Tax Guides

A Singapore company is considered tax-resident in Singapore if the control and management of the company’s business is exercised in Singapore. This is typically the case when the board of directors meetings, where strategic decisions are made, take place in Singapore. The tax residency status of a company can have several implications. Singapore tax-resident companies … Tax Residency of a Singapore Company Read More »

Transfer pricing involves setting the price for goods and services sold between controlled or related legal entities within an enterprise. For example, if a subsidiary company sells goods to its parent company, the cost of those goods is the transfer price. Singapore has implemented comprehensive transfer pricing guidelines to ensure that transactions between related entities … Transfer Pricing Rules in Singapore Read More »

In Singapore, withholding tax applies to certain types of income paid to non-resident individuals and companies. The payer of such income is obligated to withhold a percentage of the payment and give this to the Inland Revenue Authority of Singapore (IRAS). The specific types of income subject to withholding tax include: The rates can change … Withholding Tax Regulations in Singapore Read More »

Goods and Services Tax (GST) in Singapore is a broad-based value added tax. It is levied on import of goods, as well as nearly all supplies of goods and services in the country. The only exemptions are for the sales and leases of residential properties and most financial services. Export of goods and international services … Goods and Services Tax (GST) in Singapore Read More »

Singapore’s individual income tax rates are progressive, meaning the rate of tax increases as the taxable income increases. As of my knowledge cutoff in September 2021, the rates range from 0% to 22%. Here is a general overview: Other elements of the individual tax system include: This is a general overview of individual tax regulations … Individual Tax Regulations in Singapore Read More »

In Singapore, certain types of companies are exempted from having their accounts audited. This is known as the audit exemption. This exemption is designed to reduce regulatory costs for smaller companies. As per the Companies Act, small companies are exempted from having their accounts audited. To qualify as a small company, a company must fulfill … Audit Exemption for Singapore Companies Read More »

Singapore uses a territorial basis of taxation, which means only income earned in Singapore is subject to tax. However, foreign-sourced income received in Singapore may be taxable under certain conditions. Foreign-sourced income refers to income that is generated outside of Singapore. It includes foreign dividend, foreign branch profits, and foreign-sourced service income. Foreign-sourced income is … How is Foreign-Sourced Income Taxed in Singapore? Read More »

Singapore’s corporate tax system is well-regarded for its competitive rates, ease of compliance, and numerous tax incentives. Here are the key aspects to consider: The specifics of your company’s tax obligations can vary depending on your business activities, structure, and whether you engage in international trade. Therefore, it’s recommended to consult with a tax advisor … Singapore Corporate Tax: Rates, Exemptions, and Compliance – Comprehensive Guide Read More »

Singapore is renowned for its competitive and business-friendly tax regime. Here’s an overview of the tax rates and system in Singapore: Corporate Tax: The headline corporate tax rate in Singapore is 17%. However, due to various tax incentives and exemptions, the effective tax rate can be significantly lower. For new startup companies, there’s a tax … Singapore Tax Rates and Tax System Read More »