Corporate Tax is simply a tax imposed on the Company in respect of the income earned by the Company.
Understanding the Singapore Corporate Tax
The Singapore Corporate Tax system is indeed a unique one with full and partial tax exemptions for new and established Singapore Companies. There are also other schemes available like the Productivity and Innovation Credit (PIC) which have been collectively designed to contribute to the expansion of small and medium enterprises or SME in Singapore. The following exemptions are also targeted at SME start-ups:
- Full tax exemption (first 3 years) for new start ups with profits up to S$100,000
- Partial tax exemption (first 3 years) for new start ups of 50% on the next S$200,000 taxable income
The partial tax exemption is also applicable to all Singapore companies with taxable income up to S$300,000. That means, a 75% exemption applies to the first S$10,000, and a 50% exemption applies to the next S$290,000.
When to File your Form C & Form C-S?
Companies are required to file their Corporate Tax Return (Form C or Form C-S) by 30 November (paper filing) or 15 December (electronic filing) of every financial year. Prior to filing Corporate Tax Returns, Companies are required file an Estimated Chargeable Income (ECI) within 3 months from its financial year end. Companies with annual revenue of not exceeding SGD5 million for the financial year and zero taxable income may be exempted from filing an ECI.
Why outsource your Corporate Tax Services to SG Accounting Solutions?
As business owners, we understand your goal of maximum profits with minimum costs. One way of reducing cost can be to reduce the amount of tax paid while being compliant to the IRAS tax requirements. As the IRAS tax code has evolved to be more complex, you should engage our Corporate Tax Consultants who are highly competent and knowledgeable in the latest tax code. We separate ourselves from our competitors by providing value and insight in addition to filing a “conventional” tax return.
With us, you can be assured that your corporate tax return is filed accurately and promptly. Most importantly, we work closely with you to identify specific tax strategies to minimise your company taxable profit legitimately.
This is how we deliver value to our clients for our Corporate Tax Services:
- Preparation of corporate tax computation for IRAS Submission
- Advise on new tax changes (Budget Updates)
- Compliance with the latest IRAS tax code
- Coordinate between IRAS and your company on any tax related queries and disputes
- Reconciliation of Corporate Tax return with GST return.
Call us now at (+65) 6876 7906 for a friendly discussion on your Corporate Tax, GST and Individual Tax requirements. Besides tax, we also provide accounting and bookkeeping services, corporate secretarial services (with use of office address and registration of new company at reasonably low rates) and other accounting related services. You may also write to us using the contact form shown beside.