For businesses operating in Singapore, it is crucial that they understand the fact that the country operates a “territorial tax system.” This system mandates all companies to file taxes for both local and foreign-sourced income.
Corporate Income Tax Services
Our tax specialists can you with all corporate income tax related matters. An essential aspect of the corporate income tax paradigm in Singapore is the “Estimated Chargeable Income” (ECI). We at Ace Financial can help companies file their ECI ans submit same no more than three months from the end of the company’s fiscal year.
At Ace Financial, our tax preparation services also cover Form C & Form C-S, as well as corporate tax exemption. We also help guide you through all the many intricacies involved in the process. For example, a start-up less than three years old also enjoys a 100 percent tax exemption up to $100,000.
Personal Income Tax Services
We also provide personal income tax services for individuals in Singapore. For tax purposes, there are two main classifications which determine the rate used to calculate the tax burden of an individual.
For citizens and permanent residents living and working in the country, the rate applied falls between 0 percent and 20 percent.The rate for non-residents is 15 percent or a progressive tax rate depending on which options yield the most substantial tax burden.
Goods and Services Tax (“GST”)
GST applies to businesses in the country who gross more than $1 million in turnover for 12 months. The GST also applies to establishments estimated to reach the $1 million in the next 12-month period as well. Companies whose turnover isn’t up to the threshold can also voluntarily file for GST.
As far as tax filing in Singapore is concerned, we provide full-spectrum services when it comes to GST. The scope of our services includes but not limited to providing assistance with the process, responding to queries from the GST Comptroller, providing error-free submissions, etc.
Transfer Pricing Services
With the legislative changes made to the transfer pricing laws in Singapore earlier in the year, it is a safer bet to consult with professionals so as not to run afoul of the law. Ace Financial is up-to-date with the latest IRAS guidelines for transfer pricing.
The arm’s length principle is the pivotal element of transfer pricing, and we help our clients ensure that their “related party transactions” comply with the policy. We also ensure that our clients keep and maintain the proper documentation to enable tax authorities to easily review their transactions. In this way, we make sure that our clients do not run into any difficulties.
Withholding Tax Services
As an international business hub, the issue of withholding tax comes up quite often in business dealings. There isn’t a fixed rate for withholding tax as it depends on the nature of the payment. This is why businesses need proper guidance to know how to navigate the process.
Specific payments to non-resident individuals or companies have a withholding tax component remitted to IRAS. Some examples of such payments include royalties, rent, the sale of real estate, management fees, interest/commissions on loans, etc.
Our full range of tax filling services include:
Our taxation specialists can assist you in all respects of your corporate taxes. We will advise you how Read More…
Resident individuals are tax on a progressive tax rate basis from 0% to 20%. Non-resident individuals Read More…
Our taxation services also include goods and services tax (“GST”) registration and submission Read More…
Transfer pricing is the pricing of goods, services and intangibles between related parties. The arm’s length Read More…
A person who makes payment of a specified nature (e.g. royalty, interest, management fees, service fees, Read More…