Annual accounts are required to be filed with ACRA (Accounting & Corporate Regulatory Authority) and IRAS (Inland Revenue Authority of Singapore) unless exempted.
Taxation & Accounting FAQs / Singapore Corporate Tax
The current headline corporate tax rate in Singapore is a flat 17%. Full and partial tax exemptions are available for taxable income of up to S$300,000. For a detailed guide and breakdown of Singapore’s corporate tax, please refer to our Singapore Corporate Tax Guide.
A Singapore “resident” company is one for which the control and management of the business is exercised in Singapore. This means that a company which is not resident in Singapore will not be subject to its taxation system in Singapore e.g. branch office of a Foreign Company. Because of certain…Read More
To encourage local entrepreneurship, Singapore Government has declared a full tax exemption for newly incorporated companies: NEW START UP COMPANIES Full tax exemption is granted on the first $100,000 of Chargeable Income for qualifying new companies for the first three years of assessment consecutively (%) First S$100,000 chargeable profit Nil…Read More
You can claim deduction for expenses that are incurred in the production of income. It must also be revenue in nature; the deduction must not be prohibited under the Income Tax Act; and the expenses must be incurred. Examples of deductible and not deductible expenses: Deductible expenses Not deductible expenses…Read More
Understatement of income Businesses should properly account for all the earnings and invoices issued for goods sold or services rendered. Omission of particular receipts or invoices issued amounts to an understatement of income, which is an offence. Taxpayers should issue serially numbered invoices in respect of goods sold or services…Read More