Corporate Tax

As part of statutory compliance, all registered companies in Singapore must submit an Form C annual tax return to IRAS.

How it works

Alpha offers a competitive Singapore Corporate Annual Tax Return Service that provides preparation of the necessary documents and submission of the annual tax return.

Our Corporate Annual Tax Return Service includes but not limited to the following accounting functions:

  • Corporate tax computation
  • Preparation of tax forms for corporate submission
  • Preparation of Director’s Report
  • Preparation of Form C/C-S for submission
  1. Director Report/Audit

    Most exempt private limited companies in Singapore are no longer required to have their companies’ accounts audited if they satisfy certain conditions.

    Exempt companies are those private limited companies which do not have corporate shareholders and have less than 20 individual shareholders, and with a turnover of less than S$5 million for the accounting year. They can submit un-audited accounts (Directors’ Report) for their annual income tax returns. Dormant companies are also exempt from submitting audited accounts.

    All other companies are required to appoint an auditor within 3 months of incorporation and be prepared to submit audited accounts to ACRA and IRAS. The accounts must be audited annually.
    Alpha provides full accounting services, including preparation of un-audited accounts for exempt private limited companies and offering audit services through our associate audit firms. Our audit services include the review of accounting data, internal controls and preparation of audit reports which comply with Singapore’s Financial Reporting Standards.

  2. ECI

    ECI means Estimated Chargeable Income. It is an estimate of a company’s chargeable income for a Year of Assessment (YA). IRAS, the taxing authorities of Singapore, requires all companies to file their ECI within three months after their financial year-end. A company with zero income must still file a ‘NIL’ ECI.

    Understanding the Estimated Chargeable Income (ECI)

    Companies have been disclosing revenue data for every YA in the Income Tax Return (Form C). From 1 Jan 2009, companies will also be required to declare the revenue amount in the ECI Form. Information on the revenue of businesses is one of the key economic data used for policy-making, as well as for regular assessment of performance and development of industries and businesses. There is also an increasing need for more frequent and timely collation of comprehensive economic data in view of the rapid economic changes in recent years. Instead of imposing additional survey reporting on businesses, it is more efficient and cost effective to collect such economic data through existing channels such as the ECI Form.

    Where the audited accounts are not available, you can refer to the company’s management accounts for the purpose of declaring the revenue amount. Should the revenue amount based on audited accounts be different from that declared in the ECI Form, and there is no change in your ECI, you are not required to revise the revenue figure.

    Who needs to file?

    A company has to furnish Estimated Chargeable Income (ECI) within three months after the end of its financial year end, even if the company estimates its chargeable income as zero, it still has to file a “Nil” ECI return.

    Advantage of Filing ECI

    IRAS provides flexible payment options for companies that submit early their ECI statements. They can pay their tax in installments. The earlier the ECI statement is submitted, the higher the number of payment installments allowed . Companies, e-filing their ECI by 26th of the month immediately after the financial year-end, for example, can pay their taxes in 10 installments. If the ECI is filed on the 26th of the second month after the financial year-end, there are 8 payment installments awarded to that company, and 6 for companies filing their ECI on the 26th of the third month.

    Failure to comply with filing of ECI

    After the three-month grace period has elapsed and the company failed to comply with such requirement, IRAS shall issue a Notice of Assessment (NOA) based on its estimate of that particular company’s income. The company then has one month from the date of IRAS’ NOA to submit its written objection should it not agree with IRAS’ estimated assessment. Otherwise, the NOA is recognized as final and the same holds true despite differences on the information of revenues declared on it is Form C and the accounts submitted subsequently.

  3. GST

    Goods and Service Tax (GST), similar to Value Added Tax (VAT) in many countries, is consumption tax on most domestic goods and services. It is currently at 7%.

    GST is exempted for sales and leases of residential properties and most financial services. Export of goods and international services are not subjected to GST. GST is collected by suppliers of domestic goods and services who are registered with the Comptroller of GST. For importation of goods, GST is collected by Singapore Customs at the point of importation into Singapore.

    A supplier of goods and/or services, whose annual revenue exceeds or likely to exceed S$1 million, is required to register with the Comptroller of GST. A supplier, whose revenue does not exceed S$1 million, can voluntarily register with the Comptroller if it is beneficial to the business. The approval of such registration is at the discretion of the Comptroller. Once voluntarily registered, the supplier must comply with the regulatory requirements and stay registered for a minimum of 2 years.

    What is Singapore goods and services tax (GST)?
    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%.

    What goods and services are subjected to GST?
    All goods and services are taxable and known as taxable supplies. However, some items are specifically exempt from GST by law. Exempted items include financial services and the sale or lease of residential properties.

    When is it compulsory to Register?
    Your business must be registered to collect GST if your annual turnover exceeds or is likely to exceed S$1 million from the sale of taxable goods and services. This requirement may be waived if most of your goods or services are exported or supplied internationally (“zero-rated supplies”).

    Can I choose to register?
    You may also apply to the Comptroller of GST to collect GST voluntarily. Approval for voluntary registration is at the discretion of the Comptroller. Once approval is given, you must remain registered for at least two years.

    Why should I register?

    • Most businesses register for GST to claim back the GST incurred on their business purchases.
    • When GST paid exceeds GST collected, the difference can be claimed from IRAS as a GST refund.
    • When GST rate increase, it may make business sense to voluntarily register to collect GST in order to claim back GST incurred on business purchases.

    Who can register?

    • Sole proprietorships
    • Partnerships
    • Limited Liability partnerships
    • Companies
    • Clubs, associations, management corporations or organizations
    • Non-profit organizations
    • Statutory boards
    • Government bodies

    What is “taxable tunrover”?
    “Taxable turnover” is the total value of all taxable supplies made in Singapore (excluding GST) in the course or furtherance of business. This includes the value of all standard-rated (GST at 7 %) and zero-rated (GST at 0%) supplies but it excludes exempt supplies, out-of-scope supplies and the sale of capital assets. For the purpose of determining your liability for GST registration, the value of exempt supplies that are international services under Section 21(3) of the GST Act should also be excluded from your total taxable supplies.

    Liability to Register

    When am I liable to register for GST?
    You are liable to register for GST when your annual taxable turnover exceeds S$1 million or you are currently making taxable supplies and your annual taxable turnover is expected to exceed S$1 million.

    How to determine my liability to register?
    You can determine your liability to register for GST using the prospective or retrospective view. The table below summarises your liability to register, notification of liability and effective date of registration under each of the two views.

    (A) Retrospective View (B) Prospective View
    Your liability will arise if: At the end of any quarter*, where the total value of all your taxable supplies made in Singapore in that quarter and the previous 3 quarters have exceeded S$1m. If you expect that the value of your taxable supplies in the next 4 quarters will not exceed S$1m, you are not required to be registered. However, please note that if the value of your taxable supplies for the next 4 quarters subsequently exceeds S$1 million, the Comptroller will backdate your GST registration. At any time, if there are reasonable grounds for believing that the total value of your taxable supplies in the next 12 months will exceed S$1m (You must be currently making taxable supplies to come under this basis. Otherwise, you should apply for voluntary registration).
    You are required to apply for GST registration: Within 30 days of the end of that relevant quarter*. Within 30 days from the date on which you made a forecast that your taxable turnover for the next 12 months will exceed S$1m.
    Your date of registration will be: End of the month following the month in which the 30th day falls. End of 30 days from the date of your forecast.

    * Quarter means a period of 3 months ending on the last day of March, June, September or December.

    Note: You should commence charging GST with effect from the date you are registered for GST. GST paid on your business purchases and imports can be claimed from this date onwards.

    I am an overseas trader with no establishment in Singapore but I am making taxable supplies. Can I register for GST?
    An overseas trader who contracts to sell goods in Singapore can register in his own name. The overseas trader must appoint a local agent to be responsible for all GST matters, i.e. collecting GST on local taxable supplies made or filing GST returns promptly, etc. For the overseas trader to appoint a local agent, a letter of authorisation must be submitted together with the form GST F1 “Application for GST Registration”. If there is a change of local agent, a letter of authorisation is required to enable us to update our records.

    Are there any GST schemes to help businesses?
    To create a pro-enterprise environment, Singapore has several assistance schemes relating to GST. These schemes generally help to ease the cash flow for businesses.

    Goods and Services Tax Assistance Scheme
    Get a grant to lower the costs involved in becoming a GST-registered trader. GST traders can collect GST and claim back for GST paid to suppliers.

    Major Exporter Scheme (MES)
    Major exporters can improve their cash flow by deferring GST payments on goods imported mainly for re-export out of Singapore.

    Licensed Warehouse Scheme
    Transform your warehouse into a licensed warehouse for storing dutiable goods. In licensed warehouses, duty and Goods and Services Tax (GST) are suspended until the goods are released for sale into Singapore.

    Zero GST Warehouse Scheme (ZGS)
    Businesses can transform their warehouses into zero-GST warehouses to minimise red tape and bypass the GST process.

    How it works

    Alpha offers a GST Service that helps ease the process of filing and staying in compliance. Our accounts consultants can help you with the following:

    I. GST Registration

    We will register on your behalf with Inland Revenue Authority of Singapore (IRAS) and follow up with all queries regarding the registration.

    II. GST Filing

    We offer an assessment that determines the impact of GST registration on your company and customers. Based on the assessment, we will advise you on the optimum GST filing cycle for your company. Alpha offers monthly, quarterly and half yearly GST filing.

    Our service also includes providing advice on compliance matters as well as any incentives provided by the government for voluntary registration.

Tax structure and tax incentives have become the chief factors determining the location of a business or a company. Singapore, apart from having the most competitive corporate tax regimes among the developed nations around the globe, has also endorsed a wide network of tax treaties with neighboring economies. Therefore it is only natural that Singapore with its pro business policies, world class infrastructure and competitive tax rates attract businesses and investments towards the island state.

For these reasons, Singapore has become the world’s premier destination to do business, both onshore and offshore. Unlike many other international financial centers which are constantly battling with the OECD, Singapore is widely respected financial center, well-recognized for its rule of law, transparency, and first-world standards.

Singapore’s headline corporate tax rate is 17%. The effective tax rate is in fact lower due to partial exemption available to all companies and even more favourable exemptions available to new companies setup. With its extensive double tax treaty network and absence of capital gains coupled with exemptions, makes Singapore the most attractive location for companies to setup.

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    Tax Exemption Scheme for New Startup Companies

    New startup companies that meet certain qualifying conditions are given full exemption on the first S$100,000 of normal chargeable income and a further 50% exemption on the next $200,000 of normal chargeable income* for the first 3 consecutive Years of Assessment (YAs).

     

    Chargeable income

    % exempted from Tax

    Amount exempted from Tax

    First $100,000 @100% =$100,000
    Next $200,000 @50% =$100,000
    Total $300,000 =$200,000
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    Applicable to all new companies with not more than 20 individual shareholders or at least one shareholder is an individual beneficially and directly holding at least 10% of the issued ordinary shares of the company
    Stamp Duty (Selected Transactions)
    Tax Rate On:
    Shares Higher of consideration or Net Asset Value $0.20 on every $100 or part thereof
    Immovable Property* First $180,000 of purchase price or Market Value (higher of)Next $180,000 of purchase price or Market Value (higher of)No Further Amounts 1%
    2%
    3%
    Lease of Immovable Property Annual rent or other consideration of $1,000 or lessAnnual rent or other consideration is more than $1,000 and has a term:- Less than 1 year- Between 1 and 3 years- Exceeds 3 years or has an indefinite term Exempted

    0.4%0.8%1.6%
    *Sellers’ stamp duty of between 16%, 12%, 8% and 4% may be also applicable in respect of residential properties purchased on or after 14 Jan 2011 and disposed of within 1,2,3 and 4 years of purchase respectively.
    Property Tax (selected transactions)
    Industrial, Commercial and Let-out Residential Properties 10% of annual value
  3. 3
    Determination of Taxable Income

    Singapore companies are required to prepare their financial accounts according to Singapore Financial Reporting Standards (FRS) which is similar to International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). The accounting profits are adjusted in accordance with Singapore tax rules to arrive at the taxable income.

    Companies are required to prepare their financial accounts according to their functional currency. Companies who trade primarily in non-Singapore dollar functional currency accounts are required to furnish their accounts in that functional currency. Expenses claim must be incurred wholly and exclusively for the production of income in order to be tax deductible unless disallowed (e.g. non-commercial motor vehicles, expenses of a capital nature).

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    Interest Deductions

    Interest is deductible to the extent it relates to funds borrowed for income-producing purposes. There are no thin capitalisation rules in Singapore.

  5. 5
    Stock/Inventory

    There is no prescribed valuation methodology under the domestic income tax law. As such, IRAS will generally accept the valuation methodology under FRS.

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    Capital Gains and Losses

    Capital gains and losses are not taxable or deductible in Singapore. Gains of a capital nature are not subject to income tax. Similarly, expenses of a capital nature are not deductible for income tax purposes. IRAS will look at the facts and circumstances of the transaction to determine whether the gain is capital in nature or a trading gain which is subject to income tax.

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    Capital Allowance

    Capital allowances, instead of accounting depreciation, are granted for plant and machinery acquired and used in a trade or business. Most Fixed asset qualify for three-year straight line tax depreciation. Low cost items (costing not more than S$1,000 per item) may be tax depreciated in full, subject to a total claim of S$30,000 for each YA. Certain equipment (such as computers, automation equipment, pollution-control equipment, energy-saving equipment) may qualify for 100% tax depreciation in the year of acquisition. Industrial buildings used for qualifying purposes can claim an initial allowance of 25% plus an annual allowance of 3%.

    Current year unused capital allowances can be carried back (up to a total of S$100,000 for both unused capital allowances and unused tax losses) to the YA immediately preceding the YA in which the capital allowance arose. The unused capital allowances can also be carried forward indefinitely. The utilisation of unused capital allowances carried back or carried forward is subject to the business continuity test and the shareholding test. For the YA 2009 and YA 2010, the unused capital allowances (together with unused losses) can be carried back to the three YAs immediately preceding YA 2009 or YA 2010 and up to a limit of S$200,000.

    The business continuity test requires the business/trade for which the capital allowances were granted to be carried on. The shareholding test requires that there is no substantial change (no more than 50%) in the ultimate shareholders and their respective shareholdings on certain dates.

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    Tax Losses

    In general, a company can deduct losses against the income for taxation purposes in Singapore. Current year unused trade losses can be carried back (up to a total of S$100,000 for both unused capital allowances and unused tax losses) to the YA immediately preceding the YA in which the trade losses were incurred up. The unused tax losses can also be carried forward indefinitely. For the YA 2009 and YA 2010, the unused losses (together with unused capital allowances) can be carried back to the three YAs immediately preceding YA 2009 or YA 2010, as the case may be) and up to a limit of S$200,000.

    The loss can be carried forward indefinitely; however, it must be deducted in the first available year where there is a statutory income. The carry back/forward of tax losses is subject to the same shareholding test for the carry back/forward of unused capital allowances.

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    Tax Incentives

    Singapore has a comprehensive list of tax incentives and development schemes to attract investments and to assist investors in expanding their businesses. Highlights of key incentives and schemes are summarised below.

    The Regional and International Headquarters Awards encourages companies to use Singapore as a regional or global base. A customized package of tax incentives (such as Pioneer Incentive, Development and Expansion Incentive, Investment Allowances) and grants will be given to qualifying companies.

    The Pioneer Incentive encourages the introduction and growth of new industries in Singapore. A pioneer enterprise is granted full income tax exemption on its qualifying profits for up to 15 years.

    Investors undertaking projects that will generate significant economic benefits for Singapore may apply for the Development and Expansion Incentive. The incentive provides preferential income tax rates on all qualifying profits above a pre-determined base, for a set period.

    Companies investing into new equipment that introduces new technology to the industry or contributes to its efficiency can apply for Investment Allowances. This is a capital allowance given to partially offset the costs of acquiring qualifying equipment within a set period and is in addition to the normal tax depreciation.

    The Approved Royalties Incentive encourages companies to transfer their cutting edge technology and knowhow to Singapore by providing full or partial withholding tax exemption for royalty payments or technical assistance fees payable to non-residents. Investors looking into developing or bringing new R&D capabilities can apply for the Research Incentive scheme. The project should result in an increase of hiring and training of research scientists and engineers in Singapore. The scheme provides grants to partially offset the R&D project costs incurred for manpower training, equipment investment, intellectual property management and professional services.

    The Local Enterprise Finance Scheme (LEFS) is designed to assist and encourage companies (with at least 30% local ownership) to upgrade and expand their operations. LEFS loans are available for factories, machinery and working capital.

    The Local Enterprise Technical Assistance Scheme (LETAS) encourages and assists companies (with at least 30% local ownership) in seeking external expertise to improve their operations. Generally, assistance provided is up to 50% of the cost of engaging an external expert to implement quality management and IT systems (e.g. ISO certification, upgrading computer systems).

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    Foreign Tax Relief

    Under Singapore’s network of 64 comprehensive double tax treaties, Singapore will grant a tax credit for foreign tax suffered in the treaty country. The tax credit granted is limited to the lower of the foreign tax suffered and the Singapore tax payable on that income. Singapore also grants a unilateral tax credit for certain income derived from countries that have not entered into tax treaties with Singapore.

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    Singapore Tax Treaties

    For companies operating across borders, the treatment of their income, by the tax authorities of respective jurisdiction is an important factor. A double taxation issue may arise where an income is taxed twice, namely once at the source where it is generated and for a second time where it is received. In order to avoid such double taxation of income, Double taxation Agreements (DTA) are concluded between countries. Within the framework of co-operation under a DTA, the country of residence would usually agree to either give credit to its residents for income which is taxed at reduced rates, or exempt such income from tax. The credit or exemption granted by the country of residence is one way whereby double taxation is eliminated on foreign income derived by its residents.

    Singapore has concluded Double taxation Agreements (DTA) with many countries. It must be noted that the benefits of DTA are available only to Singapore resident companies/individuals and the resident companies /individuals of the treaty partner.

    Singapore endeavors to facilitate companies expand across borders and DTA plays a significant role in this endeavor by reliving companies from double tax burden. So far Singapore has concluded DTA with over 60 countries and all the DTAs concluded by Singapore since 1965 to date are classified into 3 main categories

    • Comprehensive Avoidance of Double Taxation Agreements covering all types of income -64 countries
    • Limited Treaties covering only income from shipping and/or air transport – 7 countries
    • Treaties which are Signed but not Ratified hence cannot be lawfully enforced – 14 countries

    Some of the important countries with which Singapore has ratified comprehensive DTA are Australia, Belgium, Canada, China, Denmark, India, France, Japan, Malaysia New Zealand, and the UK

    DTA clarifies the taxing rights between Singapore and her treaty partner on different types of income arising from cross-border economic activities by clearly defining the following aspects

    • The scope of the DTA
    • Taxing rights for all types of income or gains
    • Methods of eliminating double taxation
    • Special provisions

    Credit method and exemption method are the two methods of eliminating double taxation burden.

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    Credit relief

    Singapore laws provide for the ordinary credit method to eliminate double taxation for residents of Singapore, i.e., a credit is allowed, in respect of foreign tax paid against Singapore tax payable on the same income, but the credit is restricted to the lower of the foreign tax and Singapore tax payable on the same income. Any claim for tax credit under DTA must be made while filing tax returns with documentary proof of foreign tax paid.

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    Exemption Relief

    A Singapore tax resident company, under sec 13 (8), can enjoy tax exemption on its foreign-sourced incomes such as dividends, foreign branch profits, and foreign-sourced service income that is remitted into Singapore on or after 1st Jun 2003 if the following conditions are met:

    • The highest corporate tax rate (headline tax rate) of the foreign country from which the income was received is at least 15%; and
    • The foreign income had been subjected to tax in the foreign country from which they were received.

    To entitle for the exemption, a company has to furnish the following information in its Form C and Appendix for Additional Information on Income and Deduction (Form IRIN 301):

    • Nature and amount of income received;
    • Country from which the income is received;
    • Headline tax rate of the foreign country; and
    • Confirmation that foreign tax has been paid in the country from which the income was received. Otherwise, company has to prove that income was exempt in the foreign country due to incentive granted for substantive business.
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    Corporate Groups

    A corporate group (comprising of a Singapore-incorporated holding company and its Singapore-incorporated subsidiaries) can transfer current-year unused losses, unused capital allowances and unused donations within companies in the group. There is a 75% ownership requirement that need to be maintained to remain within the group.

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    Related Party Transactions

    Singapore is now in the process of legislating the arm’s length principle for related party transactions in the domestic tax law. This will give the IRAS the basis for making adjustments if it is of the opinion that the arms length principle is not applied appropriately by the taxpayer.

    Applying the arm’s length principle, related party loans should be charged interest rates that reflect the rates charged between unrelated parties under similar circumstances.

    If the related party loan is between 2 domestic entities, IRAS will continue the practice of restricting the interest expense claimed on loans made to related entities that are interest-free or at interest rates not supported by transfer pricing analysis.

    If the related party loan is a cross-border loan, taxpayers should ensure compliance with the arm’s length principle.

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    Property Tax

    All properties in Singapore are subject to Singapore property tax. This includes private properties, HDB flats, factories, offices and vacant land. The amount of property tax is a percentage of the annual value of the property. The annual value is based on the estimated yearly rent the property can fetch if it were rented out.

    Property Tax Rates
    Property tax remains at a flat rate of 4% of Annual Value (AV) in 2010.

    In 2011, however, a progressive property tax structure for owner-occupied residential properties will go into effect:

    • 0% for the first $6000 of AV;
    • 4% for the next $59,000 of AV;
    • 6% for the balance of AV in excess of $65,000.

    Non-owner-occupied residential properties and other properties will continue to be subject to 10% property tax.

    Property Tax Deadlines
    Property taxes must be paid by 31 January each year. The Inland Revenue Authority of Singapore (IRAS) will compute the annual tax you need to pay and send you the bill in December. Instructions on how to pay property tax are also included in your bill.

    Rebates . Relief . Refunds
    In order to help keep taxes affordable, encourage certain types of land development and meet business needs, the Government provides rebates, reliefs and refunds to property owners. For example, if your property has been continuously vacant for at least 30 days or 1 calendar month because of repairs or the inability to find a tenant, you can claim for a refund of property tax for that period.

    Property Tax Exemptions
    A building can only exempt from property tax if it is used exclusively:

    • As a public place of worship
    • As a public school
    • For charitable purposes
    • For purposes that promote the social development of Singapore
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    Withholding Tax

    What is Singapore Withholding Tax?
    For tax purposes in Singapore, Inland Revenue Authority of Singapore (IRAS) has categorized individuals and companies into two types of tax entity: Resident and Non-resident. A company is considered a Singapore tax resident if the employment activities and management of business operations are conducted in Singapore. A branch office of a foreign company is a non-resident tax entity because the management of the business operations comes from the parent company overseas.

    Withholding Tax is a form of levy placed on payments made to non-resident tax entities including employees, business partners and overseas agents. In accordance with IRAS tax rules, a person has a legal obligation to withhold a percentage of the payment, when he makes payments of a specified nature under the Singapore Income Tax Act, to a non-resident, and hence the Withholding Tax.

    Types of Payment Subject to Withholding Tax
    The types of payments that are subject to Singapore Withholding Tax are any payments listed under 45 of the Singapore Income Tax Act, which include:

    • Payment of commission fees to overseas agents
    • Payment of director’s fees to non-resident directors
    • Payment of professional fees to offshore accountants

    Below is a list of payments and fees subject to Withholding Tax under Singapore Income Tax Act: Section 45

    45, 45A, 45B & 45D

    • Interest
    • Royalties
    • Management fees and service fees
    • Rental from use of movable properties;
    • Non-resident director’s remuneration;
    • Gains from real property transaction

    45E
    Supplementary Retirement Scheme (SRS) withdrawal made by foreigners and Singapore permanent residents.

    45F
    Professional service fees for non-resident professionals.

    Withholding Tax Amount
    The amount of Withholding Tax to pay would depend of the type of payment is to be made and to whom. Below is a general outline for amount to withhold:

    • For management fees, technical and other service fees paid to a non-resident company, the Withholding Tax rate is the same as corporate tax rates, which is 17% for 2010. However, for payments made to non-resident individuals, the Withholding Tax is 20% of the gross payment.
    • For time charter fees, voyage charter fees and bareboat charter fees, the Withholding Tax rate is 1% – 3%.
    • For other types of payments, the Withholding Tax rate is 10% or 15%.
    • Where a double tax agreement is applicable, the rates specified in the agreements of the respective countries would apply.
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    Tax Filing Dates

    Withholding Tax Deadline
    All Withholding Tax must be paid by the 15th of the month following the date of payment.

    Withholding Tax on Payments to Non-Residents (Selected Transactions)
    Dividends Exempt
    Interest 15%
    Royalties 10%
    Company director’s remuneration 20%
    Technical assistance and services fees 17%
    Rent on moveable property 15%
    Management fees 17%
    Charter fees for ship or aircraft 0-2%

     

    Income tax returns (Form C/C-S) 30 Nov
    Withholding tax 15th of each month following payment (or deemed payment)
    GST returns (GST F5) One month after the end of prescribed accounting period. The prescribed accounting period can be 3 months (standard) or 1 month (optional)
    Stamp Duty Document signed in Singapore: 14 days from date of execution.
    Document signed overseas: 30 days from receipt of the document in Singapore.
    Property Tax Property tax is assessed in advance and payable by 31 January of each year (generally no returns required to be filed)

Disclaimer: The information contained in this website is for general reference only. While all reasonable care has been taken in the preparation of this information, Alpha cannot accept any liability for any action taken as a result of reading its contents without further consulting us with regard to all relevant factors.