chargeable income (ECI) and income tax return filing with IRAS||from $350|
|Submission of Withholding Tax form||from $250 per submission|
If you have just completed your financial year and require more accounting services including income tax filing, do check out more price details at annual accounting package.
What is the corporate tax rate in Singapore?
Corporate tax rate in Singapore is probably one of the most competitive in the world, currently the corporate tax rate is 17%. To incentivize entrepreneurship, the effective tax rate is much lower for qualifying new registered companies.
Some highlights about Singapore’s company tax,
For the first 3 years, qualifying* new registered companies, benefit from tax exemption scheme for start-up companies:
- – First $100,000, 75% is exempted from tax
- – Next $100,000, 50% is exempted from tax
This makes the effective tax rate at 6.38% for the first $200,000 of profits!
- – First $10,000, 75% is exempted from tax
- – Next $190,000, 50% is exempted from tax
This makes the effective tax rate at 8.29% for the first $200,000 of profits!
No tax on income earned overseas if the overseas country has headline tax rate of more than 15%.
When Singapore companies distributes dividends to its shareholders, shareholders do not need to pay taxes for the dividend received.
Companies are granted corporate tax rebate and for YA 2020, the corporate tax rebate is 25% capped at $15,000
*Note: Qualifying Conditions for Start-Up Companies
The tax exemption is open to all new companies except these two types of companies:
A company whose principal activity is that of investment holding; and
A company which undertakes property development for sale, for investment, or for both investment and sale.
As business owners, we understand that you, like all business owners, desires to maximize business profits by minimizing tax expense.
EnterpriseBizpal.com will work together with you to understand your business activities so that we can apply our tax knowledge to arrive at the best solution to minimize your tax expenses. Our taxation experts are accredited tax professionals who are members of SIATP
For new registered companies, we can maximise the tax exempt profits in your first 3 years of operations, by deferring your claims for fixed assets.