2.

Tax

Tax is something everyone who earns income pays for. Whether it is personal or corporate income tax, it is always wise to ensure that you don't overpay your taxes. The ever-changing regulatory requirements are quite something to keep up with, and that's why we're here for you.

You may want to take a look the Inland Revenue Authority of Singapore (IRAS), as they have extensive explanations on the computation of tax, reliefs, rebates and exemptions you may be able to tap depending on the Year of Assessment (YA), but they do only apply to specific years and continue to change year on year. 

 

Corporate Income Tax - 17%

Personal Income Tax - 2% to 22%

  • Revenue less than $100,000: 2-line statement

  • Revenue more than $100,000: 4-line statement

  • Revenue more than $500,000: Statement of Accounts and Computation of adjusted profit/loss

Our core services included in the pricing quoted is detailed below-

Company (Corporate Income Tax)

  • Computation of Income tax return for e-filing (ECI/ Form C-S)

  • Basic advice on tax matters

Additional fees not included:

  • Form C: $200 annually

  • E-filing on your behalf: $200 annually

Self-employed / Sole proprietor / Partnership (Personal Income Tax)

  • Computation of Adjusted profit/loss for submission

  • Provision of 2 or 4-line statement for e-filing (Form B/B1)

  • Basic advice on tax matters (Allowable / Disallowable expenses, etc)

Additional fees not included:

  • Revenue of more than $500,000: subject to complexity

Goods and Services Tax (GST)

  • Setup in accounting system or processes to ensure your transactions are able to track GST

  • Computation and preparation of GST (Form 5)

  • Basic advice on GST matters (Standard-rated, Zero-rated, Input vs Output tax)

  • Up to 50 transactions per month, reporting on a quarterly basis

Additional fees not included:

  • E-filing on your behalf: $200 annually

 

Common forms for filing

 

Estimated Chargeable Income (ECI)

Criteria for waiver to file ECI: 

  • Annual revenue not more than $1 million (FY ending before Jun 2017), $5 million (after Jul 2017)

  • ECI before exemption is NIL

*In YA 2020, it will be compulsory for all companies to file ECI.

 

Form C-S (Simplified)

Criteria to file tax under Form C-S:

  • Is a Singapore-incorporated company

  • Has annual revenue of $5 million or below

  • Derives only income taxable at 17%

  • Is not claiming carry-back relief, group relief, investment allowance, foreign tax credit and tax deducted at source

Form C

If your company does not qualify to file Form C-S, Form C is applicable.

Singapore (Tampines)

Everyday Corporate

colleen.chan@everydaycorporate.com

Tel: +65 9320 2657

Mon - Fri: 8.30am - 5.30pm

​​Saturday: Closed

​Sunday: Closed

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© 2020 Everyday Corporate (UEN: 53381085W, Filing Agent No.: FA20180269)