Singapore’s Single-tier Income Tax System

Adopted in 2003, Singapore’s one-tier corporate taxation system exempts all dividends paid by a company to its shareholders from further taxation, the tax paid by a company on its chargeable income being the final tax. Singapore’s effective company tax rate of 17% is one of the lowest in the world. The government has been lowering the company tax rate over the years so as to attract more investments in Singapore.

Company Tax Rates and Rebates

The corporate tax rate is 0% on the first S$100,000 taxable income for the first three years for newly incorporated companies that meet certain conditions, such as tax residency and Singapore incorporated companies. To help companies cope with increasing business costs, the Minister for Finance announced in Budget 2018 that the CIT Rebate for YA 2018 will be raised to 40% of the corporate tax payable subject to a cap of $15,000.

For company tax filing, businesses need to submit the complete set of returns by 30 November the following year.

VentureHaven’s company tax filing services

Statutory Bookkeeping
We build and maintain your books and records in accordance to the local rules and statutory regulations, as well as prepare and file all required reports for your submissions to government bodies such as IRAS and ACRA

Management Reporting
Depending on your company’s individual requirements and needs, we provide you with a management report that meets the relevant local accounting standards (including SFRS, IFRS & IAS)

For business groups, we assist your company in preparing monthly and quarterly accounting reports (company or group) that give you a summary of your business group’s accounts as a whole

Specific Projects
We assist with the implementation of accounting software packages and establishing of accounting procedures, such as Cash Flow Analysis, Financial Analysis and Budgeting

Get in touch with VentureHaven today for a free consultation in Company Tax and Company Tax Filing