Capital-Gains-Tax-in-Singapore

Capital Gains Tax in Singapore

According to the general definition, capital gains tax is a tax that is levied on profit generated from the sales of asset in which the price is higher than its original purchase price. Note the clear difference between the asset’s sale price and its original purchase price. 📚 Start with the basic. Read our guide…

Penalty of Late Submission for GST Returns

Did you file your GST returns yet? If not, file your GST returns as soon as possible.   GST-registered Companies in Singapore All GST-registered companies must file their GST returns. Otherwise, a strict penalty may be imposed on them. In Singapore, GST-registered businesses are required to submit their GST returns and pay the due amount…

GST on Customer Accounting for Prescribed Goods

Starting from 1 January 2019, customer accounting for prescribed goods has been implemented in Singapore. The intention behind this GST update was to prevent fraud schemes where sellers mishandle the GST collected even though other businesses in the supply chain claim the input tax. Prescribed goods include items such as off-the-shelf software, mobile phones, and…

Singapore-Custom-Duty-Rate-&-Dutiable-Goods-Timcole

Singapore Custom Duty Rate & Dutiable Goods

Over the years, Singapore has earned a reputation for its favourable regulatory environment for import-export businesses. The country’s business-friendly nature and strategic location have facilitated a business-friendly environment for the growth of trading companies. For international investors who wish to import or export products to and from Singapore, has no better place to be than…

Singapore-Taxation-on-Foreign-Sourced-Income-Timcole

Singapore Taxation on Foreign-Sourced Income

Singapore is a bustling business hub in Asia, and for all the right reasons. Thanks to globalization, a significant portion of the country’s income is derived from overseas. Most of this foreign-sourced income, as well as all income earned in Singapore, are subject to corporate tax. Oftentimes, foreign income will not only be taxable in…