Tax planning involves analyzing a company's finances to find ways to reduce taxes efficiently. This is also possible in Singapore, where the government offers incentives, grants, and subsidies to help minimize taxes even further. Our Singapore accountants outline the main tax optimization strategies available in the city-state. We also offer services to help you reduce tax payments within the law.
Individuals and businesses in Singapore are required to pay taxes as per the country's tax laws. They need to file tax returns to determine the amount they owe. Taxpayers can explore tax planning options to claim deductions and exemptions.
Income tax is imposed on personal income for individuals and business profits for companies based on their residency status. Additionally, property tax is another significant tax obligation in Singapore.
Tax Authority:
The Inland Revenue Authority of Singapore (IRAS) oversees tax laws in the country. It's essential to understand IRAS rules to ensure compliance and avoid tax evasion.
Tax Rates:
Singapore's tax rates are competitive, with a corporate income tax rate of 17%, one of the lowest globally. Before starting tax planning, understand the applicable rates for different income levels to optimize tax planning strategies.
Tax Reliefs:
Look into tax-saving plans like deductions for employment expenses and charitable donations. Understanding these reliefs can help maximize tax savings for your business.
Ensure Economic Strength:
Leverage Productivity:
Minimize Litigation:
Reduce Tax Charges:
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