Tax Returns without the hassles.
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.
If your taxable turnover is:
If you satisfy any of the following:
— Managing and responding to IRAS queries
— Making voluntary disclosures of errors to the IRAS to mitigate penalty exposure
— Managing IRAS audits and investigations.
For income tax purposes, the following is considered a company:
A sole-proprietorship or partnership business is not considered a company.
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
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.
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