File your Corporate Tax with ease

AccountIT, Singapore, is equipped to solve all Taxation issues for Companies including Income Tax Form C and Form CS submission due date, 30 November 2015. Our professional fee for corporate tax service for start-ups companies is S$ 400. For established companies our corporate tax services start from S$ 550 onwards.

Why so many companies do business in Singapore?

Singapore Corporate Income Tax rate is one of the lowest in the world at 17%. The rate is even lower for start-up companies. The First three years of business, income tax rate is only 5.67% for the first $ 300,000 chargeable income. After the third year of business, the company tax rate is at 8.64% for first $ 300,000 based on partial tax exemption benefits.

How our Tax and Compliance Service benefits you?

Every business owner desires to earn best profit and pay minimum income tax.

For established companies, we work together to understand their business activities, directors’ tax and company future business plan.

Then we apply our proven technical skills to achieve the best solution to minimize tax liabilities.

“For new start-up companies, we maximise the tax exempt profit for first 3 years , by deferring capital allowance claims, other deductions and capitalised fixed assets for Productivity and Innovation Credit scheme (PIC)”

How the financial accounts are done?

You are required to do daily entries in our cloud-based accounting software, Excel Forte Accounting Software or any of your accounting software.

You are required to keep your sales invoice, receipts, suppliers’ invoices and payments and file them in that order.

You are required to submit the Trial Balance, Profit & Loss Statement and Balance Sheet

Our experienced accountants will review them.

“Our accountants will finalize them based on FINANCIAL Reporting Standards.”

8 key points you need to know about Singapore Income tax

    • Singapore income tax is based on preceding calendar year income

Income derived in the preceding calendar year (known as the basis year) from all sources.

    • Income Tax Filing Due Dates
Year of Assessment (YA) Form Base Period Due Date
2015 C 1 January 2014 – 31 December 2014 30 November 15
2015 CS 1 January 2014 – 31 December 2014 15 December 15
    • One-tier Income Tax System

Income Tax is paid by a company on its chargeable income. When company distributes dividends to its shareholders, there is no tax on dividend payment.

    • No capital gain tax in Singapore

Singapore has no capital gains tax. Examples of capital gains tax are gains on foreign exchange on capital transactions and profit on sales of fixed assets.

    • Tax Residence of a Company

A company is resident in Singapore for tax purposes when

  • Manage and control are exercised in Singapore
  • Board meetings are held in Singapore
    • Singapore Corporate Tax Rate

A company is taxed at a 17% flat rate (headline rate) on its chargeable income regardless of whether it is a local or foreign company.

    • Newly registered companies enjoy Full Tax Exemption

A recently registered company that meets the conditions can enjoy tax exemption on the first $100,000 chargeable income for initial three years.

Year of Assessment (YA) Exempt Amount for New Start-Up Companies Tax Payable
2010 Onwards First $100,000 Profits at 100% Tax Free $0
Next $200,000 Profits at 50% Tax Free $17,000
Total $300,000 Profits Average 5.66% $17,000
    • From the fourth Year of Assessment onwards

Partial Tax Exemption

From YA 2010, companies are granted partial tax exemption on chargeable income up to $300,000 as follows:

Year of Assessment (YA) Partial Exempt Amount for all companies Income Tax Payable
2010 Onwards First $10,000 Profits at 75% Tax Free $1,275
Next $290,000 Profits at 50% Tax Free $24,650
Total $300,000 Profits Average 8.64% $ 25,925
    • Qualifying for tax exemption conditions are

A company is resident in Singapore for tax purposes when

      • A private limited company registered in Singapore
      • In that Year of Assessment the company is considered as Singapore tax resident.
      • Has less than 20 individual shareholders and one shareholder holds minimum 10% of the issued ordinary shares of the company
    • You are just few seconds away from hiring your Tax Consultant File your Corporate Tax with ease
      • For Start-ups companies (1 to 3 years) Corporate Tax Service fee is S$400.
      • For Companies (above 3 years) Corporate Tax Service fee is from S$500 onwards. Quotation will be provided upon request based on its latest FINANCIAL statements.

What to know more?

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