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Taxation

Tax Returns without the hassles.

Goods and Services Tax

What is GST?

Goods and Services Tax or GST is a broad-based consumption tax levied on the import of goods (collected by Singapore Customs), as well as nearly all supplies of goods and services in Singapore. In other countries, GST is known as the Value-Added Tax or VAT.

Should I register for GST?

Compulsory registration
If your taxable turnover is:

  • Under the retrospective view, more than $1 million at the end of the calendar year, or
  • Under the prospective view, expected to be more than $1 million in the next 12 months

 

Voluntary registration
If you satisfy any of the following:

  • Your business makes taxable supplies;
  • Your business only makes out-of-scope supplies. Out-of-scope supplies mainly refer to sales of goods which did not enter Singapore and goods in transit;
  • Your business makes exempt supplies of financial services that are also international services; or
  • Your business procures services from overseas service providers or imports low-value goods and you would not be entitled to full input tax credit even if you were GST-registered.

How can we help?

  • GST registration and deregistration
  • GST reporting and filing
  • Dealing with the IRAS

— Managing and responding to IRAS queries

— Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure

— Managing IRAS audits and investigations.

What we offer

Registration and Deregistration

GST Filing

Attendance to IRAS

Voluntary Disclosures of Errors

Corporate Income Tax

Definition of a Company

For income tax purposes, the following is considered a company:

  • A business entity incorporated or registered under the Companies Act 1967 or any law in force in Singapore. It usually has the words 'Pte Ltd' or 'Ltd' as part of its name
  • A foreign company registered in Singapore such as a branch of a foreign company
  • A foreign company incorporated or registered outside Singapore

A sole-proprietorship or partnership business is not considered a company.

Basis period and Year of assessment

Your company is taxed on the income earned in the preceding financial year.
This means that income earned in the financial year 2020 will be taxed in 2021. In tax terms, 2021 is the Year of Assessment (YA), as it is the year in which your company’s income is assessed to tax.
To assess the amount of tax, IRAS looks at the income, expenses, etc. during the financial year. This financial year is known as the 'basis period'.
The basis period is generally a 12-month period preceding the YA.

 

Examples of Basis Periods Based on Different Financial Year Ends

 

Corporate income tax rate

  • Your company is taxed at a flat rate of 17% of its chargeable income. This applies to both local and foreign companies.
    Chargeable Income
    Chargeable income refers to your company's taxable income (after deducting tax-allowable expenses) for a Year of Assessment (YA).
    Learn more about taxable and non-taxable income and business expenses.

How We can Help ?

Company is taxed at a flat rate of 17% of its chargeable income.

The tax exemption scheme for new start-up companies and partial tax exemption scheme for companies are tax reliefs available to reduce companies’ tax bills.

1

Filing of ECI

2

Preparing tax computation

3

Filing of Form C / Form C-S

Ready to Start?

Lets begin with a quick chat, let us know what we can help with so we can understand you better.

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Triserv Pte Ltd

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