Tax Obligations in Singapore

Taxation in Singapore

Singapore Corporate Tax Filing

Every company that is registered in Singapore is required to submit their corporate tax returns to IRAS no later than 30 November for paper filing and 15th Dec for e-Filing of each year.

Singapore new startup are eligible for startup tax exemption scheme. Unlike many other countries across the globe, taxation in Singapore is based on the preceding year. As such, the profits generated in the preceding year will be the reference for tax returns filing in the current year.

Calculate Singapore corporate tax with our Free Calculator

Singapore Personal Income Tax Filing

Progressive tax rates apply to personal income in Singapore. With that being said, all employees must pay their taxes based on their amount of income. Tax rates for Singapore tax residents vary from 0 to 22%. Personal annual tax returns are to be submitted to IRAS no later than 15 April for paper filing and 18th April for e-filing of each year.

Calculate Singapore Income tax with our Free Calculator

taxation in singapore
taxation in singapore

Goods & Services Tax (GST) and Withholding Tax

Singapore GST is a tax charged on the supply of goods and services made in Singapore and on the importation of goods into Singapore. The current rate for GST is 7%.

Withholding tax is obligatory when a payment of a specified nature is made to non-resident companies in Singapore. Depending on the nature of the payment, tax rates may vary between 10% to 17%. Nature of payment also varies, and the common ones include royalty payment, management fees payment and loan interest, commission or fee payment.

Estimated Chargeable Income Submission

Also known as ECI, Estimated Chargeable Income is the estimate of companies’ chargeable income that is the gross amount of income earned before deductions or exemptions.

The estimate is calculated for a Year of Assessment within 3 months from the financial year-end. ECI filing is one of the most important corporate compliance requirements that has to be carried out on an annual basis. Just like other taxes, ECI is to be submitted to IRAS within 3 months following the end of the financial year.

taxation in singapore

Transfer Pricing Services in Singapore

Inter-company transactions that know no borders have increased rapidly in recent years and tax authorities from around the world are working to ensure that all transactions have implemented the arm’s length principle and are documented in accordance with domestic tax rules.

Transfer pricing documentation in Singapore must be prepared according to the mandatory Section 34F Transfer Pricing Documentation and OECD guidelines. Moreover, it is compulsory for transfer pricing reporting to be in the prescribed form.

Download the full guide here, Transfer Pricing in Singapore

Fulfill your tax obligations and ensure your tax compliance in Singapore. Get started by filling in the form below.

David Susandi

Branch Manager – Bali Office at InCorp Indonesia

Holding 11 years of experience in various roles, including project manager, operational manager, and corporate strategist, David Susandi is a prominent figure for many entrepreneurial organizations expanding in Indonesia.

Get in touch with us.

Lead Form

Disclaimer: The information is provided by PT. Cekindo Business International (“InCorp Indonesia/ we”) for general purpose only and we make no representations or warranties of any kind.

We do not act as an authorized government or non-government provider for official documents and services, which is issued by the Government of the Republic of Indonesia or its appointed officials.

We do not promote any official government document or services of the Government of the Republic of Indonesia, including but not limited to, business identifiers, health and welfare assistance programs and benefits, unclaimed tax rebate, electronic travel visa and authorization, passports in this website.

Frequent Asked Questions

Yes, submitting monthly and annual tax reports is mandatory even if your company does not have any business activities, thus zero taxes.

What Our Clients Say

China Fortune Land
Development Co,. Ltd
After comparing several consultants, I found InCorp Indonesia is a international and professional organization with good understanding of local market. InCorp Indonesia helped our company to set up our first Indonesian entity, and also helps with day-to-day operation. InCorp Indonesia showed high level of professionalism. Jump start the business in Indonesia, take care of routine process, therefore we can focus more on our core business.
Desmi
Cekindo provided outstanding services in registering our representative office in Indonesia in a timely manner. Their financial services have been helping us a lot — our local employees feel secure working for our company. Cekindo became our reliable partner with quick response on our needs. Their flexibility and full support of our business in Indonesia are the main reasons to continue in our cooperation.
PT AESK
We chose Cekindo because we considered Cekindo as a professional company with a good attitude and a streamlined business model. Cekindo met all our expectations as it created the atmosphere of accountability and transparency. The most significant added values that we received from cooperation with Cekindo are the time we saved and mistakes we avoided.
Sedbergh, Ltd.
We were searching for suitable partner for the begining of our operation on Indonesian market. After short exploration and recommendation from our business partners we decided for Cekindo. Local knowledge, orientation at our business problematics, contacts and language. In a friendly approach combined with professional service. Consultation before the project – avoids so much unnecessary act of “foreigners” worse overview of the Indonesian legislative.
LEC GROUP
We were searching for suitable partner for the begining of our operation on Indonesian market. After short exploration and recommendation from our business partners we decided for Cekindo. Local knowledge, orientation at our business problematics, contacts and language. In a friendly approach combined with professional service. Consultation before the project – avoids so much unnecessary act of “foreigners” worse overview of the Indonesian legislative.
Our Clients Find This Helpful. Please Review.
Rating: 5.0/5. From 1 vote.
Please wait...