Expert Taxation Services in Singapore

Taxation

All companies may be liable for certain taxes such as income tax, corporate tax, and Goods and Services Tax (GST).

Goods and Services Tax (GST)

You may need to register for GST if:

  • Your taxable turnover at the end of the calendar quarter (i.e. 3 months ending March, June, September or December) prior to 1 January 2019 and the past three quarters is more than $1 million.
  • Your taxable turnover at the end of any calendar year on or after 1 January 2019 is more than $1 million.

You may apply to be GST-registered on a voluntary basis even if it is not compulsory for you to register for GST.

To qualify for voluntary registration, you must 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.
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If you have not started any of the above transactions, but intend to do so in future, you may also apply for voluntary GST registration. You will have to satisfy the Comptroller that you are operating or carrying on a business, and have firm intentions to carry out the above transactions.

If you do not have firm intentions or plans to carry out any of the above transactions, you should not apply for GST registration.

Estimated Chargeable Income (ECI) Filing

ECI is an estimate of your company’s taxable profits (after deducting tax-allowable expenses) for a Year of Assessment (YA).

Your company has to file ECI within 3 months from the end of your financial year unless:

  • Your company qualifies for the ECI filing waiver; or
  • Your company is specifically not required to file ECI.
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Corporate Income Tax Filing

All companies must file its annual income tax return with IRAS by 30 November of the succeeding year, even those which are making losses, applying to be struck off or under liquidation.

The income tax return is a report of the company’s actual income which is different from ECI which is an estimate of the company’s income.

Companies must generally file their income tax return using Form C, which requires the submission of financial statements, tax computation and supporting schedules.

However, a company may qualify to submit the simplified Form C-S instead if it meets the following conditions:

  • The company is incorporated in Singapore.
  • The company has an annual revenue of S$5 million or below.
  • The company derives income taxable at the prevailing Corporate Income Tax rate of 17%.
  • The company is not claiming any special schemes such as investment allowance or foreign tax credit.

Alternatively, a company that has an annual revenue of S$200,000 or below may qualify to file Form C-S (Lite).

A dormant company is also allowed to submit a simplified Form C-S/C for Dormant Company instead of the full Income Tax Return.

Our team is well equipped to assist clients on such tax matters, whether for submission of tax filing to IRAS, tax planning or even tax advisory.