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:
In Singapore, non-profit organizations can operate as Companies Limited by Guarantee (CLGs), charitable trusts, or societies. Setting up a CLG offers several benefits, such as limited liability for members, no need for share capital, and eligibility for tax exemptions. This article explains the main features of a CLG and the […]
As businesses in Singapore grow, handling payroll in-house can become complicated and take up a lot of time. Payroll isn't just about paying employees; it also involves accurately calculating salaries, deductions, taxes, and contributions to the Central Provident Fund Board (CPF). For business owners, deciding to outsource payroll is an […]
Bookkeeping for Building and Construction Companies Bookkeeping is important for all businesses, but building and construction companies face specific challenges. They handle different revenue streams, complex project budgets, and changing costs, which makes accurate bookkeeping vital for their financial health and success. This article explores the basics of bookkeeping for […]
InvoiceNow is a national e-invoicing system that helps businesses of all sizes process invoices more efficiently, lowering costs and speeding up payments. It uses the Peppol framework, which allows e-invoices to be sent in a standard digital format between different finance systems. InvoiceNow was launched by the Infocomm Media Development […]
In recent years, the accounting industry in Singapore and worldwide has undergone major changes, mainly due to advancements in artificial intelligence (AI) and automation technologies. As these tools become more common in accounting, they promise to significantly change how accountants do their work and provide value. While businesses are slowly […]
From crafting engaging new-hire orientations and continuous learning programs to setting specific performance goals for employees, payroll is a crucial part of any HR department’s success. For many companies, payroll is a recurring task that needs to be handled with complete accuracy, timeliness, and detailed reporting every month or week. […]
In today’s fast-changing business world, flexibility and innovation are key to success and growth. Employment Hero is leading this change, offering complete HR and payroll solutions designed specifically for Southeast Asian businesses. As the Head of Sales & Partnerships for Southeast Asia at Employment Hero, I’m excited to share how […]
Small and Medium Enterprises (SMEs) account for 99% of all businesses in Singapore, and these companies, founded by hardworking entrepreneurs, are essential to the country's economy. To succeed, it's important for them to focus on running their business effectively. One of the first steps to success is keeping business finances […]
Do you need to register for GST if your business is in Singapore? What are the advantages of being GST-registered? Our easy-to-understand guide covers the basics of GST registration, including the S$1 million taxable turnover threshold and the benefits of being a GST-registered business. This will help you make informed […]
Singapore is well-known as a top business destination, thanks to its strong economy and attractive tax benefits. Because of this, many business owners and investors see it as a great place to set up a business. If you’re thinking about starting a physical or online business in Singapore, you’ll need […]
