tax Advisory
What We Offer
We offer a comprehensive tax plan, so you can make beneficial decisions today that will make you tax-efficient in the long term.
Be tax-smart. Take up our Singapore corporate tax services today!
Struggling to comply with company taxation regulations?
Today, businesses must be compliant as IRAS has been severely enforcing taxation regulations. Compliance is critical to your business’ long-term performance, and filing an accurate and complete tax return is critical to saving cost for the business. Our comprehensive tax services include:
- Corporate tax compliance
- Partnership and personal tax filing
- Representation on tax disputes
- Tax planning for corporations and individuals
- Singapore tax structuring and planning
- GST advice and planning
- GST filing and compliance
- GST audit
- Optimising use of tax incentives and exemptions
Foreign income earned by a Singapore company may be subjected to taxation twice – once in the foreign country, and a second time when the foreign income is remitted into Singapore.
Corporate Tax
Today, all business decisions have tax implications, and it is critical for a firm to effectively manage its income tax obligations. Our tax professionals at Cast Unity will keep you informed about any changes that may affect your business. We collaborate closely with you to design and implement tax strategies that are most effective for your company. Our corporate tax package include the following services:
- Preparation and filing of Estimated Chargeable Income (ECI)
- Preparation and filing Corporate Income Tax Return (Form C/C-S)
- Detailed tax computation
- Preparation of tax schedules and supporting documents
- Attending to tax inquiries raised by the tax authorities and replying thereto
- Providing timely reminders of deadlines (by email and by call)
Good and Services tax
Should I Apply For GST Registration For My Company In Singapore?
It is compulsory for businesses to register for GST when their taxable turnover exceeds $1mil per year.
Businesses that do not exceed $1mil in turnover may register for GST voluntarily. If you are intending to start a business where your goods and supplies come with enormous GST charges, it may make more financial sense to apply for GST for your company to claim GST paid on imports.
Contact us today should you require any assistance from us.
Personal Income Tax
Personal income tax rates in Singapore are one of the lowest in the world. To determine the Singapore income tax liability of an individual, first, determine the tax residency and amount of chargeable income, and then apply the progressive tax rate.
The government of Singapore has created a progressive income tax system for residents, in which higher-income people pay more taxes. From YA 2024 onwards, Singapore sole proprietorships must pay an income tax rate of 0% to 24% depending on their business earnings.
In addition, as an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B or Form IR8S (where applicable) by 1st Mar each year for all your employees who are employed in Singapore.
Self Employed
Are you a sole proprietor?
How Much Do I Need To Pay In Taxes As A Sole Proprietor?
As a sole proprietor, you are entirely responsible to properly account for all your business income and expenses. You will need to declare your business profits to the Inland Revenue Authority of Singapore (IRAS) as your trade income in your personal income tax.
Are There Tax Incentives?
Unfortunately, sole proprietorships are not eligible for corporate income tax incentives. However, they may enjoy Personal Income Tax Rebates occasionally. On top of that, there are other tax schemes available to sole proprietorships that provide exemptions and reductions.
General Partnerships in Singapore
What taxes does a partnership pay?
What Is The Tax Liability For A General Partnership Member?
Each general partnership partner is taxed on his share of the income generated by the legal connection. This means that an individual must pay personal income tax on the partnership's profits, while a business that is a partner must pay corporate income tax on its portion of the profits.
In a general partnership, a partner's tax duty is determined by his profit level. Based on the precise share of revenue earned, an accountant from our team in Singapore can provide you with detailed answers to this query. Our specialised accounting services are available to investors that do business through a partnership.
What Are The Filing Requirements For General Partnerships In Singapore?
Although partnership is not compelled to pay tax in the same way as other legal organisations, it must still follow the accounting filing processes in Singapore. The general partnership must file an annual income tax return with the Singapore Inland Revenue Authority that represents the partnership's total income for the tax year as well as any deductions claimed for expenses incurred in the course of doing business.
In Singapore, the income tax treatment of limited partnerships and limited liability partnerships differs, and we recommend that investors to contact a member of our team in Singapore to learn more about the unique requirements that apply in these situations.
Frequently Asked Questions
Tax planning should be an important element of any business’ and individual’s financial management. The tax that you and your business paid can be minimised with proper tax planning approach that identifies chances for tax reductions. In the long run, these can add up to significant savings.
Different business forms are eligible for different tax rates, reliefs, rules, and exemptions.
For example: Companies are entitled to tax exemptions such as start-up tax exemption/partial tax exemption, while Individuals are taxed at progressive tax rates and entitled to relief such as earned income relief.
You will be able to successfully optimise your tax obligations if you have a deep understanding of the various tax standards.
We are here to assist you with your tax planning activities, as tax rules are always changing and might be confusing.
The following documents are required:
- ACRA Business Profile
- Latest Financial Report OR Detailed Sales & Purchase Listings of 2 months if the business has been operating for less than 2 years
- Copies of 3 recent suppliers’ invoices received, including shipping documents
- Copies of 3 recent invoices issued to your customers, including shipping documents
Key points of Singapore’s income tax for individuals include:
- Singapore follows a progressive tax rate starting at 0 percent and ending at 24 percent (for income above S$1,000,000).
- There are no capital gains or inheritance taxes.
- Individuals are taxed only on the income earned in Singapore. The income earned by individuals while working overseas is not subject to taxation (barring a few exceptions).
- Tax rules differ based on the tax residency of the individual.
- Income tax is assessed on a preceding year basis.
As an employer, you must prepare Form IR8A and Appendix 8A, Appendix 8B, or Form IR8S (where applicable) by 1st March each year for all your employees who are employed in Singapore.
From Year of Assessment (YA) 2016, employers who have 11 or more employees for the entire year or who received the “Notice to File Employment Income of Employees Electronically” must submit their employees’ income information to IRAS electronically.
IRAS encourages all employers to join the Auto-Inclusion Scheme (AIS) for Employment Income. Under this scheme, employers submit their employees’ income information to IRAS electronically. The employment income information will be shown on the employees’ electronic tax returns and be automatically included in their income tax assessments. If you participate in the AIS for Employment Income, you do not need to issue paper Form IR8A to your employees.