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Financial Statements
Choose appropriate accounting software based on the company's needs to provide accounting services.
Establish accounting records and record the company's income and expenses.
Prepare the following statements:
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Balance Sheet
Detailed account breakdown
Cash Flow Statement
Statement of Changes in Equity
Income Statement
Financial statements
Our professional accounting team can assist you with:
Systematically recording accounting entries, saving your time to focus on your business.
​Organized record-keeping aids in loan applications, attracting investors, or applying for bank loans.
Providing clients with the latest Singapore tax information and reminding them of tax deductions or incentives they need to be aware of.
Corporate Tax
Singapore's economy is based on a free enterprise system, with no restrictions on foreign-owned businesses. It allows free repatriation of profits and capital imports. Since 2009 (or Year of Assessment 2010), Singapore has maintained a corporate tax rate of 17%, which is relatively low compared to other major economies in the world. Taxable income of companies is taxed at a uniform rate, while capital gains are not taxed.
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Start Up Companies
Start-up companies enjoy tax exemptions during their first three years of operation.
Individual Shareholders
For companies with 100% individual shareholding, having no more than 20 shareholders or at least one individual shareholder holding more than 10%, the first SGD 100,000 of profits has a 75% exemption for the initial SGD 100,000, and the subsequent SGD 100,000 has a 50% exemption.
(Not applicable to businesses primarily engaged in investment holding and real estate development, investment, or sale)
Corporate Shareholders
For companies with 100% corporate shareholding and in operation for more than 3 years, the first SGD 10,000 of profits within the initial SGD 200,000 has a 75% exemption, and the subsequent SGD 190,000 has a 50% exemption.
Companies are required to submit ECI within 3 months after the end of the financial year to estimate their annual taxable amount. ECI filing is primarily for the purpose of enjoying the staggered payment policy of taxes. Although the official website stipulates that ECI should be filed within 3 months after the end of the financial year, a Notice of Assessment may be issued based on an estimation of your company's income by IRAS.
The company's formal tax filing must be submitted online before November 30th each year. Estimated tax is based on the company's financial profit, while formal tax filing is based on the company's taxable profit. In terms of tax payments, adjustments will be made for any overpayment or underpayment.
Goods and Services Tax (GST)
Goods and Services Tax (“GST”), also known as Value-Added Tax in other countries, is a consumption tax imposed on imported goods in Singapore (collected by Singapore Customs) and all goods and services transacted within Singapore.
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In Singapore, GST-registered companies are required to file their taxes quarterly. Businesses need to report and pay GST to the Inland Revenue Authority of Singapore (IRAS) within one month after the end of each accounting quarter. The GST rate is 8% of the selling price in 2023 and is set to increase to 9% in 2024.
If your annual turnover exceeds SGD 1 million, you are required to register for GST. Otherwise, registration for GST is voluntary
Submit electronically through myTax Portal within one month after the end of each accounting period.
Even if your company has no transactions, a "NIL" GST return must still be submitted.
Failure to submit the GST return electronically is illegal and can result in a maximum fine of SGD 5,000.
Non-payment of GST may lead to a maximum of 6 months' imprisonment.
For unpaid or late-paid taxes, the tax authority imposes a penalty of 5% on the outstanding amount and an additional 2% per month after 60 days from the due date, up to a maximum of 50% of the unpaid tax.
Input tax in Singapore GST is defined as:
(a) the supply tax of goods or services provided to you by a Goods and Services Tax registered person.
or
(b) the tax paid or payable on goods imported by you into Singapore.
Withholding Tax
When a payer makes payments of a specific nature (such as royalties, interest, technical service fees, etc.) to non-resident companies or individuals, a certain percentage of the payment must be withheld, and this withheld amount needs to be paid to IRAS. This withheld amount is referred to as "Withholding Tax."
Filing Deadline: Withholding Tax must be deducted at the time of each payment and submitted to IRAS within one month after the payment.
Personal Tax
Singapore tax residents are required to pay personal income tax. The first SGD 20,000 of annual income is exempt from taxation. Tax Rates: Personal income tax is progressive, with a maximum rate of 24%
Filing Deadline: Personal tax returns are filed with IRAS during the period from March to April each year.